If you’ve been wanting to start a business, and are feeling overwhelmed and frustrated, you’re not alone. Thousands of new businesses begin yearly, and figuring out how to go from startup to established company is a complex thing! Does it seem like you’ve hit a brick wall in your growth?  What are some of the factors that can make starting your first businesses harder?

Initial Costs

Starting up a business can be both invigorating and exhausting, and is almost always expensive! Depending on what kind of business you have, you have to cover the cost of a storefront, websites, and equipment. The totals can feel exponentially overwhelming. You might need business loans, so it’s important to calculate carefully what kind of financing you might need for your specific needs. It can be important to gather all the information you have on what you need, and then to use a small business calculator to estimate how much you will still need in financing.

Poor Credit

Poor credit can mess you up on a lot of different levels. But if you personally are working on digging yourself out of debt, or have outstanding dings on your credit reports, this can cause you problems getting an SBA loan. According to Franchise Gator, an SBA loan is backed by the government and comes with favorable loan terms. Credit Karma and other agencies that help report credit can both tell you what your credit score is, and also several things you can do in order to bring your score up almost immediately.

The Economy

No matter how good you are at business and how well you prepare, you happen to be working on a small business during both an economic depression and also a global pandemic. Unfortunately, this is not something that you personally can change! As Investopedia points out, it gives you a great chance to step back and evaluate all the other points of your business. Then, as both the pandemic and economic problems subside, you will be best poised to have your business grow and prosper, also.

Your business has to depend upon you as much as you depend upon your business. This means that only you can figure out the initial cost issues and credit complications with startup. Don’t despair over the economy, as it is poised to rebound after the horror of Covid. Pretty soon, you’ll have all of your projects and planning aligned, and ready to go!

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