Stephanie covers financing

Once you have an idea, share your vision and build a support system. “I absolutely would not suggest being a one-person show,” said Tim McDiarmid, co-founder of The Bravery Strategy and serial entrepreneur based in Texas. “Asking for help and guidance is the No. 1 most important thing you can learn to do. All anyone can say is no. And you move on. Be bold and brave and decisive.

What you should do when financing your small business 1. Do figure out how much you need and can afford Before you start looking for financing options, it’s important to get an idea of how much you need and can afford to borrow. How much you need: Figure out what items or expenses you need to finance and think about a realistic range for that cost—like buying a certain piece of equipment for $50,000.

Step 2: Do your market research homework The next step in writing a business plan is to conduct market research. This involves gathering information about your target market (or customer persona), your competition, and the industry as a whole. You can use a variety of research methods such as surveys, focus groups, and online research to gather this information. Your method may be formal or more casual, just make sure that you’re getting good data back.