03 Oct How Long Does it Take to Start a Business?
The time it takes to start a business varies on a number of factors. The type of business being started, the money and other resources needed, the time it may take to get the word out through advertising and other factors all come together to determine when a business gets going. One important factor that also plays a big part in the start-up of a business is deciding whether to accept credit cards as payments.
Accepting credit and debit card payments is almost a necessity in today’s business world. Having payment processing capabilities online, by phone, in person and by mobile devices is a great way for a business to show customers it is far ahead of its competition. Once it’s decided to accept credit cards as payment for products or services of businesses, the next step is applying for and receiving merchant accounts. These can usually be set up in a matter of weeks, once the business is made legal by establishing it as a corporation or sole proprietorship and establishing a business checking account at a bank for the funds to be deposited into.
Starting a business that accepts credit card payments can be done in a matter of weeks or longer, depending on the type of business being started. One of the most popular trends in payment processing today is the use of mobile apps, allowing credit cards to be scanned using smart phones. Businesses of all shapes and sizes are catching on to this trend, with it being very popular with vendors at flea markets or festivals. However, even with this option business owners are still required to have merchant accounts.
One of the biggest obstacles to starting any business is obtaining financing. To accomplish this, any business must first establish a business plan to show those it wants to loan money from why the business will succeed. Getting a loan from a bank can take several weeks of processing, and always carries with it the chance of denial. More business owners today are seeking out venture capitalists to finance their dreams. This option can be a much quicker way of obtaining funding, for while a business plan is still needed, many times it may take only one or two meetings to get a deal worked out. By never giving up on one’s dream, starting a business can be the best option for a budding entrepreneur.