One of the lessons from the Covid-19 pandemic is that we will do almost anything online, including starting a business.
If you already have a business idea and know what you should offer or sell, you then have covered one important a part of the process. If you do not, look online for side hustles or small business ideas, or consult with friends and colleagues. The real work begins after the thought.
Where to begin
Entrepreneurs often get stuck at this stage because they do not know where and the right way to start running a business. A Google search can aid you get a general idea of the steps, but it doesn’t cover all features of starting your own business. There are plenty business schools for entrepreneurs that teach the right way to arrange and manage a business.
In this blog post, we’ll dive into the most important resources it is best to have in your arsenal to begin your business. Let’s go!
1. Resource planning
No more wondering. Planning is the first plan of action. This is the most important a part of starting a business because it gives you a clear idea of what you are starting and whether it is even profitable. AND (*7*)business plan Also:
- It defines your vision and mission.
- It outlines the forms of products and services you’ll offer.
- It looks at the style of startup capital you have to.
- Creates an expense budget.
- It identifies the human resources you have to, if any.
- Promotes your products and services.
- Plans the right way to retain customers to take care of the company.
- … and more.
You can start doing all of the above on your own, or get help from skilled offices like the Small Business Administration (SBA), or use tools like Bplans, SCORE, and Shopify.
2. Market Research Resources
While your idea and planning could also be good, and even if you think there are many existing customers, the real challenge is finding the right customers to purchase your products and services. Market research is helpful for this purpose. Some resources, akin to Statista, Pew Research Center, Census Bureau, SBA, and survey tools (SurveyMonkey), allow for in-depth market evaluation.
3. Legal Resources
Before starting your business, it is extremely important to register your company. This applies to corporations that have physical contact with customers in and around the city, especially for products and services that require physical delivery. Registering a company as a legal entity has two parts – tax compliance and mental property rights. You can seek the advice of a lawyer or a source akin to the Small Business Development Center. Some online resources akin to LegalZoom, Corpnet and similar registrars can even aid you with legal matters akin to trademarks, registration, partnerships and sole proprietorships. With a license, you possibly can open a business account and apply for a license to run certain forms of business, akin to salon, acupuncture, CBD, coffee shop, etc.
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4. Financial resources
Now that every one the formalities are ready, you possibly can start pondering about where to get money to begin your own business. Financial requirements depend largely on the style of business you should start. For example, an online content writing service will be began with zero investment by working as a sole worker. On the other hand, if you propose to deliver food or run a salon, you have to a large investment to rent a space, replenish on supplies, hire helpers, etc.
If you have storage ready, you do not have to fret about this. Still, it doesn’t hurt to get some money for seeds and save them for a rainy day. Some resources where you could find information and apply for seed money include:
- Friends and family will help with fundraising.
- Grants from government agencies akin to Grants.gov, The Foundation Center, SBA, etc.
- Venture capitalists or business angels.
- Crowdfunding akin to Kickstarter, GoFundMe and Patreon.
- Startup accelerators akin to Techstars.
There are plenty of monetary resources available, but these will aid you get began.
5. Marketing Strategy Resources
To spread the word about your business, you would like a solid marketing strategy and customer outreach plan. From obtaining a logo to creating a brand identity, identifying media and platforms to launching marketing campaigns, it’s worthwhile to organize your marketing activities. Some resources like Hubspot Academy, Facebook, SEMRush, Hootsuite, Mailchimp, etc. can aid you understand what it’s worthwhile to start a digital marketing campaign.
Alternatively, you should use platforms like Canva (quick template-based designs) and ZillionDesigns (custom designs by professionals) for skilled branding materials. The idea of securing them is to offer recipients with the first positive image, impress them and arouse interest in your brand.
6. Network resources
Online marketing efforts can only do so much for your promoting. You have to go on the market to fulfill and connect with real people. Traditional networking events akin to meetups, support groups, business events and trade shows are a great spot to begin. You can join the Female Collective, Chamber of Commerce, Young Entrepreneurs Council, SCORE, National Association of the Self-Employed (NASE) and Business Networking International (BNI).
If you possibly can afford to secure a stand to advertise your business, which is normally expensive, this is able to be ideal. You have a likelihood to interact with interested potential customers, so give it your all when presenting or selling your products and services to them.
If you attend events where you simply connect with people, try to attach with those that are more than likely to learn from your knowledge. At such events, all it’s worthwhile to do is share information and introduce your company as the place where you’re employed; don’t sell.
That said, to achieve success at networking events, interact with people and try to assemble as much contact information from them as possible so you could contact them later.
7. Productivity resources
Before business begins to recuperate, it’s higher to organize for the way you’re employed and run it. If you are starting out on your own, it’s easier to schedule productive hours for work-related activities. Focus on tasks, Google Sheets, Trello, Kanban, etc. are good technologies to begin with.
As you grow your team, you should use collaboration tools like Microsoft Teams, Zoom, Asana, Slack, Evernote, etc. to assign, track, and receive tasks.
More there
This list is after all not exhaustive, but the tools are very helpful. Management tools akin to Monday.com, FreshBooks and similar are also important. Only you know what it’s worthwhile to run your business. It’s value noting that as a startup and entrepreneur, try to reduce costs, including exploring and subscribing to freemium or low-cost options versus full-blown platforms that can ultimately eat up your budget.