One of the lessons of the COVID-19 pandemic is that we can do almost everything online, and this extends to starting a business.
If you already have an idea for your business and know what you want to offer or sell, you’ve already covered an important part of the process. If not, search for side hustle or small business ideas online or discuss them with friends and colleagues. The real work begins after the idea is conceived.
Where do I start?
Entrepreneurs often get stuck at this stage because they don’t know where or how to start running their business. A Google search can help you get a general picture of the steps, but it doesn’t cover all aspects of starting a business. There are many business schools for entrepreneurs that teach how to start and manage a business.
In this blog post, we’ll take a closer look and dive into some of the most important resources you need to have to start a business. let’s go!
1. Planning resources
Wonder no more. Planning is the first course of action. that that much This is the most important part of starting a business because it gives you a clear picture of what you are starting and whether it is viable. A business plan may also:
- Set a vision and mission.
- Chart the types of products and services you will offer.
- Analyze the type of seed money needed.
- Create a budget for your spending.
- Describe human resources required, if necessary.
- Market your products and services.
- Plan how to retain customers to sustain your business.
- … And more.
You can start doing all of the above on your own, enlist the help of a professional agency like the Small Business Administration (SBA), or use tools like Bplans, SCORE, and Shopify.
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2. Market research data
Even if you think your ideas and plans are great and you have a lot of existing customers, the real deal is finding the right customers to buy your products and services. Market research can help with this. Some resources like Statista, Pew Research Center, Census Bureau, SBA, and survey tools (SurveyMonkey) can help you get in-depth market analysis.
3. Legal resources
It is important to register your business before starting your business. This applies to businesses that have physical interactions with customers in and around the city, especially products and services that require physical delivery. There are two parts to registering your business as a corporation: tax compliance and intellectual property rights. You may want to contact an attorney or refer to resources such as the Small Business Development Center. Some online resources such as LegalZoom, Corpnet and similar registrars can also help with legalities such as trademarks, incorporation, partnerships and sole trades. Once you have a license, you can open a business account and apply for permits for specific types of businesses, such as beauty salons, acupuncture, CBD, coffee shops, and more.
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4. Financial resources
Now that all the paperwork is done, you can start thinking about where you can make money to start your business. Financial requirements vary greatly depending on the type of business you want to start. For example, an online content writing service can be started without any investment while working as a sole employee. On the other hand, if you plan to deliver food or run a hair salon business, you will need to invest heavily in renting a location, stocking up on inventory, hiring helpers, etc.
If you have a stash at the ready, you don’t have to worry about this. Nonetheless, it doesn’t hurt to have some seed money and save it for a rainy day. Some resources to research and apply for seed money include:
- Friends and family can help you raise funds.
- Grants from government agencies such as Grants.gov, The Foundation Center, SBA, etc.
- Venture capitalist or angel investor.
- Crowdfunding like Kickstarter, GoFundMe, Patreon.
- Startup accelerators like Techstars.
There are tons of financial resources out there, but these are the ones to get you started.
5. Marketing Strategy Resources
Spreading the word about your business requires a solid marketing strategy and a plan to reach your customers. You need to organize your marketing efforts, from creating a logo to building a brand identity, identifying media and platforms, and launching a marketing campaign. Some resources like Hubspot Academy, Facebook, SEMRush, Hootsuite, Mailchimp, etc. can help you understand what you need to start a digital marketing campaign.
Alternatively, you can use platforms like Canva (fast, template-based design) and ZillionDesigns (custom designs from experts) to get professional branding materials. The idea of securing this is to give potential customers a first positive image and make them impressed and curious about your brand.
6. Networking Resources
Online marketing efforts can do a lot for your promotion. You need to get out there to meet real people and network. Traditional networking events such as meetups, support groups, business events, and trade shows are great starting points. You can join The Female Collective, Chamber of Commerce, Council of Young Entrepreneurs, SCORE, National Association of Self-Employed Persons (NASE), and Business Networking International (BNI).
It would be ideal if you can afford to secure a booth to promote your business, which is usually expensive. You have the opportunity to connect with interested prospects, so do your best to seize the opportunity when promoting or selling your products and services.
If you attend an event where you only network with people, try to connect with people who are most likely to benefit from your expertise. At such events, it is enough to share information and introduce your company as a place where you work. Don’t sell.
In other words, to be successful at networking events, engage with people and collect as much contact information as possible from them so you can contact them later.
7. Productivity Resources
It is a good idea to prepare your work and operating arrangements before your business recovers. If you’re starting out on your own, it’s easier to set productive times for work-related activities. Focus to do, Google Sheets, Trello, Kanban, etc. are great technologies to start with.
As your team grows, you can use collaboration tools like Microsoft Teams, Zoom, Asana, Slack, Evernote, and more to assign, track, and receive work.
more places
Of course, this list is not complete, but the tools are very helpful. Management tools like Monday.com, FreshBooks, and similar tools are also important. Only you know what it takes to run your business. It’s worth noting that as startups and entrepreneurs, we try to minimize costs, including exploring freemium or cheaper options and subscribing, as opposed to full-fledged platforms that will eat up your budget.
photo from unsplash.com