Hundreds of thousands of new businesses are started in the United States each year. Despite these numbers, entering the world of entrepreneurship is no simple task. There are lots of things to think about as you get started. And even if you’re already running your own business, you can use the tips below to keep things moving in the right direction as we navigate our way out of a messy global situation.
It Begins With an Idea
All businesses begin with a little seed in the back of someone’s mind. It doesn’t matter what you want to do — it will start with an idea. Perhaps you have experience in the travel industry — you may be able to begin your own travel consulting agency. Or, you may have a hobby or passion that you can potentially turn into a lucrative venture. Whatever the little voice inside of your head, listen to it.
Gather Your Tools
There are many tools that business owners need. The most pressing of these is knowledge. Plan to do market research to determine both the viability of your business idea and how much competition you’ll have to fight for your share of consumer dollars based on trends and projected activity.
Speaking of dollars, you’ll also need to pay close attention to your incoming and outgoing funds. Your business’s financial well-being depends on things like financial reports and balance sheets. You’ll make better decisions with financial reporting software than you will with simply writing things down and hoping you’ve done the math correctly. Keeping tabs on your business’s finances means that you’ll be able to look ahead at your financial future. A few features that popular accounting tools, such as QuickBooks Online Advanced, offer include real-time reporting and email updates.
As we continue to advocate for health and wellness, you’ll also need to ensure that your customers have ways to receive your services without physical contact. Virtual reality, online video calls, and instant messaging apps are all valuable tools for outreach and communication. You can also work with KTC Digital to design and develop an intuitive and functional website to sell your products or get your services out there.
Hire the Most Eager Staff
Even if you’re not quite ready to take on employees, it pays to look ahead. Write your planned hiring practices into your business plan early on. The Quill blog points out that nearly three-quarters of all businesses have hired the wrong person, which is a mistake that can cost you almost $15,000 and take nearly a month and a half to rectify. Looking at these numbers, it’s easy to see how a high turnover ratio can significantly affect your bottom line.
To hire the right people, don’t look for just experience. Although you’ll obviously want somebody qualified, it is often the one who is most eager to learn and that will admit when they don’t know something that’s best for a small business. These are the individuals who will grow with you. During the interview process, make sure to ask what they think they can contribute. They will most likely give you a bullet point list of their previous accomplishments, but you can also read into this to see how their previous experience and attitude toward the workplace work together to positively impact your business.
Understand Funding Options
Specifically for startups and companies looking to expand, you also want to know where, exactly, the funds to do so will come from. Often, this means borrowing from friends and family or taking out a personal loan to cover your business’s early expenses. Many small business owners use multiple funding methods. One caveat here, as Seek Business Capital, notes, is that your relationships may be damaged if you borrow money from people you know and cannot repay it later down the road.
Starting a business doesn’t have to be a daunting process. And the pandemic doesn’t have to be a hindrance! If you’re willing to do your research and be selective with your business tools and employees, you can start a successful organization that will help you weather the storms that have yet to come. KTC Digital can be your ally as your work at succeeding in the online space. Reach out for a consultation today!