Business Startup Resources: Everything You Need to Know
Business startup resources are vital elements of establishing an enterprise, including identifying what you need to start a new business.3 min read
Business startup resources are vital elements of establishing an enterprise. What are the most important resources you need to start a new business in your area? Identifying these resources will help your new venture begin on a sound footing.
Resources You Need to Start a Business
While starting a business is easy, running a successful business is difficult. You need five resources to build a resilient and successful business. Here are five must-have resources when starting a business:
You need to commit fully to your company for it to be successful. As an entrepreneur, you must be ready to go the extra mile for your business, have a firm belief in your product or service and be resilient enough to continue pushing until you start getting the desired result. When you start a business, you may have to reinvest any income back into the enterprise, skip holidays, and work late nights and even sleep at the office.
Have the Attributes of a Type “D” Person
A new business throws different kinds of unexpected challenges at you. It's not enough to stay committed to the cause; you need vast amounts of staying power to build an enduring business. You need to become a Type D person with drive, discipline, and determination to conquer obstacles and achieve your business objectives.
Discipline and determination will help you stay the course without losing sight of the bigger picture when things do not turn out your way. Irrespective of the economic or financial situation, your drive will always push you to win.
Acquire Relevant Business Knowledge
If you do not have the requisite business knowledge to excel in a particular niche, you are setting yourself up for failure from the start. To start a successful business, you need to be knowledgeable in various aspects of the business, acquire relevant skills, or outsource the skills you lack to professionals. For example, you need to hire a bookkeeper or an accountant if you have no business accounting knowledge. You also need to hire a web designer if you cannot create a befitting website for your online-based business.
During the drafting stage of your business plan, it is essential to evaluate your skills and expertise to identify the aspects of the business that you can handle effectively and areas where you need to learn more or outsource.
In addition to managing people and resources, a successful business must have an excellent sales and marketing strategy. Know your competitors, understand your market and its needs, and provide what the target markets want.
You also need to know about business operations such as inventory management, filling orders, warehousing, logistics, and others. Have you identified suppliers and started collaborating with them? What of a customer support policy? If you lack the right business knowledge, you will not make any progress even if you are the most determined and motivated person in the world.
Secure Sufficient Startup Funds
One of the most important elements of starting a business is startup finances. If you cannot bankroll the enterprise from your purse, it is essential to find a source of funding. The funding must be sufficient to start the business and keep it going until it starts earning enough money to meet your needs.
Additionally, you need operating capital. Operating capital is the funds you need to run the business on a daily basis including rent, salaries, supplies, utilities, interest payments, depreciation, advertising and marketing costs, among others. Experts advise that start-up funds should provide at least six months of operating capital.
Most small businesses get their startup funds from:
- The founder's personal assets including savings, credit cards, private property, and remortgaging property.
- Loan from family and friends.
Many founders are forced to take this route because they do not have an established credit profile to secure business loans.
Finally, you need a support system for your new business. Generally, your first support base comes from home. Most successful small business owners are married. Even though the life of an entrepreneur can be eerily lonely, it is almost impossible to run a successful small business without external support. Spouses make the best of supporters by helping to analyze your ideas, encouraging, giving insights you did not even think about, and the willpower to go on.
Spouses are also known to help their partner's business financially, in a professional capacity, and with their networking and marketing skills, in addition to providing love and moral support.
If you need more information about business startup resources, you can post your legal need on UpCounsel's marketplace. UpCounsel accepts only the top 5 percent of lawyers to its site. Lawyers on UpCounsel come from law schools such as Harvard Law and Yale Law and average 14 years of legal experience, including work with or on behalf of companies like Google, Menlo Ventures, and Airbnb.