Starting your own business requires dedication, planning, research & risk-taking. We are here to help you with that journey! From finding out how to start a small business at home, to finding financial resources for starting a business using loans or angel investors – we have what you need to succeed.
There are many resources to help you start a small business at home, or learn about the financial resources needed to start a small business online. Check out our resources page for an extensive list of business tools and information that can be helpful when starting a small business.
The Business Support You Need
You may be in business by yourself, but no business succeeds without a good support system. As an entrepreneur, you need interpersonal skills, teambuilding skills, and leadership skills, as you’ll need to work with others including vendors, employees or freelancers, customers, and other support resources to have business success.
When you’re thinking of business support, look first to the home front. Your family should be your number one cheerleaders when it comes to your success. A supportive spouse can be there to listen to your ideas or problems and provide the encouragement or advice that keeps you going.
Your spouse may also offer direct business support, such as providing the capital needed to start a business or working in the company without pay to keep costs down. Spouses who contribute financially by working outside the business are also a common small business scenario.
Having a supportive spouse is especially critical if you want to start a home-based business. You can’t start a home-based business without considering what your family members think about the idea, what role(s) your family members might play in your business, and how your business is going to affect your home life. Without the active support of your family, your home business will fail. Talk out these issues with your family beforehand and explore how supportive your family is before you start a business.
Support can come from other sources including other business people who have been where you are and achieved what you’re striving for. Talking to other successful business people help you avoid pitfalls and provide insight into what works and what doesn’t.
If you can’t find someone locally to talk to, there’s an ever-growing network of business communities online where you can get the information you need, and sometimes good advice, too. You can get a free mentor through SCORE, which also offers webinars and courses. A final option would be to hire a business coach.
Capital
The first basic business resource is simple—you need money to start your business and keep it afloat. There are costs associated with building your company from the ground up, including things like:
- Rent
- Office supplies
- Raw materials
- Employee wages
- License and permit fees
You don’t want to run out of money and give up on your business idea, and yet that’s what happens to many entrepreneurs. Sixty percent of failed businesses said they closed their doors mainly from cash flow problems. To avoid becoming a part of this statistic, you need capital to cover your operating expenses until your business becomes profitable, at which point, ideally, your business will be self-sustaining. You have multiple options to get the money you need. One option is to dip into your personal savings or seek help from family and friends. If that’s not an option, however, you’ll need to explore other resources. For example, you could apply for a loan or line of credit, but most lenders require an established credit history, something that new businesses don’t have.In this case, small business factoring is a perfectly suitable option for businesses. Numerous small business factoring companies, also known as invoice factoring companies, are eager to provide you with the money you need for immediate operating expenses. When it comes to capital, every small business has different needs, so don’t be afraid to carefully weigh all your financing options.
A Dependable Team
You might be tempted to go it alone, but if you want to get your company off the ground, you’ll need a team to back you up. Recruiting a team of motivated people who share your values will free you up to focus on scaling your business. That’s why a dependable team is a basic business resource no entrepreneur can do without. Having a team will help you focus on the big picture while ensuring you have the help you need to deal with daily responsibilities. Keep in mind that you don’t need to hire all the help you need. Outsourcing can be an option as well, especially when you start a small business. The key is to seek out people who have the skills, experience and passion to help you bring your vision to life. As you build your team, keep an open mind and use multiple resources. You can find potential employees and contractors through employment search engines, social media, staffing agencies and university career centers. Be sure to post your available jobs on job boards and on your website. Casting a wide net ensures you’ll be able to choose from a diverse pool of candidates and select people who exceed your expectations. And remember, you can always hire a recruiter to take this task off your shoulders.
A Suitable Workspace
It’s common for entrepreneurs to run start-up businesses out of their homes. If that’s what you’re doing, the third business resource you should consider is a designated workspace. Whether you need an office or a store, it’s important to purchase or rent a separate space that’ll create a positive first impression. Virtual offices have their benefits, but clients, customers, and even future employees look for legitimacy in small businesses. A physical location shows that you’ve invested in your business for the long haul. It can also help you achieve your business goals by bringing your team together under one roof. When you’re searching for a space, don’t forget to consider the potential for expansion—your company will need ample room to grow. Your team will thrive in a clean, comfortable and safe setting where they can operate at their best. With a physical location, you’ll probably notice improved accountability, collaboration and productivity among your team members. An exciting office or store can also be an excellent recruitment tool. People want to work in attractive, inspiring spaces where they can feel proud of what they do. So, if you haven’t already, think about investing in a defined company workspace.
Know-How
The truth is, an idea isn’t enough to make your business succeed—you need a plan backed by thorough research. Education should be central to your company, and new business owners can always benefit from learning more about their competition, audience, industry and product or service development. Professional development is very important too, as great leadership is crucial to any growing business. Ongoing education will give you the knowledge and training you need to make your business a success. Here are some ways to brush up on your business knowledge:
- Read books and publications that are relevant to your business and follow online publications and websites. Others in your field are sharing their expertise, and you can benefit from their experiences and knowledge.
- Attend classes, conferences, retreats and seminars whenever it’s feasible. They can provide fascinating insights into new business trends and training to help you grow your company.
- Look into organizations such as the Small Business Administration, the National Federation for Independent Businesses (NFIB), SCORE and the U.S. Chamber of Commerce. These associations provide mentoring for new and established small business owners.
- Ask your mentors or industry experts you admire for business advice. They can help you identify areas that need improvement and offer possible solutions. Additionally, professionals with decades of experience under their belts can tell you about mistakes they’ve made in the past, so you can avoid them as you grow your company.
When small business owners reference books and seek help from mentors and other successful people in their industries, they can feel better prepared to run their businesses.
Evaluate yourself
When thinking about what steps you’ll take before launching a business, consider what skills and expertise you already possess. As you examine what you’re passionate about and the lifestyle you want to live — pause ask yourself, “Why do I want to start my own business?”
Brainstorm business ideas
Begin thinking about what bothers you in the business sector and how you can fix it. Maybe you have the knowledge or expertise to improve an existing business idea. Are you aware of trends and find yourself always thinking ahead of the curve? Do you possess skills that you can apply to a new or existing industry? These questions will help you brainstorm additional business ideas.
Conclusion
Are you ready to start a small business and need financial advice to get started? Wondering how to start a small business online? You can find all the affordable resources you need to start a small business at home in the form of cheap ebooks and cheap articles. Purchasing articles and ebooks is highly recommended.