Want to learn about resources for starting a business? Check out our resources page and you’ll learn the answers to all your questions including what resources do I need to start a business and business resources examples. There are several resources for starting a business that you must plan on having available to you before setting up shop.
Business Resources Examples – A business needs financial, physical, and even people resources to be successful. Each resource helps the business in different ways. Here are some useful examples of business resources.
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 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.
Fully Committed
Successful entrepreneurs are fully committed to their business ventures. You need to do the same. You have to put your heart and soul into what you’re doing, truly believe in your product or service, and be prepared to work long hours to get all the tasks done that are required to grow and sustain a business.
When you start a business, you have to be ready to make sacrifices, such as not having holidays or even a salary for what may seem like an endless stretch of time. And you have to do all this without the safety net that salaried employees are used to, such as benefits and pension plans, unless you pay for them yourself. In fact, you have to have a whole different mindset than an employee does.
Be a “Type D”
But just being able to make a commitment doesn’t automatically lead to business success. To create a profitable business that endures, you also have to be a “Type D” person—someone who has a desire for success coupled with drive, discipline, and determination.1
You have to not only have the business ideas but also be able to execute them, even when you run into problems. Successful business people are tenacious; obstacles are temporary barriers to work around, not roadblocks. They may take “no” for an answer, but they’re constantly looking and asking for the people who’ll say “yes.”
Plus you need discipline and determination as these traits are what give successful business people the fuel to follow through on their business ideas and endure the ups and downs of the economic climate.
Desire, drive, discipline, and determination are all required for business success!
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
Conduct market research
Market research will let you know if there’s an opportunity to make a decent profit in differing areas. Extensive exploration and analysis of your market will help you determine what gives your idea a competitive advantage over other similar fields and industries. If possible, give potential customers a chance to interact with your product or service so they can provide feedback to you.
Conclusion
This article is all about things you need to consider when thinking of starting your own business. It includes information about the financial resources you might need, as well as practical examples from both large and small businesses. We hope it will be a great help for you if you’re a complete beginner or a more experienced entrepreneur.