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Financial Resources: Funding
The most important element in starting a business is funding. Even the most basic home business incurs a multitude of startup costs, including registering a business name, obtaining a business telephone line and printing business cards.
Financial resources can be obtained from a variety of sources, the easiest being from the personal accounts of the company’s founder. Alternatively, loans and lines of credit may be granted from financial institutions, friends and relatives, private investors and even the United States government. In addition, many grants are offered from private and public sources to entrepreneurs of all demographics and personal situations.
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
Human Resources: Employees
The success of an organization is heavily reliant on the talent and strength of its employees. The hiring of experienced professionals with track records of excellence within their area of expertise ensures that the mission and goals of the company will be carried out efficiently and with competence. Strong team members can be recruited using a variety of methods. Staffing agencies and executive search firms specialize in placing talent of all levels within every industry. An alternative is to find employees through referrals from individuals whose judgment is trusted.
Educational Resources: Industry Know How
Perhaps the greatest thing an entrepreneur can do when establishing a new business is to gain as much education possible. By understanding her competition and gaining an in-depth knowledge of her industry, she will be better prepared to make smarter decisions regarding the direction of her firm. Educational resources can be found through professional trade associations that are geared toward her industry, her local chamber of commerce as well as the Small Business Administration.
Physical Resources: Premises and Equipment
Whether a small home business or a retail operation with multiple locations, every organization must have the appropriate physical resources to survive. This includes a proper work space, working telephone line, adequate information systems and effective marketing materials. This aspect of business planning can be one of the costliest. As such, it is important for an entrepreneur to realistically assess his needs before making any purchases.
Emotional Resources: Support Systems
Starting a business can be an extremely stressful endeavor for an entrepreneur to undertake. To maintain her sanity as well as stay motivated, it is important she have a support team that can give her inspirations and guidance as needed. This team may be composed of friends and family as well as a mentor or professional group.
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:
Business knowledge before you start a business is critical. All the drive and determination in the world isn’t going to help you if you don’t have the knowledge to run a business and don’t research and plan for your success appropriately.
Many people have tried to start a business without acquiring the business knowledge they need to make their business a success and, as a result, their businesses have failed.
To start a business, you have to be knowledgeable about many different aspects of business and have a variety of skills, or hire people who have the skills you lack.
If you aren’t knowledgeable enough about accounting to keep your own books, for instance, you’ll need to hire a bookkeeper and/or an accountant. If your business is internet-based and you’re not an expert in website development, you’d be wise to hire a company to design and maintain your website.
When you’re creating your business plan, one of your first steps needs to be a frank assessment of your skills and expertise. Which aspects of the business are you qualified or willing to handle and which will necessitate either getting informed or calling in outside help?
Areas you need to know about include:
- Managing people such as your staff or freelancers you hire to help you
- Sales and marketing, which requires knowing who your competitors are and how your product or services compare, as well as who your target market is, and then developing a feasible marketing plan and creating promotional material
- Business operations such as how to manage inventory and fill orders, inventory management, product or service delivery, and customer service policy
- Resource management such as suppliers and support services
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.
Write your business plan: Your business plan is a blueprint that will guide you throughout the life of your business. In a nutshell, it should discuss the purpose of your business, who your customers are, your long-term goals and how you’ll finance your business.
Make your business official: There are clear-cut areas to have locked down for a solid business:
- Determine the structure of your business (LLC, corporation, or partnership).
- Give your business a name.
- Registering your business in your state and also federally.
- Obtain a state and federal tax ID.
- Acquire the proper permits and licenses.
- Open up a business bank account.
- Register for trademark, copyrights, or patents.
- Be sure to get legal advice where needed.
Pick a business location: Thanks to technology, it’s possible to start a business remotely right from your home. For brick-and-mortar business ideas you’ll want to think about demographics, accessibility, proximity to competitors, and the cost of rent and utilities.
Conclusion
Free small business printables are an excellent way to spread your company name by giving free small business cards , letterheads, flyers, notices, coupons to your clientele. Here are some free printables available for download or viewing online. These are top resources for starting a small business.