Business professionals and entrepreneurs alike, we know that to succeed in the business world you need to stay on top of your game both inside and outside of the office. That’s why we’ve uncovered small business must haves for everything from your social media marketing to online stock images. With this massive list of resources, you can rest assured that you won’t miss a beat to help move your business forward!
Want to learn about small business must haves, or about resources needed to start a business? Check out our small business must-haves list — it’s the perfect launching point for your small business!.
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.
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.
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.
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.
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.
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.
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.
Conclusion
Open your mind to new ideas that will help you succeed! The “Small Business Must-Have Resources” book is an informative guide on what resources are useful for small businesses. Topics include information on business planning, legal matters, accounting, tax filing, etc. It’s an essential read for all businesses!