Starting a business is no joke, so it must not be taken lightly but instead, with so much preparation and readiness. Being less prepared means ruining your start up business, and you do not want that to happen, do you?
Well, if it is, especially, your first time putting up your own business, better prepare first the must-haves. Read on!
Business Start-up Must-haves
License to Operate or Permit
This is a no brainer already that your business need a license to perform certain services or sell certain products. It’s just a piece of paper, but this says a lot about your credibility. Any business without a license to operate or permit, whether known for its quality service, is not a trusted one already.
Enough Knowledge of Your Industry
Starting a business is like starting a new life in a place you are not familiar with yet. Thus, before you put your foot on the world of entrepreneurship, you have to know first your industry. It means you have to be familiar with how your niche works. If you really do not know the kind of business you are planning to put up, then better back off and never spend a single cent on it.
While this is not as important as the others, this just makes you one step ahead of your other competitors. Thus, if possible, try to get experience as an employee first in the industry that you want to enter. That way, you also get to see the bigger picture of your future business; the picture that the boss sees, and the picture that the workers see.
Knowledge about your competitors
Knowing your competitors is being one step ahead of them. Know how they move and how they win in some parts of the competitions. Then, apply whatever good you will learn from them to your business.
Plenty of Fund or Budget
An idea will forever be an idea without the money that will make it a reality. This is basically one of the most important must-haves of every business, and when we say budget, we mean an amount of money more than enough to keep the business going for the first 6 months or until there’s already a return on investment. Why? Because you will never know what will come your way while you are just starting your company. There may be lots of unexpected expenses that might make you short of cash for the next few months if you only allot a budget that is just enough for the said span of time. Let’s say that the budget needed for the first 6 months is $25,000, then make it $50,000.
Yes, you have the budget and the knowledge, but is your presence felt by your target audience and market? Marketing might mean company slogans, social media presence and search engine ranking or anything that promotes the business whether online or through words of mouth. Why should you do it? Because your being known to many is your first step to making them buy your product or service- thus availing it when they need it.
While a word of mouth is the most natural yet effective way of making your service or product known to the public, you cannot deny the fact that we are now in the internet age, where promotion has become easier and can reach a wider audience. Thus, what do you need? If it’s your service that you sell, just need your computer and fast internet and you are good to go, but if there are physical products that you sell, then invest in a good camera to present your products in the most beautiful way.
Time Management Skills
Sure it will be a busy few months, and tasks are here and there, so a good time management skill is a must. Make time for every aspect of your business, especially, if you are doing it alone for the first few months.
If you cannot do it alone, then hire…
Skilled People or Workers
It is important that you hire workers with the right sets of skills that will help your business grow. If you have them, you will not be thinking too much about how you will manage your time. You can just delegate the tasks to them. That way, you can focus more on thinking about strategies. However, you must know that you must have an allocated budget for your employees’ salaries and that’s an added burden, so think twice before you hire them.
A business blueprint is a strategic plan that tells you or reminds you how you will execute every aspect of your business, just like your house’s blueprint when it was being constructed. Why is it important? It is because it makes the execution much easier compared to doing it without the blueprint. It saves time and keeps you on track too.
You may have all the tangible stuff you will need, but if your attitude towards your business is not right, then it’s a big problem. If you are expecting to get the return on investment in a span of 3-6 months, then better not start at all. If you are expecting that it will go smoothly just because you have planned everything beforehand, then burst your bubble right now because that is not an assurance. Right mindset means being positive about your business but being realistic at the same. It’s not always rainbow; there must be a series of rain first.
Putting up a business is not a walk in the park. It involves lots of preparations, and the most important part is having what your business needs. Thus, keep in mind the above mentioned must-haves to help you with your start-up. Good luck on your new venture.