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| Photo credit | Image by Pexels |
If you’re thinking
about entrepreneurship, it’s important to be prepared before you commit any
resources. With the right tech and inside knowledge, you can save money, time,
and stress, as well as put in place the foundations for long-term success -
here are a few tips to get you started.
Funding
It’s highly
challenging (if not impossible) to start a business without funding. With the
right amount of capital, you can pay for licenses, software, freelance support,
website hosting, material costs, and more. Securing funds is more
straightforward than ever, with easy access to private investors, crowdfunding platforms, or loans. It’s also
common for entrepreneurs to commit a certain amount of their own personal finances
to the company, just be sure that you’ve mapped out the financial viability of
the project beforehand.
Working Space
Securing a viable
working space should rank highly amongst your priorities. Ideally, you want
somewhere inexpensive that meets your operational requirements. The amount of
space you need (and the facilities) will depend on the nature of your intended
services/products - you may, for example, be interested in the crafts and so
require a workshop. Sometimes, a home office is adequate enough. Just be sure
that you have a strong WIFI connection and all the amenities you need in the
local area for long-term production.
Tech Tools
One of the reasons
independent brands have seen such gains in recent years is the explosion in
technological innovation. With affordable software, power is in the hands of
the entrepreneurs, and the ability to grow your business is more dependent on
ingenuity than the fiscal, logistical clout of the company itself. The programs
you should invest in again depend on which services/products you’re hoping to
sell - for sales-based companies, a CRM (Customer Relationship Management) program
may prove apt, or, if you’re required to handle physical stock, an inventory management software will no doubt
prove useful. Try to analyze and identify your greatest needs and try to invest
strategically to meet them.
Marketing
Another area that
entrepreneurs often overlook in the early stages of a business is marketing.
With the right processes and strategies, it’s possible to promote your brand
and cultivate a customer base at minimal cost. To begin with, you should aim to
nail down the basics - these include (but are not limited to) social media
pages, brand visuals and logos, competitor analysis,
and customer profiles. By putting in place the research and company assets to
facilitate marketing efforts, you can ensure cost efficiency and correct
allocation of resources.
Financial Management
Although less
exciting than other areas of business management, if you can get ahead of your
finances and develop good practices, you’ll be at a considerable advantage.
This means setting realistic budgets, forecasting
incomings/outgoings, charting expenses accurately, and knowing your
invoicing/payment processes. Fortunately, there are plenty of software that can
help you with these tasks, just look into accounting programs or invoicing tools.
Administration
As a new business,
you’ll also want to get on top of simple administration early. This means
applying for licenses and sorting your company structure. Consider creating a
Doing Business As (DBA) name, for example, this will make it easier to branch
out into new services if you want to sell products under a different name or if a
domain for your business isn’t available.
There’s never been a
better time to be an entrepreneur. If you can get your head around the simple
stuff and identify the right tech tools to aid you, your chances of success
will increase dramatically.
