The Jump: What to Consider Before Starting Entrepreneurship

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 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.



 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.



 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.



 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.


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