BUSINESS TOOLS YOU NEED TO GET STARTED
By Joyce Fiodembo © 2018
Before you begin your business, you need to have determined what you want to transact as a business.
Let’s focus on the essential tools you need to get started in your business.
Do you want to sell cars, a writing business, run a retail store or make websites for clients?
The next question you need to establish is; are you going to begin alone or do you plan to have partners?
Starting a business is not that difficult.
That considered the setup rules vary from country to country.
So when it comes to regulations, you want to follow your country or state’s legal procedure.
You want to establish what works and what doesn’t work where you are.
Let’s look at eight essential tools you will need.
1. Determine your Start-Up Cost
What are the initial costs to set up your business? There are things you will need.
Let us assume you want to start a printing business.
There are things you just can’t start without.
You need a computer, a printer, internet access and phone among others.
What do they cost?
How many of each item do you need?
What is the initial number of staff required? Are you paying salaries -and how much?
Are there business premises to be rented?
What do the utility bills cost?
Avoid borrowing too much money in the beginning.
You would not want to be saddled with debt, and you need a free mind to establish your business.
Use your savings.
Knowing your startup costs means you can have a savings plan towards that end.
2. Choose your Business Name
A business name is a name under which your entity will conduct business.
It is your business’ identifier.
For that reason, all businesses are required to have unique names.
Before you choose a name, ensure it does not belong to someone else or is trademarked.
Otherwise, you will be served with an expensive lawsuit, and that’s a terrible way to begin.
When choosing a business name, make it memorable. Let it represent what you are doing.
Some good examples are; Quickbooks, Microsoft and Starbucks Coffee.
Never copy or modify renowned brand names.
Get your original name.
Choose a business name that is easy to remember.
My friend’s company is called Joyería; it means jewelry in Spanish.
I can never remember or spell that name right. I have to jog my mind. I’m sure others are in the same boat as me.
If you have a website for your business and your potential clients cannot spell it, you will lose customers.
Take your time and discuss your business name with your peers.
Some professionals can help you come up with a name.
3. Register your Business
Register the company according to your government regulations and standards.
Do you need insurance? If so, what kind of insurance? What does it cost? Ensure you have all the details.
Registering a business gives you several benefits.
It makes the company official and gives it legal standing. You can now legally offer services.
The government legally protects business owners.
To legally operate your business, you may be required to have certain permits and licenses.
These are country or state specific.
Be diligent and follow through.
4. Get Business Cards
After your registration, you need business cards.
These help you introduce your company to potential clients, especially when you need to network.
You can easily design your cards on your computer, or approach a designer or card company to make them for you.
5. Bank Account
Now that you have a business, you should open a business bank account.
An account where you will receive payments for the services your business renders.
A separate account from your other personal account allows for clean and accurate bookkeeping.
It exhibits professionalism and is a legal requirement in some instances.
This may also have an impact on your tax returns.
Bear in mind that your business is an entity of its own.
6. Accounting Tools
You can simply begin by using spreadsheets to maintain your data.
Alternatively, you can use free online software for your invoicing and simple accounting as your company grows.
Make sure you maintain proper accounting records for tax purposes and business growth. Accounting is critical because poor accounting will break your business.
7. Branding your Business
You need to stand out from the crowd and be noticed. Branding helps your company stand out.
There are probably many businesses offering similar services as you are. What makes you different from the rest? Why should they choose you over them?
That is where branding comes in, -to place you ahead of the rest and capitalize on your core values.
8. Promote your Business
You are in business to make money. That is why you have gone through all these processes.
Promote your business, let your firm be known.
Make your services the talked about item in town.
Become your business’ trumpet and toot your own horn. Remember, nobody will toot it for you, so you need to get comfortable with talking and sharing about your business to anyone and everyone.
In conclusion, let me share Six Assets you need to be a Successful Entrepreneur
1. Be Self Driven
If you like to be spoon-fed, you’ll not go far. You have to be disciplined enough to run your own show.
2. Be Creative
Imagine and try stuff out, be a visionary and think Big.
Even if the idea seems outrageous to others, try it out in small proportions to see if it will fly.
Don’t let fear and discouragement stop you from trying out stuff. Think about the founder of Amazon. When he shared the idea of everything being sold from a Website, his peers laughed at him. (ha, ha, ha, who would shop from a website…)
Nowadays, I buy food, handbags, furniture, movies and everything from Amazon. What if he felt discouraged from all the laughter and gave up?
3. Have Perseverance
Business is not for the faint at heart. Hang in there. Pray and ask for God’s help.When the going gets tough -and it will; don’t quit.
Learn to look at the light that shines at the end of the tunnel. Ask yourself WHY?
Why do you have an online business? Let your WHY push you.
4. Focus on Creating Value
Create something that is useful to someone. Or sell something that solves a problem.
Business is about service. If all you want is profit, that is a model that will not last.
But if you are offering a service, then you will go far.
5. Collaborate with Others
I like the African proverb;
” If you travel alone you go Fast, if you travel with others you go FAR.”
It’s never a one person journey. You will get burnt out, or you will not progress if you try to do everything by yourself. You need others to walk with you.
Join a Business Support Group. You need the help and support the group will offer because there will be days you will feel down.
A good support group will give you lots of encouragement on those days.
If you have not joined the Zealous Business Owners group on Facebook, you are Welcome to Join Now.
By Joyce Fiodembo ©2018
If you want business marketing advice, or you want to brainstorm your idea, don’t hesitate to get in touch for a Coaching Session.
Send an email to [email protected]