If you’re looking to make your way as an entrepreneur, there are a few things that need to be sorted out before you jump feet-first into your first business. For starters, are you looking to build a company and then run it, or are you an entrepreneur who views starting a business as an investment?
There’s a big difference in strategy when you plan on handing over the operation and then starting another company, as opposed to the long-term goal of starting a company you have a specific vision for, and your success will depend a lot on how prepared you are for the path you take.
Other things you should consider before starting include the currently expanding industries in your area and the available contractors and vendors you’ll need to do business with if you’re going to start an operation. That all comes before you even sit down to do a business plan, much less an operating company. Still, you’ll need resources to pull everything together. Here are three resources you can start using on day one and continue relying on throughout your career as an entrepreneur. They’re so essential they will serve you well no matter what your long-term financial strategy winds up being.
1. Social Media Presence
It starts with business sites like LinkedIn, but the development of your digital brand can’t end there. Before you promote a company, you need to promote yourself so others will be able to see your accomplishments and professional history. This is essential for your process because before your company has an established history, people will look at yours. Don’t worry about the commercial side until you are ready to launch, because a company website is a big investment. Instead, focus on the personal profiles and professional networks you can get involved in. Where possible, contribute to discussions on those sites so people begin to see you as a source of knowledge about the industries you plan to work in.
2. Financial Reserves
You’re probably going to wind up with some long-term debt when you launch a business for the first time because your company will likely need to make purchases of assets like infrastructure equipment. Getting approved for those loans can be hard, even for those who qualify for SBA loans. Getting your finances in order means getting yourself the funding you need prior to seeking financing. It sounds counter-intuitive, but it’s really not hard to see how it works. Loans require you to have a certain percentage down, as well as the income to pay them back. You need reserves for that percentage down, as well as your initial burn time while the company launches its income streams. Raising funds can be done in a number of ways:
- Crowdfunding
- Friends and family
- Personal savings
- Angel investors
- Taking on partners
3. Professional Communications
Email professionalism is a must, but what’s even more important is a spotless professional phone presentation. Voice mails are a hassle to navigate, but a well set up inbox message makes things a lot easier on people trying to call in than an automated voicemail system message. If you’re looking to impress potential clients and loan officers alike, subscribing to a professional answering service means giving yourself a buffer between your inbox and your clients. The effect is that of calling into an established office with its own infrastructure, but without that cost. This can help you polish your presence just as much as a great social media profile.
There’s a lot more to launching a company, but before you get to that point, it’s essential you start yourself with the tools you need to succeed. These basic resources are a must-have for anyone starting a business.
