When you are starting a new business your task list can feel pretty overwhelming. As an owner, you have to wear lots of hats because you are responsible for everything getting done. There are incorporation papers to file, business licenses you need to get and office infrastructure you have to put in place. You’ll have to come up with your sales strategy and decide exactly how to reach and pitch your potential customers.
If you are setting up an office you’ll need to work with a commercial real estate agent to find and sign a lease for the right space. Strategizing your approach to the market and fine tuning your marketing message will be critical and will take up a lot of your time. You’ll also need to develop your online presence and create a professional web site that lets your customers know you are a proven player in the game.
Make Sure You Have the Funding You Need
No matter how brilliant your new business concept is, it may be hard to get the funding to get everything up and going. Banks and investors typically want to see a track record of proven success and your financial statements before they will provide you with the money you need. Since you are a startup you’ll probably have to self-fund your venture initially.
One of the best ways to do this is to take aggressive steps to dramatically reduce your monthly expenses and tap into any sources of funds you may have. Refinancing your home and pulling out equity can often give you much of the money you need. You can also look at refinancing any outstanding student loans. It’s also possible to get one or more zero interest credit cards to help with your immediate cash needs.
Get The Best Insurance Coverage
As a new business owner one of the first things that you come to realize is that you have to be sure to protect your financial investment in your new venture. Even though you are just starting out, it’s important to put the right commercial insurance coverage in place. Your business insurance will help protect you against losses from business interruption, employee injury, liability and other unexpected events.
You’ll also need coverage for any automobiles or trucks you operate as part of your business. Commercial property binders will cover your buildings and other assets. One of the major risks you’ll want to insure against is business liability, which can involve things like property damage or personal injury claims. Finally, you’ll be required to carry adequate worker’s compensation insurance.
Select and Implement the Right Business Software
Once your new venture gets rolling you are not going to have the time to put necessary infrastructure in place. Everything will seem like it’s coming at you at 90 miles an hour, so it’s important to have the proper procedures and systems ready to support your enterprise when you open the doors.
Fortunately, there are some great choices out there for business software. You might have a solution that runs locally or you could choose cloud-based software to support your company. Typically you will want a full suite of accounting applications, including accounts payable and general ledger modules. For many businesses you will also need an order processing package which consists of order entry, inventory, invoicing and accounts receivable.
When you are starting a new business, it’s important to make sure you have the funding you need and have put all of the necessary infrastructure in place. By setting a great foundation, you’ll help your venture start off on the right foot and ultimately succeed.