Let’s face it, the process of starting a business can be costly. Whether you are investing or not, the financials are limited when the beginning of a business and every penny counts. Through my experience running two different companies in the past seven years, I’ve observed certain things I’ve always returned to or changed since I didn’t invest in them initially. The four buckets listed below are the most influential factors in my success in both businesses.
1. Committed Team Members
Investing in others can be challenging when you begin your own business, but it is a great way to help your company expand exponentially, even from the beginning. It is now about quality over quantity.
I’ve observed that many business owners concentrate on building the size of a team instead of an efficient team. When you’ve got two good employees who are proficient at accomplishing their tasks, you could have a more significant impact than having six average employees. In terms of financials, this can make an immense difference. I have learned this through experience with one of my businesses.
2. Marketing and Branding
Branding is the most crucial factor you should be investing in from the start. When I started my first business, I rebranded about four times since I needed to figure out my ideas from the beginning. All entrepreneurs should be patient about branding names, colors, and logos, so they come across something they love and will not have to invest resources into this process again. It doesn’t mean that you will not need to change your branding in the future as companies change and grow. But, a rebrand is optional because you were rushed the first time and didn’t discover something you feel love.
In terms of marketing and online presence, how would I stay in my field if I didn’t speak about it? Marketing is a great way to expose your company to people you’ve not thought of before. It means you can be involved in some marketing projects at the beginning. Select one or three avenues to begin with, and develop an approach you can implement before moving on to different platforms when you are confident.
Many founders adopt an attitude of “all or none,” which means they believe they need to be on top of everything since there are numerous possibilities. Nowadays, it’s so easy to find kinds of social media websites, blogs, videos and more that it’s nearly impossible to produce high-quality content on all subjects unless you have plenty of resources to invest in that. Instead of doing everything to get it done, I’ve discovered that the best approach is to always do at least three activities to your highest abilities and resources.
3. Accounting
When we speak of money, discussing the need for an effective accounting process is essential. Tax season is the first year managing a small business may be stressful if you need help figuring out what to do or what to look for, especially if you still need to do an excellent job of cleaning up your book. From my experience, hiring a tax professional who will help you save money and pay your taxes correctly is beneficial in the long run. It reduces the stress associated with running your business day-to-day.
4. Legal
Legal and contract documents are crucial for any business as you need to be secure. When you start a new business, this is an expense individual often attempt to cut down on or limit; ultimately, it is an expense that can be used as an investment for your future. Making sure you have solid contracts, terms, conditions, and other documents guarantees you are safe from any legal issues that may occur later on. You could save money if you invest in these documents from the beginning.
There’s no one-size-fits-all approach to starting your own business. Every experience is different. However, I’ve discovered that these four pillars are regulars. How much or how small you decide to explore the four pillars is up to the individual founders. Keeping these in mind and considering the options available is essential to set your business up for success.
