While starting a business is usually straightforward, taking it to sustained success can be a very different matter. However, when your business journey is underpinned by an abundant supply of the right knowledge and resources, you will be better-positioned to hold on for the long haul.
This still raises the question of exactly what resources you should select, which is why we have gathered together a selection for helping you to avoid tripping up either legally or financially.
Business knowledge
Naturally, industry-specific knowledge can be a big part of this. Still, be careful not to walk before you can run, as you might lack sufficient awareness of more transferable aspects of running a business. Sales, marketing and people managing would all be good examples.
If accounting knowhow escapes you, hire an accountant or someone similarly qualified, The Balance Small Business advises. You might also need to outsource the task of putting together your website.
A pool of startup money
If you haven’t yet started your business, you might wonder from where you are supposed to source the money necessary for getting it off the ground. After all, in the early stages of your company, it could struggle to generate money, let alone enough to keep your household financially afloat.
A small business loan might be one option if you meet the eligibility criteria, but you might have to resort to savings to fund your initial outlay as well as operating costs like salaries and supplies.
Support from a strong social network
When you fall on hard times, it isn’t just money that could cushion your fall. A loving, supportive spouse could also help – especially if your business is being run from home.
You might have noticed that many operators of small businesses are married – and the reasons why could become clearer as you consider the advice and encouragement that these leaders’ spouses can provide. A spouse might also be willing to save your company money by working for it for free.
Online legal resources
As you navigate various corporate obstacles, you could inadvertently end up in an array of legal tangles. However, before allowing that to happen, you could carefully research the legal implications of running a business. Fortunately, many websites could help you to do this.
Business News Daily has provided a long list of such websites – including Law Guru, where you can freely put legal questions to attorneys, and Lawyers.com, which includes several articles and tutorials. If you lack knowledge of business law, these sites could assist you in plugging that gap.
A reliable system of communication
As you recruit more and more people to your company’s ranks, you might struggle to monitor your personnel sufficiently closely if your businesses lacks a dedicated phone system.
A hosted VoIP system would let you manage incoming and outgoing calls online, easing the process of contacting staff who might be based in geographically disparate outposts. However, when switching from a traditional phone system, you could still save up to 90% on monthly costs.
Photo by Kaique Rocha from Pexels
