5 Essential Things Needed to Start a Business
Nowadays, anyone can start a business, but only a few will be successful. From having a solid plan to choosing a skilled accountant, there are a couple of steps you must complete to ensure a positive outcome. Here are the five essential things needed to start a business!
You have a product or service that you are passionate about. One that you have spent much time, effort, and money to build and create. Your decision to start a business has been a scary but exciting one.
Knowing all that, consider this. 90% of startup companies fail. That’s right. Your chance of running a successful startup may lie in that 10% range.
That’s not surprising. There are now 27 million Americans in the entrepreneurial field. 14% of the population is now running or starting their own business endeavors. You’ve got some competition.
Don’t make your business a lesson in failure. There are ways to maximize efficiency so that you have more room to prosper. Ever heard of “work smarter, not harder?”
This list of things needed to start a business will focus on allowing you to work in the best way possible.
1. An Array of Professional Consultants
One of the best things you can have is connections with people who’ve been through the same thing. Someone who has experienced all the trial and error of making a startup. Someone who can tell you what not to do, as well as advice to move forward.
The amount of Latino entrepreneurs went up 10.8% in the past 20 years. That percentage wanted to build a business. They got help from consulting people who could offer sage advice.
(More info on that here.)
2. A Worst-Case Scenario Plan
Arnold Schwarzenegger once said, “You will fall. And when you fall, the winner always gets up, and the loser stays down.”
You will run into failure. Obstacles. Let downs. Disappointments.
But you can turn them around. You can use them as lessons. You can get back up and keep going, because the 90% of failures are those who stay down.
Have a worst-case scenario plan in place, and be ready to use it.
3. Keep Your Hobbies a Priority
Maintaining outside hobbies is key to staying creative within your business.
If you put everything into your business, there’s nothing left to give, and everything to lose.
Keep going to the gym. Kayaking. Painting.
It will release creative energy which will allow you to grow your company in exciting, fresh ways.
Static = a no-no.
4. A Business Plan
This is the worst-case scenario plan’s opposite.
A solid, well-thought-out and articulated business plan will be your business card. You’ll need it when speaking with investors, landlords, partners, and consumers.
Build a business plan that outlines both goals and fears.
5. An Online Presence
Although social media is great, consider an appealing website, as well. This outlines things in a way that Facebook can’t. And you can still link to your Facebook somewhere on the website.
Running a website is affordable and effective. Don’t let it fall by the wayside.
What Are the Other Things Needed to Start a Business?
That depends on your vision, your message, and your service.
Are you opening a pest control company? Or are you trying your hand at the food truck business? There is a foundation of things needed to start a business, but some will be specific to your company only.
From getting outside help, to maintaining a sense of personality, there is room to be a success.
10% of room, in fact. There are methods to improve your odds of going all the way.
And if you fail? Try again. It’s not as hard to get back to the exact same place as you think.
Being an entrepreneur is a lifestyle choice, and we commend your bravery.
If you need any more advice on running a successful company, check out our business blog!