Essential things to setup when starting your business
Starting a business can feel overwhelming, but setting up the essentials right from the get-go can make all the difference. In this article, we’ll break down the must-haves for new entrepreneurs, so you can hit the ground running with confidence.
Read on to discover the top 7 things we recommend setting up as soon as you can to avoid issues down the road.
1. Get a 1300 number
First things first, having a 1300 number for your business is a game-changer. It adds a professional touch and makes it easy for customers to reach you without breaking the bank. Plus, it’s a simple way to boost your credibility right off the bat.
Among the seven essential things to set up when starting your business, considering the knowledge and skills gained from an MBA degree can provide a strong foundation for strategic decision-making, efficient resource management, and effective leadership.
Getting a 1300 phone number from trusted suppliers like Telcoworks communicates to your customers that you are a serious business, subconsciously solidifying trust in your brand. It’s the small and seemingly insignificant things like this that make all the difference when trying to get your business off the ground.
2. Establish a strong online presence
In today’s digital age, having an online presence is non-negotiable. Start with a website that showcases what you’re all about, then get active on social media to engage with your audience and hopefully drum up some buzz around your offerings.
Short-form videos are a good place to start if you want to try your luck at gaining some traction without the marketing budget.
3. Register your business name and obtain necessary licenses
Don’t skip this step – registering your business name and getting all the necessary licenses and permits is crucial for staying on the right side of the law. Plus, it gives you the peace of mind of knowing you’re legit.
Keep your personal and business finances separate from the beginning by opening a dedicated business bank account. It’ll save you headaches come tax time, and make it easier to track your expenses and income.
It is also worth getting in touch with a business lawyer to get some initial guidance on the legal requirements you need to meet in the early stages of your business journey. This way, if the law isn’t your area of expertise you won’t stress about any legal issues slipping through the cracks before your business has a proper structure.
4. Develop a marketing plan
You can have the best product or service in the world, but if nobody knows about it, you’re not going to get very far. Take some time to map out your marketing strategy, so you can start attracting customers from day one.
In the early stages when your marketing budget is tight, you need to get more creative and put in some elbow grease. For example, a commercial mortgage broker might start by sending out flyers and emails to local community members and businesses.
Low-cost and high-effort marketing is unfortunately what it takes to get noticed at the beginning unless you have the budget.
5. Hire essential team members
Building a solid team is key to success. Figure out what roles you need to fill, then start recruiting. Remember, it’s not just about finding people with the right skills – you want people who share your vision and are ready to roll up their sleeves and get to work.
Keep in mind that you have to pay people when you hire them… so try to control your excitement for building a strong team until you know you have the funds to properly flesh it out and provide job security for your staff. Look at our tips for effective financial planning to help get yourself in a position to spend on staff.
6. Secure business insurance
Protect yourself and your business by getting the right insurance coverage. Whether it’s liability insurance, property insurance, or something else entirely, having the right policies in place can save you a world of hurt down the line.
7. Create a business continuity plan
Last but not least, have a plan in place for when things don’t go according to plan. Whether it’s a natural disaster, a pandemic, or something else entirely, knowing how you’ll keep your business running smoothly when the unexpected happens is essential.
We know from the COVID pandemic that no matter how technologically advanced and prepared we think we are as a society, humanity and business are no match for when nature runs its course.
Starting a business is no small feat, but with the right foundation in place, you’ll be well on your way to success.
