What Entrepreneurs Need To Consider When Starting Their First Company
The process of starting a business has to be taken seriously as it is the framework of a business in its infancy. This is going to be a stressful time but taking solace in the fact that starting a business is an accomplishment can help quell that stress. Far too many entrepreneurs are looking at factors that they cannot control when starting their business rather than handling those that they can. A company is not going to start off by signing millions of dollars’ worth of contracts before the website is even established. The following are what you need to consider to help set your business up for success for years to come.
Funding could be anything from tapping into a savings account or going to find some type of business loan. With technology helping many entrepreneurs their only overhead is that of a monthly internet connection which most people have anyway. For those that need to go to a bank to apply for a business loan it is important to bring proof that the business has been making money or has signed contracts to do so. Lenders are not as interested with “projections” as they are with the current success of the company. Certain industries can be tougher to get a loan in than others so this is something to keep in mind.
What Needs To Be Outsourced
Being able to fund multiple departments that might only have part-time work is not an option for many small businesses. Things like that of accounting should be outsourced rather than hire an in-house accountant that may or may not do a good job. Take an honest assessment of what should be outsourced as this does not mean that it has to be outsourced years from now, but for the time being this is the best option. With all of the freelance employees this can be a great opportunity to try out contractors to see if they would make a good full-time employee.
Remote or In-Office Employees
The need for in-office employees has decreased over the years as most people can do their job from the comfort of home on their computer. This also requires that the business rents an office space which only adds to the monthly overhead. Remote employees do not mean you sacrifice on quality as you can attract top talent in certain industries by offering the perk of working at home. Write out the pros and cons as these are different for all businesses before making any decisions.
Growing A Client Base While Keeping Current Clients Happy
Growing a client base without alienating current clients all has to do with the quality of work delivered. If the business continually hits deadlines with great work at an affordable price clients are going to be happy. For this reason it is important to scale processes as a lack of scalability can lead some processes to break if too large of a client signs on.
As you can see a first time entrepreneurs is going to go through learning phases but it will be well worth it. The ability to work for yourself is one of the most free feelings in the world!