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Friday, October 18, 2019

Startup Essentials For Newbie Entrepreneurs

It doesn’t matter whether you are keen to start a new career as a freelance blogger or whether you want to provide accountancy services to IT contractors, there are a series of essentials that you need to take on board in order to see your new venture thrive. Starting anew and waving goodbye to your full time employed position can be terrifying. You may be saying goodbye to your steady and regular wage, your promotion prospects and your office colleagues. However, to be a master of your own professional destiny should outweigh everything that you are giving up. Take a look at these startup essentials for all newbie entrepreneurs.


Funding
As a new money making venture, you need to ensure that you have a buoyant cash flow to help you secure a sound supply chain, to fulfil all orders your receive and to keep your overheads running. Funding could come from your own savings, or you could choose to separate your personal and professional finances. Make an appointment with your bank manager and consider applying for a business loan.

You need a sound business plan, that has been thoroughly researched, to provide financial forecasts for at least your first three years of trading. Ensure that you know your gross from your net and be prepared to be scrutinized on your figures. Securing funding is vital for your new business to be a success. This is crucial for your cash flow, your capital and your ability to expand in the future.

Hardware
Depending on your sector, you will need industry specific hardware. This could be anything from a suite of laptops to hydraulic machinery or from a bespoke software package to an AI enabled robot. Consider the sort equipment you need to help your venture compete with its rivals. If you do a lot of your business online, consider a colocation model, where you can request quotes to secure space and a server at a data center. Perhaps you are launching a manufacturing startup and you need machines to make your component building more efficient. Or maybe you are thinking of importing ball bearings from Hong Kong and you need warehouse space to store your stock.


Social Media
Facebook, Twitter and Instagram are great social media channels to market your new business. Begin your foray onto social media platforms way before you launch your startup. This enables you to generate a following and an online buzz about your new venture. Here, you can find a more informal and less corporate voice in which to communicate with your potential customer base. Post links to your blog and website to help direct traffic to your shop pages. Ensure that you update your feeds regularly and that you utilize Instagram as a visual spectacle. Use the filters and make your wares and services look aspirational.

Starting a new business takes a lot of hard work. It can be terrifying not knowing where your next paycheck will come from. However, follow this guide, put in the effort and your business will thrive.
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