Finding resources to get started

A full guide to getting the right resources required to get started

After determining that you have a viable idea, it is time to figure out what you will need to make your business-to-be flourish. What do you need to do to make sure your business idea becomes an actual business? Each business requires key resources. These are the major assets that your business requires to create its value proposition, service its customers and get the end product to the customers. The type of business you have determines the type of key resources you will need. Resources could be either physical, human, intellectual or financial.

In terms of financial resources, you need startup capital. Capital is the lifeblood of a business, you need money to fund your business and keep it afloat before it starts to make a profit. If you have employees, you will need money to pay for their salaries. Also, if you will have a physical building, you need to pay rent for that, in addition to any extra licenses and permits required to run your business. All of these require that you have a starting capital that will help propel the business forward.

Sources of Capital:

  • Personal Savings

  • Help from friends or family

  • Bank Loans

  • Grants

  • Crowdfunding

  • Angel investors

Another important resource to have is the business know-how required to run a business. You can be passionate about your idea and be determined to see it succeed but no amount of diligence, passion and hard work can compensate for the inability to run a business. To launch your business, you need some important skills or at least, be able to identify the right skills to hire. These include hiring people with skills in people management, sales and marketing, customer service or product development (if applicable). Thankfully, now, one can take courses and learn new skills online.

Websites to Learn New Skills:

  1. Coursera

  2. Udemy

  3. Udacity

  4. EdX

You will be needing human resources, as a startup is a combination of skills, creativity, and spirit of each of the member of the team being focused on the success of a single product, born from an idea. Teamwork is necessary for the team and, by extension, the startup to succeed. Hiring the right people is of the utmost importance. You need to be very specific about your startup business needs and be thorough about hiring people who fit that in terms of skills, principles and work ethics.

A few websites to find and hire talent for your business include:

A business plan is an important part of getting your business started. When drawing up your business plan you need to make sure you assess whether or not you have all the things your business needs, and if not, prepare to get them. It also serves to highlight to investors, lender and potential partners what your company is about, its structure and objectives. While most small businesses are run from the owner's homes, a defined physical work environment can be more beneficial to your team and a company as a whole. It gives the business a sense of legitimacy and helps ensure that your first-time customers develop trust in you. In addition, it shows that much thought and investment has been put in to make sure that the business objectives are realized in the long term. Having your team under one roof can also help improve your team's efficiency, accountability and productivity.

When searching for a physical location for your business, also think of expansion in the future as your company grows.

Finally, to be successful in your business, you need to be committed fully to it. You have to change your mindset and stop thinking like an employee. Particularly as you might have to go without a salary or other related benefits like you might have been used to. In addition to these sacrifices, you will have to dedicate yourself to, believe in, and be prepared to spend more time with your product or service. You have to live and breathe your product.

Additional resources to support you

Finance and Business:

  • Brass can handle your business banking, team banking and payroll needs.

  • LivePlan can help create a great business plan.

  • QuickBooks can help simplify your accounting.

Websites and Marketing:

  • WordPress is a site where you can build free websites.

  • MailChimp can be useful for email marketing campaigns.

  • Hootsuite and Buffer can help you schedule your social media posts and engage with your followers on social media effortlessly.

  • HubSpot is an all-in-one marketing platform that lets your entire company work together -- from marketing to sales, to customer service.

  • Google Adwords and Facebook Ads can be useful for online marketing.

  • Google Analytics provides statistics about your audience, along with details about the effectiveness of your marketing strategies.

Communications:

  • G Suite can help you create domains and manage emails. It comes equipped with Gmail and Drive.

  • Intercom provides a platform to help you chat with and communicate strategically to your customers.

  • Keep in touch with clients and virtual workers via Zoom, Slack and Skype.

Key takeaways

Before starting your business, ensure that all of the above resources have been sorted. Getting adequate capital, building a great team, getting a suitable workspace (virtual or physical), acquiring the business knowhow, developing a business plan and deciding to commit fully, are the exact baby steps required to grow a profitable business.