The birth of a new business is the lifeblood of the economy, a real step toward living the American dream and the most exciting moment of an entrepreneur’s life. There are so many things to think of that any little shortcut or added assistance that keeps you from having to reinvent the wheel is met with real gratitude. Even when that blush of new has worn off your entrepreneurial work, just thinking about the basic tools required to build your business is still a necessity. So here is a list of the top five resources for new businesses.
Quick and Easy Bill Paying
The one thing an entrepreneur notices when you first start a business is that everyone comes to you with their hand out: governmental agencies, suppliers, designers and, quickly enough, your employees. Paying the bills is truly a necessary evil. The key element here is to be able to handle this chore quickly with good financial tools. With salary and hourly paychecks, for instance, if you utilize a resource like paystub maker most of the calculating is done by the time the check is written and you can move on to other matters, knowing you have cared for your workers.
Adequately Deep Pockets
Before you open for business and receive that first payment, chances are you are going to encounter unexpected expenses. Startups require funding sources to deal with those unforeseen obstacles that can only be overcome with cash flow. Of course, if you were independently wealthy, you would not have wanted to become an entrepreneur in the first place. Beyond acquiring the funding to get the company going, it is truly a necessity to have a backup source of financing. Different types of businesses imply different amounts of reserve capital but conservatively you should plan on having 15-25% of your original startup costs readily available to you, and hope you do not need it.
A Support Network
When you talk to a new entrepreneur about the sort of support needed to start a new company, chances are that individual will think in terms of supply chains, marketers and financial institutions. True enough, but there is another sort of support you must have to get you through those moments when you start questioning your wisdom. You need the support of people who know you, believe in you and understand your vision. That informal team of supporters starts with your loved ones and friends. It includes your trusted advisors, your financial investors (who have a real interest in seeing you succeed) and your own dreams—your personal visions that inspired and challenged you in the first place. They are still there, waiting to motivate you again.
Good help may be hard to find but, for entrepreneurs, it is worth the search. How will you know the workers you recruit have the qualities you need? Part of it depends upon the industry you are in and the special skills required. Though, some characteristics of good employees are universal:
- Desire to work. Enthusiasm encourages everyone in the workplace—even the boss.
- Willingness to listen. It is great to have an employee who is a “self-starter,” but that person must be willing to pay close attention to instructions.
- Transparency and integrity are virtues in any work setting.
- Innovation in the face of challenge. Thinking “outside the box” may sound like a clique until one of your workers sees things in a dramatically unique way.
- Ability to overcome conflict. Disagreement is inevitable. Cooperation is essential.
A Well-Written, Flexible Business Plan
Chances are, as you read over this list of resources, you found yourself thinking that these are things that you should have anticipated. Anticipation is what a business plan is all about. Indeed, this last entry on the list of resources is an absolute necessity prior to commencing your entrepreneurial efforts. The workable business plan will include contingencies meant to enable you to adapt to those inevitable but unpredictable events that will make or break your venture.