Starting a new business is a lot of work and new entrepreneurs are required to keep a huge number of different concepts, ideas and steps in mind as they get started. Among all the important efforts that must be made, there are many that can easily be overlooked, despite the fact that they are quite important to that company’s success.
A combination of inexperience, excitement and a rapidly evolving business ecosystem can easily cause a new business owner to miss certain vital points that would otherwise keep things going in the right direction. The following are the top 3 important things new business owners shouldn’t overlook, but often do.
#3 – Building the best team you possibly can
New entrepreneurs usually fall into one of two traps when building their teams. If they’re very unlucky, they fall into both. The first trap is choosing team members from among people they like, not necessarily from among the people who can best do the job. The second is to try to outsource work to the cheapest possible contractor regardless of his or her qualifications. At no point in business is it safe to have a weak team, but this is particularly true at the beginning when every little detail counts. At the start, you don’t yet have a safety net.
You must make sure you’re working with driven, inspired, creative and dedicated individuals who are as keen to reach your goals as you are. You also need to make sure that your staff has a positive dynamic so they can work well together. Once you have that team, it’s up to you to nurture their evolution together by providing a safe and positive environment and by showing your gratitude to them. This only promotes better loyalty to you and a more rewarding place for them to work.
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#2 – Mobile marketing to reach smartphone users (ie. virtually every consumer)
It’s no mystery that an online presence is an absolute requirement for any business. However, that doesn’t just mean that you have a website meant for laptop and desktop users. If you forget about smartphone and tablet users – regardless of your target market – you’re turning away about half the people who are looking for you or what you sell. This doesn’t mean that you need an expensive custom app, nor does it mean that you necessarily need a mobile commerce checkout system if you’re not selling products online. However, you should have a clear, useful mobile marketing presence that will be optimized to allow current and potential customers to find you, contact you and learn about you while using their preferred devices. This is no longer optional if you want to succeed. The longer you wait, the more expensive and involved it will be to deploy.
#1 – Understanding which type of business loan is appropriate for you
There are many reasons to need a loan at the beginning of a small business. Whether you choose to use your credit card or take out a revolving credit line, your need and what you are offered will depend on your individual business. If you are within the first year of your business, the odds are that your options will be quite limited. Startups usually struggle to be able to obtain financing in many forms. However, there are still opportunities from the right lenders that can help you with revenue, such as startup business loans, microloans from nonprofits, crowdfunding, a revolving credit line, a personal loan, business credit cards, or even borrowing from friends or family. Make sure you know which one is right for your situation before you sign on the dotted line.
By being aware of these often overlooked components of starting a new business, you will be able to ensure that you’ve made the right choices and are giving yourself and your company the best chance at years of success.