Deciding where to put your money is one of the hardest decisions to make as a startup business. In order to get off the ground, it’s not just the support of customers that will aid the process. Making the correct investments early on can help to structure your business plan effectively and give you some sense of predictability. While you might not to be able to afford all of these items, selecting just a few can help to give your business a confident start.
Every new business should have a website. If you have a drawer full of business cards but no site to send people to, you are already missing a significant arm of your marketing strategy. Not only should your website provide a point of contact, but it should also offer any further information on what you do. Along with your website you should also register your domain name to give you an official website URL that truly belongs to you.
Hopefully, you are substantially trained in your area of expertise as a business owner. However, there might be some necessary skills that you might not have thought about that could be invaluable to your company. For example, if you are looking to sell furniture and interior decorations, you may want to take up some finance training to make accurate predictions about your business’ expenses over the year.
Interior decoration and a cleaner
Your first premises as a company might not be everything you’d ever dreamed of, but ideally you’ve checked that it meets all, if not most, of your requirements. It might even be temporary for the time being: for example, as a pop-up restaurant you may just be in a trailer or market shop. If your premises still signify the marks of a company that was once there before you, it’s a good idea to invest in a cleaner to go over every last corner and some interior decoration to give your building a blank canvass to work with. To truly sell your brand, your premises must feel as if they belong to your company. A cleaner is also a wise investment if your company will require a hygiene rating.
An emergency plan
One thing that some start-up business owners might not like to consider is the possibility that something could go wrong, whether it’s a physical aspect to setting up shop or a financial problem that could arise in the future. Many sources advise small business owners to plan for emergencies, as even natural disasters such as flooding could wreak havoc on a site’s premises.
A big part of your emergency plan should be an emergency savings account. Ideally, before setting up a small business, you will not only have saved up some setting-up costs, but also some emergency savings. Continuing to put away money in a decent savings account with interest, while you develop a strategy for the worst-case scenario (what would you do in a month with no profits?) is one of the best investments you could make.
One of the best ways to create a list of ‘must-haves’ for your company is to assess what you don’t currently have thoroughly. If you’re still unsure, then networking with other small companies might be a good way of establishing what they needed in their first year and what they wished they had.