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While we typically work with companies of 50 employees or more, if you're new to entrepreneurship and thinking of starting a business...this post is for you!
Starting a business of your own is exciting and gives you the opportunity to become your own boss. However, startup life isn't all glitz and glamour. As More Business explains, some parts of the business formation process are downright boring. Luckily, there are resources available to help speed through those less-exciting (but still essential) steps. A business coach can help efficiently establish a functioning management style, for example, while task management tools will quickly streamline your daily operations.
Read on for more tips and tools to help you check off the boring parts of business formation.
Decide on a legal entity with the help of trustworthy small business guides
Establishing your business as a formal legal entity provides many benefits. As the Balance Small Business explains, this offers added protection for your personal assets in case your business runs into legal troubles. It also makes it easier to delineate business and personal finances. The US Small Business Administration offers a fast guide to entity types to help inform your decision-making.
Get a handle on your organizational management with the help of a business coach
Being a business owner is very different from being an employee. You're automatically put in a leadership role. It's now your job to drive business profitability, nurture human talent, and develop a startup culture for your company. Business coaching can help. A professional coach can also support you as you develop a personal leadership style. As Norwich University explains, there are different modes of leadership, from visionary to democratic.
Secure fast funding by considering non-traditional lenders
According to Microsoft, the average amount needed to start a business is $30,000. That said, the amount you need to get your business off the ground will vary significantly depending on the niche. When it comes to getting the money you need, think outside of the box. Traditional lenders can be tedious, requiring extensive paperwork, credit checks, and more. Corpnet provides a list of nontraditional ways to get the money you need, such as peer-to-peer lending, online lenders, crowdfunding, and micro-lending organizations.
Use freelance talent to help attract clients quickly
Once you're a business owner, it's on you to attract clients and drive your company's success. However, you don't have to go it alone. Trust seasoned professionals to help raise your business profile. For example, you can work with search engine optimization experts to create a website that attracts organic traffic. Freelance lead generation services can also help by pinpointing potential sales prospects, taking care of cold calling, and setting up effective pay-per-click ads. Find the pros you need via online job search platforms, which allow you to compare professionals based on reviews, portfolios, costs, and more.
Trust technology to streamline your business operations and task management
Technology is designed to make everyday life easier. That includes business life. Adopt tech tools designed to streamline operations, simplify task management, and enhance organization. For example, a project management tool like Asana makes it easy to collaborate, track project milestones, and review progress. Tech Tip Trick has a list of additional suggestions for startups, including Excel, Slack, Evernote, and Tawk.
Look beyond traditional office spaces to house your business
When you're first starting a business, it can be tempting to invest in a commercial office space. However, finding a suitable location that's also affordable can waste time, energy, and money. If you don't absolutely need a separate workspace, look for more affordable and efficient alternatives. Grasshopper offers a range of ideas, from coworking spaces to simply operating out of your own home.
Starting a business requires checking off a lengthy to-do list of tasks, some of them more fun than others. The above guide provides some ideas on how to get the less-exciting items on your checklist done quickly. You can then focus on the more fun parts of entrepreneurship.
Business Coach is dedicated to helping eager entrepreneurs achieve success. Our coaching services can help you make your startup vision a reality. Contact us today to get started.