Starting a business is a major decision, and honestly, social media has glamorized it a lot. You see so many people on social media now talking about starting a side hustle, making it sound like you can just create a business and then cruise. In reality, it takes a lot of time, effort, and hard work. I’ve been reading the stories behind many successful entrepreneurs lately – Sara Blakely (founder of Spanx), John Mackey (co-founder of Whole Foods), and so many more. Once you read their stories you realize how much effort and resilience it takes to truly scale a business.
Part of this means focusing on the right factors from the start, which will help you focus your efforts on what’s actually important. Let’s dive into some below!
Costs
Starting a business can be an investment. You’ll also need to consider your operating costs; the expenses you’ll incur as you run your business. Think through your business model carefully so you can properly budget for them, and think about what is most important when you start off. Of course, it will depend on how much upfront capital you can put in, and how much is truly necessary (e.g. a software company will have different upfront costs than a bakery).
Also consider what may be one-off costs versus recurring ones. Some of your main one-off costs include business registrations and similar fees. Ongoing expenses will include your payroll, rent, and supplier costs. By knowing your costs, you can actually budget to ensure your cash flow can cover them. Here’s a handy guide with a list of some business startup costs you can use for reference.
Software
Speaking of costs, one of the more notable of these will be software. Software is huge in this day in age, as it will help save you time and also make you more efficient with your work. You could find more than a few tools that can help you run your business, like accounting software. These days, startups are popping up left and right, building useful tools for businesses across various use cases.
Often times, the best software can solve several pain-points. A CRM, for example, helps you manage relationships with your customers, which you can link up with various other business processes (e.g. automatic email sequences, documents to sign, etc.).
Think through your business processes, and anything that can be automated or streamlined. The software you might need could span accounting, customer service, marketing, and almost every other area. Take a look at this page for some of the digital software tools I personally used and recommend!
Brand
Your business’s brand is instrumental in its success. Branding helps you differentiate yourself from competitors while helping engage potential customers. This is more than just a name and logo – look into the colors, imagery, and messaging that resonates with your potential customers.
This doesn’t just catch their attention, but makes them more likely to buy from you and remember you in the future. Think about those ads that people talk about years later (e.g. Apple’s think different campaign, or the crazy superbowl ads): they ooze the brand of the business. At Happily Hedy, part of our branding process includes picking the right typography and colors based on customer research, and developing imagery that engages them and wholistically represents your business and what it stands for.
Starting a business can certainly be daunting: you’ll be anxious about getting everything right and making sure you can be successful. Break down the overwhelm, and think carefully about each step and the various factors outlined above: costs, software, and branding. These elements will make a big impact as you work to set yourself up for success!
Got questions as you’re planning out your new business venture? Feel free to shoot me a message if you ever want some advice or to chat!
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