Finances & Money

5 Things Startup Businesses Should Consider

startup business, entrepreneur, business tips
Creating your business is a big, bold step, and one that needs careful consideration. It’s worth looking before you leap, and this means finding out exactly what you need to know before you need to know it. Here are five things worth looking into before you open your doors.

1. Are You Experienced (and Qualified)?

Just because you’ve worked in the business you’re starting doesn’t necessarily mean you’re qualified to start it. And if you’re breaking into a new business you’ve never worked in before, it can be worthwhile doing some proper research, as well as finding a mentor. A mentor can be someone who’s had their own startup or even just a different set of eyes to bounce ideas off. The important thing is to not go into a startup unprepared and blinded by tunnel vision.

2. Investment and Outlay

Simply put, where’s the money coming from? It’s great if you’ve squirreled enough away to kick off independently, but for most businesses, getting off the ground will require outside capital. Don’t just max out your credit cards; seek appropriate financing, like a dedicated small business loan.

3. Storage

If you’re selling a product, how are you warehousing it? Or if you’re offering a service, how are you storing the items that allow you to deliver those services? Storage and warehousing is one of the biggest and most important investments for your business. There are plenty of companies, such as Elbowroom, that can help with storage and self-managed logistics with options like shelving, pallet racking, and storage containers. Shop around to find a solution that suits your startup here.

4. Advertising and Promotion

You’ll do no business if customers don’t know you exist or what it is you sell. Thankfully, the internet has greatly simplified advertising for small business; advertising is now easier and cheaper to run. In many cases, you can even manage your online advertising yourself, without involving expensive outside agencies. Building a website and creating some social media profiles for your company are the key starting points. As your business grows, you can expand into physical, real-world advertising, with billboards, flyers, and maybe even radio or TV time.

5. Don’t Quit Your Day Job… Yet

Walking into your boss’s office and yelling “I quit!” might seem like an attractive thing to do. But don’t burn any bridges if you don’t have to! If you can, ease into your startup while maintaining a job that while not your dream will comfortably allow you to pay your bills. It’s unlikely your startup will start turning a profit immediately, so having another income until it does will make your new business much more likely to succeed. Sure, you’ll be working two jobs for a while… but no one said a startup would be easy.

It’s a scary new world out there for all startups in their first few months. But it’s not uncharted territory, and it’s not something that should be feared. With a little preparation, risk can be minimized, and your startup will have a greater chance of success.

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  • I agree with the article, and I think one other thing that people should consider before they start a business is their tendencies toward possible risks. If they’re risk-averse it will be difficult for the business to take off and maybe entrepreneurship is not meant to be for them.

  • As startup business needs to be agile, flexible and have the opportunity to grow quickly it would be wise to use a self storage option to store their goods securely and safely until they get big enough to lease a warehouse or office. They only pay for what they use and can go for bigger or small size units as the business requires.

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