How does it feel to be your own boss? Most people who start their own business have this feeling that anything is possible. It can be genuinely liberating but also terrifying when you’re not sure what steps to take next.
This blog post contains five resources, including books and websites, which will help you get started on the right foot in starting your small business.
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5 Resources You Need to Start a Small Business in 2022
Time Resources
Starting a business can be overwhelming, and therefore you need to plan out your time carefully. It is essential to set aside some time for yourself to work on the business without feeling too overwhelmed or exhausted. Many things will need to be put in place so that you can start the business.
Having sufficient time will ensure that you can work on all these things without feeling too stressed out. You also won’t have to rush through the steps necessary for setting up a small business. This will prevent you from making common mistakes that most entrepreneurs make.
Knowledgeable Resources
Having the correct information can go a long way in enabling you to make the right decision for your new business. You need to read and research a lot. Different resources can give you a heads up on all you need to know about starting a small business.
For instance, The Surprisingly Simple Truth Behind Extraordinary Results by Gary Keller and Jay Papasan is an excellent book to read if you want specific advice about managing time while starting your own business.
This book will help you focus on the most crucial task that needs action to start your business.
Another source of helpful information is, The Business Backer (www.businessbacker.com), this is a website dedicated to helping entrepreneurs find funding for their small business projects.
This website has resources and tools that will help with your project’s planning, including outlining what needs action for it to succeed.
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Financial Resources
Without funds, it’s nearly impossible to start a business. You will need to have a budget to estimate the money required to start your business. Here are some resources you can use when planning your budget:
- SBA Loans
The U.S Small Business Association offers loans for small businesses in need of financing. These loans have competitive rates and flexible terms, which means that they’re easier to get than other types of funding options.
- SBA Loan Calculator
This calculator from the SBA can give you a quick estimate of how much money your small business might be able to receive.
- Start-up Costs Calculator
Use this tool by Entrepreneur Magazine to see what types of expenses you should expect when starting up your own company and for an idea of how much start-up capital you’ll need.
- Business Plan Outline
If you are planning to write your business plan, use this U.S Small Business Administration outline as a guide.
Once you have a rough idea of the money needed, it’s time to source the funds. You can get capital from different places; you can either get it from your savings or borrow money from friends and family. You can also look into getting a business loan; this will enable you to start the ball rolling in no time.
Human Resource: Employees
Depending on the type of business you want to set up, you may need to hire a small number of people. Make sure that the HR department in your small business is ready for this task, with experienced staff in place or at least some training programs in place.
Bear in mind that you may not be able to hire the correct number of people needed at once, which could lead to a small business bottleneck. This is something that you can bypass with time.
You will need to prove yourself resourceful and pick ideas from small business website examples on how to navigate such situations.
Commitment to Taking Risk
You have a very vital role to play in starting your small business. You are committing to risk your money, time, and effort in the business you will begin.
If it is not for commitment, people would never start small businesses because of fear of failure or lack of proper knowledge about what to do.
As an entrepreneur, you must have an iron determination towards your goal. Also, commitment is needed to keep you going when all seems lost, and it will be at this moment that your responsibility will show its actual value.
The first step is always the hardest, but it becomes much more manageable once you decide to start and start.
