15 Things You Need When Starting a Business
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Do you know about all the things you need when starting a business? There are several things you could buy, but not everything is necessary.
I know just how thrilling starting a new business is, yet it also comes with its set of challenges. One of the most crucial aspects of establishing a solid foundation is understanding where to allocate your resources.
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This article outlines 15 smart investments that can significantly contribute to the success of your new online venture.
Why You Need To Invest now, BEFORE You Have Money Coming In, And Not After
Investing in the right tools and solutions before you start making money is not just a preemptive measure; it’s a strategic foundation for success. Think of it as setting up a robust, efficient machine ready to operate at full capacity from day one.
When you’re equipped with the necessary tools early, it ensures that you actually CAN make money.
This proactive approach allows you to present your business professionally, streamline operations, and handle growth seamlessly as it comes.
It’s about being one step ahead, so when the revenue starts flowing in, you’re not scrambling to catch up but are ready to reinvest and grow.
15 Things You Need When Starting a Business
investment 1: Time
Time is the first and most valuable investment you’ll make. Planning, learning, and evolving take time.
Embrace effective time management strategies and remember, great things never come from comfort zones, so be patient and persistent.
Cost: Non-monetary.
Investment 2: Education
The kiss of death as an entrepreneur is to assume that you know everything and block yourself from learning and growing.
When you know better, you do better, but to assume you know better is the height of folly.
Maya Angelou
Invest in your education through courses, webinars, and books. This not only keeps you ahead of the curve but also empowers you to make informed decisions.
Attend those seminars and virtual webinars whenever you can. You might end up learning a strategy that doubles your leads! Never underestimate the power of continuous learning.
Cost: Controlled.
Investment 3: Domain Name
Your domain name is your digital address. Choose one that’s memorable, brandable, and SEO-friendly. This small investment can significantly impact your online identity and visibility.
Cost: $1 – 13/year on average. See recommendations.
A brand is no longer what we tell the consumer it is—it is what consumers tell each other it is.
Scott Cook
Investment 4: Website Design
A client had ignored her website’s design, focusing only on content. His site’s bounce rate was high until he revamped the design, which then kept visitors engaged longer.
A user-friendly and visually appealing website invites more traffic and engagement. Whether you opt for a DIY platform or professional help, ensure your website reflects the quality and essence of your brand.
Cost: Depends on how much work needs to be done. A WordPress theme is usually under $100. Hiring a designer to build something custom can cost thousands.
Investment 5: SEO
Investing in Search Engine Optimization is non-negotiable. Understanding the basics of SEO or hiring an expert can dramatically increase your online visibility and drive organic traffic to your site.
Don’t underestimate SEO, don’t wait until your site is buried on the 10th page of Google. Investing time to understand SEO will give you the chance of reaching the first page of SERPs, increasing your visibility exponentially.
Cost: Free to DIY yourself. Or can cost thousands to hire an agency to do it for you.
The best place to hide a dead body is the second page of Google search.
Anonymous
Investment 6: Quality Content
Content is Queen. It’s the most powerful force above all else in your business.
Engaging and valuable content attracts and retains customers. Strive for a balance between quantity and quality, and explore various content types to engage your audience.
When Anna started her business, she noticed that her main competitors consistently published content, something she didn’t feel she could keep up with. But their content was low quality.
Anna focused on high-quality, valuable posts, rather than quantity. Though fewer, they established her authority and trust with the audience.
Cost: Free to write content yourself. Or to hire a writer, costs can average between $30 – $100 per article.
Investment 7: Photography
Investing in a professional photographer for my products changed my business. The crisp, clear images attracted more customers and set a professional tone for my brand.
Never underestimate the power of professional images. They enhance your site’s look and feel and contribute to your brand’s perception. Whether it’s product photography or personal branding for yourself (more on that in the next tip) quality images are worth the investment.
Cost: Depends on the photographer.
Investment 8: Branding Shoot
Personalize your brand with a professional branding shoot. This not only enhances your website and social media but also allows your audience to connect with the face behind the brand.
I always advise my clients to invest in a branding shoot! A quality branding shoot will reflect your brand’s energy and passion. It will resonate with your audience, who will then see the real person behind the brand, boosting your engagement.
Cost: Depends on the photographer, but typically $500+.
Your personal brand is a promise to your clients… a promise of quality, consistency, competency, and reliability.
Jason Hartman
Investment 9: Automation Tool For Social Media Marketing
Social media is a potent tool for online businesses. Investing in automation tools can save time and enhance your online presence. Schedule posts and analyze performance to streamline your social media strategy.
Sam resisted automation at first, thinking it would make his posts impersonal. When he finally tried it, he saved hours and increased consistency, which built a stronger online presence.
Cost: Under $200/year for SmarterQueue.
Focus on how to be social, not on how to do social
Jay Baer
Investment 10: Email Marketing
Email marketing is a direct line to your audience. Tools that offer automation, segmentation, and personalization can amplify your marketing efforts and foster customer relationships.
I’ve seen my clients’ businesses transformed when they started an email newsletter and implemented the strategies in my List-Growth training.
It turns one-time buyers into repeat customers and creates a loyal community around a brand.
Cost: Usually determined by list size. Beehiiv is $84/mo for up to 100,000 subscribers.
Investment 11: Childcare Assistance
Balancing entrepreneurship with parenthood is challenging and overwhelming.
Investing in childcare can free up valuable time, allowing you to focus on growing your business and be more productive in your work.
Cost: Varies.
Investment 12: A Housekeeper for Your Workspace/Home
A tidy workspace and home promotes a clear mind. Hiring a housekeeper can be a smart move, allowing you to dedicate more time to your business while maintaining a pleasant work environment.
My mood and productivity soared when I finally hired a housekeeper. Not only did it free up my and my husband’s time as we had less housework to do ourselves, but we also felt more professional and focused.
Cost: Varies.
Clutter is nothing more than postponed decisions.
Barbara Hemphill
Investment 13: Health and Wellness
Your health is your wealth, especially in the demanding world of entrepreneurship. Allocate time and resources for exercise, relaxation, and proper nutrition to maintain your peak performance.
I faced burnout early in my career, and because I have ADHD, burnout tried to creep up often. Incorporating regular workouts, mindfulness practice, and healthy eating didn’t just improve my health; it enhanced my business’s health too.
Investment 14: Networking and Mentorship
Building a network and finding mentors can accelerate your growth. Connect with like-minded individuals and learn from their experiences to navigate your path more effectively.
What communities can you get involved in in your industry?
Investment 15: Legal and Financial Advice
Understanding the legal and financial aspects of your business is crucial. Invest in professional advice to ensure you’re on the right track and protected against unforeseen issues.
Things You Need When Starting a Business – Conclusion
Making smart, calculated investments in these 15 areas can set the stage for your success and growth. Because at the end of the day, being prepared isn’t a luxury—it’s a necessity that sets the stage for sustainability, scalability, and long-term success.
It’s about making informed decisions that align with your business goals and personal values.
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