Resources for Entrepreneurs: Starting a Business

The COVID-19 pandemic taught us that almost everything can be done online, and that includes starting a business. If you already have a business idea and know what you want to offer or sell, then you have already taken the first step. If not, then search online for side hustles or small business ideas, or discuss your thoughts with friends and colleagues. The real work starts after ideation.

Where to Start for Entrepreneurs

Many entrepreneurs get stuck in the beginning because they are unsure how to start running their business. While a Google search can give you a general overview of the steps, it won't cover all aspects of launching your own business. There are numerous business schools for entrepreneurs that teach how to start and manage your enterprise.

Planning Resources for Entrepreneurs

Planning is the most important part of starting a business. It provides a clear picture of what you are starting and whether it is viable or not. A business plan also serves many important purposes, including:

• Defining your vision and mission.
• Identifying the products and services you will offer.
• Determining the amount of seed money you will need.
• Creating a budget for expenses.
• Planning for human resources.
• Marketing your products and services.
• Developing a plan to retain customers.

You can handle these tasks independently or seek help from professional organizations like the Small Business Administration (SBA) or utilize tools like Bplans, SCORE, and Shopify.

Market Research Resources for Entrepreneurs

Market research is vital for any entrepreneur. While your idea and planning may be good, you need to find the right customers who will buy your products or services. Resources like Statista, Pew Research Center, Census Bureau, SBA, and survey tools (SurveyMonkey) can provide in-depth market analysis.

Legal Requirements for Entrepreneurs

Before starting operations, it's essential to register your business. This is particularly crucial for businesses that have physical interactions with customers, especially for products and services that require physical delivery. There are two main aspects to registering your business as a legal entity: tax compliance and intellectual property rights.

Consult with a lawyer or resources like the Small Business Development Center. Online resources like LegalZoom, Corpnet, and other registrars can assist with legalities such as trademarks, incorporation, partnerships, and sole trading.

Financial Resources for Entrepreneurs

Once the paperwork is completed, you can start thinking about how to get funding to launch your business. Financial requirements vary depending on the type of business. For instance, an online content writing service can start with zero investment, while a food delivery service or a salon requires significant investments for rent, inventory, and employees.

If you have existing funds, you don't have to worry about this. However, it's always a good idea to obtain seed money and save your own for emergencies. Here are some resources to explore for seed money:

• Friends and family.
• Grants from government agencies like Grants.gov, The Foundation Center, SBA, etc.
• Venture capitalists or angel investors.
• Crowdfunding platforms like Kickstarter, GoFundMe, and Patreon.
• Startup accelerators like Techstars.

There are numerous financial resources available, but these will get you started.

Marketing Strategy Resources for Entrepreneurs

You need a solid marketing strategy to spread the word about your business and reach your customers. This involves creating a brand identity, identifying media and platforms for marketing campaigns, and organizing marketing activities.

Resources like Hubspot Academy, Facebook, SEMRush, Hootsuite, Mailchimp, Canva, and ZillionDesigns can help you understand and execute a digital marketing campaign. Canva offers quick template-based designs, while ZillionDesigns provides customized designs by professionals. These resources will help you create a positive brand image and generate interest in your business.

Networking Resources for Entrepreneurs

While online marketing is essential, don't underestimate the importance of traditional networking. Attend meetups, support groups, business events, and fairs to meet and connect with people in person. Join organizations like The Female Collective, Chamber of Commerce, Young Entrepreneur Council, SCORE, National Association for the Self-Employed (NASE), and Business Networking International (BNI).

If you have the budget, securing a stall to promote your business at events can be highly effective. It provides an opportunity to interact with potential customers directly. Even if you are simply networking with people at events, try to connect with individuals who are most likely to benefit from your expertise. Share information and introduce your business, but avoid direct selling.

Productivity Resources for Entrepreneurs

It's essential to prepare for how you work and run your business. If you are starting alone, set up productive hours for work-related activities. Tools like Focus to-do, Google Sheets, Trello, Kanban, Microsoft Teams, Zoom, Asana, Slack, Evernote, etc. can help you stay organized and productive.

Essential Management Tools for Entrepreneurs

Tools like Monday.com, FreshBooks, and other similar management platforms can be valuable for running your business. As a startup, try to minimize costs by exploring freemiums or cheaper options instead of full-scale platforms that can drain your budget.