Are you looking to start a business? Admittedly, this can be a daunting task, but also an exciting adventure. Each year, about 600,000 new businesses are started each year in the United States. Unfortunately, only 69 percent survive the first two years while only 31 percent survive within seven years. With these odds against you, being passionate about what you do is not enough. Learning the ins and outs of your business is necessary. So where do you get started in your business? Here are 10 critical components that you need to consider.
According to a recent blog post written by business VoIP provider Nextiva, you know what they say about real estate: location, location, location and that is certainly true even of your business. The location of your enterprise can make or break your business. Even with many businesses relying on the Internet for revenue, your ideal retail store has constant foot traffic. A convenient location makes for a perfect office.
Your business needs a road map. This is important to help you determine the direction of your business, future goals, execution plans and financial statements. Without a business plan, your business would lack direction and make it difficult to achieve its future goals. Registering your business with the government is equally important. This will include filing for a tax or federal ID number, obtaining the necessary licenses to operate the business, and purchasing a domain name for your business. If you will be hiring, you will need to train in a manner that best represents the business. Ensure that you select hard-working and skilled employees since they are the most important asset and the key to growing your business.
Remember when we said that only 69 percent of businesses survive the first two years? There are many reasons why businesses fail and taking precautions is always advisable. Purchasing insurance is one way to ensure that you still have a roof over your head when a disaster that would put you out of business strikes. If your business will be involved in any future risks, protect yourself, employees and products from these risks by purchasing the appropriate insurance for different areas.
You will also likely need to purchase equipment for your business. Do constant maintenance of your equipment to ensure that it serves you over time. Your website is an important part of your business and ensuring that you have a stable Internet connection will remain important. An Internet connection will help you expose your business to potential customers online. If you run an e-commerce website, ensure that credit card and personal information is secure by use of scanning and website security tools like SiteLock.
A scalable and reliable phone system is another crucial element for your business. Choose a phone provider that affords you mobility and other features to ensure that you are always available for your customers. Equally important are computer systems to help you manage inventory, customer data and other details. Ensure that your systems are fast and reliable since they will likely be the core to managing all your company information.
Lastly, having a good marketing strategy will help increase your revenue and build positive public relations. Some marketing routes you can take include social networking, e-mail marketing, SEO and advertisements among many other ways.
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Edited by Jamie Epstein