Product and Service Sourcing
Can you source a product or develop a service that people actually want to buy? Do you have the development skills to iron out all the bugs and streamline the delivery in order to increase returns? This area is not everyone’s strength. This might explain the emergence of business solutions like Telcoinabox that actually white label their product or service for other entrepreneurs to market and sell. Get this first step right and you’ll be on the path to success.
When you’re starting a business solo, keeping organised is probably the most important skill you can have. If you’re not on the ball as the sole staff member, then who is? Being an organised businessperson means remaining on top of all the forms that need to be filled out, booking the appointments, establishing and managing the budget, and finding a location for the project at hand. Manage these responsibilities by keeping folders—hard or digital, whatever’s easiest—and checking off what you’ve done and what is yet to be done. Most people don’t regret disorganisation until midway through, when they realise how easily things can get messy. This is why it’s important to begin planning as soon as possible, no matter how confident you are that you can do everything on the whim.
This doesn’t just apply to the relationship you have with your team. It also applies to your relationship with your customers and your ability to sell products in a way that successfully engages your customers. Presentation is a key component of almost every aspect in life. During a job interview, you’ll present yourself in a way that will get you hired, right? Well, when translated to marketing, there is not much difference. It is important to present your store with your customers in mind, because this in itself is a form of communication. When you’re not verbally convincing them, you are visually convincing them.
Finance can be a bore, but like most bores, it is an essential part of the start-up process. The financial aspects of starting a business include establishing a business plan, first and foremost. You might want to hire an accountant to assist you in certain areas where you have no knowledge (though it’s important to gain enough knowledge to understand what you’re doing and how it will effect your business). There are many ways you can fund a start-up—you can use your own capital, apply for a grant, secure a loan, and so on—but before you decide this, you must decide how much money you’ll actually need. How much is everything going to cost? How many people will you be hiring and what is the minimum wage?
Many of these skills can only be perfected through experience, which is why you must be open to learning as you go along. Essentially, running a business requires you to be an informed leader, somebody your team is comfortable approaching for advice and reassurance, and most importantly, somebody they can trust. Once these skills are put into practice, you will have earned that trust, along with the promise of a secure business.