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What are some key investments to make when first starting a business?


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Simeon’s Answer

Make sure that you are using a sufficient budgeting/bookkeeping tool that will give you an accurate idea of the current financial health of the business. It helps with making even the most basic decisions. There are advanced softwares that help with making a business plan, but they can be pricey depending on which one you get. Marketing is important, but research should be done on what type of marketing and to what audience. If affordable, paying a consultant to help identify the best medium would be helpful. However, online advertising is generally safe because most websites will give you statistics about how well the advertising is going for bringing in customers.

Thank you! Azaria W.

It depends on what business you are doing. For example, if it is a consulting company asking people to use an apps. for selling products, you need marketing cost. You also need space for your office (assume you are not working from home after pandemic). you may or may not need a software to keep track of financial statements, payment, and billing. you also need laptop or computer. You can also buy a car as a company expense, etc. In addition, you also need advertisement cost. You also will pay for salary and wages for yourself and other staff. There may be additional cost for other misc. items that you would like to have some petty cash for. Sam Wong

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Bob’s Answer

FIrst, invest your time and resources to succinctly understand the problem and/or need you intend to solve with your product or service. Then, determine whether this is a local, regional, state, national or global problem. Follow, to consider how many customers have this need-while considering why your solution is so much better than any other that your prospective customers have available to purchase. Can you protect your solution via patents, trade secrets, copyrights, et cetera. Also, how is your business going to make a profit? Where do you fit in the suppy chain for this industry? Then, identify your first customer. That customer might be the customer base of your current employer. Your employer may wish to no longer provide the service or product array and offer you the opportunity to take over that part of the business. Or you may, on the side, provide consulting services to customers that you wish to supply product and services to as you begin to build your business (perhaps part time). And/or a group of employees, in the same company, may get together and start a business that is adjunct to the current business your employer is in. The most important priority is to focus. Focus upon exceeding the expectations of customers you need to move your business forward-focus upon the excellence of your product or service-focus upon your profit/business model. As others have said find a mentor or team of advisors to help you to build the business step by step.

Bob recommends the following next steps:

Put together a funding plan-what do you know and what do you need to discover about the problems you are solving
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Speak with entrepreneurs about how they started their business. What worked, what did not work, how to prioritize.
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Network before you decide to start a business. Learn who you would want to be part of your business. What would they uniquely offer?
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Alisha’s Answer

#1 Hire a mentor- find a mentor you can connect with and has a track record for success in the field you’re looking to open your business.

#2 If you can’t afford a mentor 1 on 1, join a mastermind in your field. Not only will you have a coach but you will also have a community to support you. Not many people get entrepreneurs, so be sure to surround yourself around people that understand what you are going through. The community is also great to bounce ideas off.

#3 Every day work on improving yourself. Read, listen to podcast, audiobooks, videos about business and then take massive action.

#4 Invest in your social media to help grow your business. It’s free and it allows your potential customers to know, like and trust you even before meeting you. If your content provides value, people will purchase from you.

Thank you! Azaria W.

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Bunmi’s Answer

Knowledge acquisition about the business you are venturing is a core investment to make, it prepares you for the task ahead. This could mean working for someone in that field or doing an internship in a related field, it is worth it. By so doing you will be able to learn and ask relevant questions that will make the business stand out.
Again, you may not know everything about the various departments (Human resources, marketing, production Procurement, financial management, taxation) but at least know something about them.
This will ensure your staff do things rightly thereby putting your resources to better use.

Thank you! Azaria W.

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