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New Business Necessities – Where to Start as an Entrepreneur

Estimated reading time: 3 mins

Starting a new business is an exciting yet daunting prospect for any entrepreneur. Whether you are going at it alone or with a partner, you need support to help elevate your business to success. By investing in the right tools and software from the inception of your new business, you provide yourself with the right platform to achieve and exceed your goals.

Accounting Software

Small business accounting software is a wise investment for any young start-up. Managing your daily workload and focusing on landing new clients in difficult when trying to monitor cash flow. Most new businesses will incur significant expenses in the start-up phase. It is therefore essential to be able to efficiently and accurately monitor your expenses — ensuring you don’t go in the red before your business is off the ground!

Accounting software serves as a ‘one-stop shop’ for what would otherwise be a series of confusing and time-consuming tasks and processes including;

  • Generating invoices and quotes;
  • Monitoring stock and inventory;
  • Tracking your cash flow in real time;
  • Generating accurate financial reports with multi-dimensional analytics; and
  • Automating data processing for new clients.

Providing your customers with sophisticated online invoices and the ability to pay with all major payment providers, also delivers credibility to your growing endeavour.

Point-of-Sale (POS) Software

Having a sophisticated POS system is essential for any new business. A POS system allows you to quickly customise your system with your products and prices, and allows you to link the data back to your online accounting and payment systems.

POS software enables you the flexibility to take orders from behind your business counter and online. It also allows you to expedite the payment process with a sleek interface that is simple and easy to use. Receiving payments and maintaining cash flow is the life blood of any new business. Make the process easier by investing in POS software.

Marketing

It’s time to bring new business in the door to get your business off the ground. Most new businesses are starting on a restricted budget, with very little set aside for marketing. Fortunately, there are a few simple ways for a startup business to market their products or services without breaking the budget.

Social Media: Creating your businesses platform on popular social media sites including Twitter, Instagram and Facebook is a good place to start. If your product or service is aimed at millennial, this is a must-do. Social media is an easy way to build brand awareness without breaking the bank. You can choose to organically bring followers to your pages, or spend a little extra cash to utilise sponsored post services.

Website: Last year alone, Australians spent a total of A$28.6 billion on online shopping. As more consumers turning away from stepping into stores, it is essential for your small business to have an online website. Fortunately, there are many free online website builders that allow you to easily create and customise a sophisticated website.

Market Research

Thorough and accurate market research is one of the first tasks that any entrepreneur should perform before opening a new business. Market research can help you determine whether the market is saturated with competitors in your area, whether your target market can be readily accessed and what price points and products you need to consider in order to be competitive in the market.

There are a number of cost-effective tools available that can help any small business owner with thorough market research. Many of these tools are free, such as Keyword Planner, which acts as your eyes by observing the behaviour of consumers when they search for products and services that are similar to your offering.

Every entrepreneur makes an investment in themselves when choosing to pursue a new business venture. It is essential to back this investment with the right tools and products to help your business grow.

 

About the author /


Simon is a creative and passionate business leader dedicated to having fun in the pursuit of high performance and personal development. He is co-founder of Applied Change, a Business Change consultancy based in the UK. Simon is also an Ambassador for Gloucestershire business. Simon is an Associate Member of the Chartered Institute of Professional Development.

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