Want to start your own business? You aren’t alone. Two-thirds of Americans dream of becoming entrepreneurs. Although you might be hesitant to pursue your dream right now due to COVID-19 concerns, you shouldn’t let this stop you.
Starting a business is an exciting endeavor. You’re paving the path to becoming your own boss. The road to success isn’t always glamorous, however. Many of the tasks needed to get a startup off the ground are pretty tedious. Luckily, there are resources available to help. Consult the below list of tips, tricks, and tools that can help you take care of the tedious elements of business formation quickly.
Work with a consultant to create a business plan.
A business plan is a crucial part of creating a business. You want to have an idea of what makes your product or service enticing, how you can sell it, what your financial projections could be, whether you’ll need staff, the list goes on. It’s a lot to consider, and sometimes it can be tricky to put all the pieces together yourself. If you need extra guidance, consider working with an experienced consultant who can help create a comprehensive plan for your startup.
Use business formation services to establish your company
According to Vice Magazine, one of the most boring parts of starting a business is figuring out what kind of legal entity to structure it as. Business formation services can help make the setup process easier, offering support for everything from filing your articles of formation to appointing a registered agent. This is a person or company that’s appointed to accept legal mail on your business’s behalf. Some business formation services like ZenBusiness also offer registered agent services.
Rely on more streamlined, non-traditional sources of funding
In the past, your startup funding options were pretty limited. You could go to a traditional private lender like a bank. Alternatively, you could seek support from venture capitalists or angel investors. Today, you have more options. Alternative Funding Partners describes how alternative lending models like factoring — leveraging outstanding invoice balances — have become the norm. Similarly, it’s important to highlight the rise of crowdfunding. Don’t dismiss these less traditional means of getting the startup capital you need.
Consider simpler alternatives to leasing business space
The modern startup world has also become more flexible when it comes to what’s considered an acceptable business space. It used to be that you were expected to lease
commercial property to house your operations. This is no longer expected. Thanks to the success of formerly home-based businesses like Amazon (Jeff Bezos started the mega-retailer in his garage), a home office is considered perfectly normal. Business Know-How lists other office alternatives, like coworking spaces.
Look for technology to organize your operations and finances
Technology can take much of the tedium out of business life. Rely on project management tools and shared calendars to organize your workflow, establishing clear-cut processes from the start. Tools like Asana allow you to track project progress and deadlines.
Prioritize outsourcing over hiring in-house employees
One common mistake entrepreneurs make is refusing to delegate. However, if you try to do it all yourself when starting a business, you’ll become overwhelmed. Mod Girl explains that effective delegation is a must for a successful startup. For example, you can hire a virtual personal assistant via a platform like People Per Hour to help with everything from filing business formation paperwork to drafting a marketing plan. You can also have your assistant organize the advertising needed to promote your business. Outsourcing is simpler than hiring in-house employees, which will require added tax and reporting considerations.
There are many hoops to jump through when starting a business. The above list can help you tackle these tasks easily and efficiently.
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