Best Practices for Managing Startup Needs

Best Practices for Managing Startup Needs

As a solopreneur, you don’t need to hire a full-time staff, but you may need assistance that can be obtained through freelance and tech-based help. Using technology and independent contractors allows you to improve your business productivity and function without the overhead of hiring full-time employees. Finding the right candidates is the first step in building your virtual workforce. Here are some tips that can help you begin laying the groundwork for success.

Business Startup Basics

Of course, before you start hiring any kind of help, you’ll want to make sure you have all of your primary business functions well in hand. For many, business formation is a critical first step. This will determine your personal liability, how taxes are paid, and how your business is structured. You can do all of this paperwork yourself, but there are affordable services that make business formation simple and fast. The service will file the paperwork with your state and provide you with the documents you need. According to SCORE, writing a business and marketing agenda is a secondary process that will help you identify key business functions and outreach strategies.

If your business needs funding, look for grants being offered for companies in your industry. Your grant application should include as much information as possible detailing how your business will be profitable. If you need to take out a small business loan, take steps to improve your debt-to-income ratio so you’re more likely to be approved.

Identifying Your Needs

Once you have a good idea of how your business will operate, you can identify specific needs to outsource. For example, it could be beneficial to hire a freelance marketing professional to develop an advertising strategy for promoting your company. Likewise, you may find it helpful to hire an accountant or bookkeeper to handle the financial aspects of running your business.

When it comes to IT support, you could need special help, whether that’s an IT person, website developer, graphic designer, or social media manager. You can find qualified candidates through professional contacts or by searching online job boards. You’ll want to ensure you have access to a prospective freelancer’s work portfolio, as well as to references who can vouch for their work product and approach.

Utilizing Technology

According to the U.S. Chamber of Commerce, having a good handle on the appropriate technology and software in your industry can go a long way toward helping improve efficiency and productivity. For example, if you have numerous freelancers working for you, a project management software program can help ensure effectiveness and foster collaboration.

If you opt to handle your own financial and accounting needs, a software program that allows you to generate invoices, submit RFPs, and handle other accounting functions can be incredibly useful, especially when it comes time to file taxes. Having a cyber security system in place can also be well worth the investment, both for protecting your proprietary information and data, as well as protecting the financial information of your clients and customers.

You can also use technology to work with people from different countries. For example, you may discover that your best employees live in places like Brazil, Vietnam, or Australia. Through programs and apps like Slack, Google Docs, and Zoom, you can create a virtual office filled with people from around the world.

Generating and Monitoring Growth

Follow your business plan and your marketing strategy as you launch your business. This will help you stay focused and on track in terms of identifying your market, cultivating a customer base, pricing yourself accordingly, and getting the right supplies and materials from appropriate vendors. Your business plan should identify certain metrics you want to reach, whether that’s income generation or market penetration. Revisit this regularly to ensure you’re staying on par and make adjustments accordingly if you’re falling short in any area. You can always utilize resources through local small business development centers if you run into any roadblocks while getting off the ground.

Starting a small business requires a great deal of time, energy, and commitment. Get organized before your launch and identify outside entities that can help you realize your business vision.

Enhance the chances of product success and reduce product failure by working with David Fradin. Call (408) 892-5025 to schedule an appointment!

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