A lot of people have dreams of starting a small business. It might be a passion project that you want to grow and make into a full-time job, or just a good business idea you’re hoping to develop. No matter what your origin story, there are some things that every small business needs to keep their doors open for the first year. So to make sure your company gets off the ground and stays afloat, here are some essentials that should be the first on your list:
Mission Statement
You might think that a mission statement is just a buzzword made up by big corporations, but it is actually the heart and soul of your company. Whenever you’re not sure what the right move is – and there will be plenty of moments like that in the beginning – one look at your mission statement will be enough to set you on the right course. Make it short and simple, but have it contain your values and goals, something that will always inspire you and all of your employees to reach further and push harder because it’s something you care about.
Insurance
No matter what your line of business, you’re going to want insurance to cover it. Accidents happen even in the lowest-risk industries, so be insured. Many insurance companies offer different packages for small companies, so look around to find something that might suit you. If you’re not in a niche that might require a specific insurance policy, you’ll be best off getting general liability insurance and covering yourself like that. It’s a policy that will safeguard you from any potential suits and protect you in case of liability.
Good Software
No matter what your business, at some point, you need to get digital, and for that, you’re going to need software. If you’re an IT company, things you might not have considered are communication programs, HR necessities, and payroll automatization. If you’re not that tech-savvy, make sure you don’t miss on data processing software, cloud storage, and other programs necessary for your particular business.
A Good Website
A website is essential for good business. In this digital age, if anyone wants to find information about your business, the first thing they will do is look it up online and try to find a website. If your site is messy, not well designed, and hard to navigate (or worse, if you don’t have one) you’ll end up losing customers who will think that your business is a reflection of your website – as it should be. On top of that, you’ll want your website to rank highly when searched for, so make sure you are working with both a good web designer and an SEO specialist.
A Business Plan
A good plan is essential to success. You’ll want a five-year plan broken up into smaller parts that allow you to track your progress and see if you’re doing well. If you’re just blindly going with the flow, you might miss some crucial data that greatly impacts your results. A business plan will also help you decide when and what to invest in to ensure your company is steadily growing and that you’re not throwing away money.
Good Employees
Your company is only worth as much as the people you hire. No matter what your branch is, you need good people. Someone ready to work and commit themselves to the task, who sees themselves as part of the company, not just someone who works for it. Of course, make sure that your supervisors are people who are good at communication and good at leading the team, not just someone who’s good at their job. On top of all of that, remember that people work because they need to get paid, and you can’t expect people to give their 110% if you’re not paying them fairly, so make sure you have a system that pays people a good wage, on time every month and that everyone is satisfied with the opportunities they are given.
You might think that you can be revolutionary and raise your company from the bottom without some of these things, make a new wave. But these are things that have been tried and tested and any successful business owner will urge you to start with these few things if you want to ensure your company’s survival and growth. From there on, you can tailor things to your liking and make the process your own, but whatever you do, make sure these get to the top of your list, along with, substantial funding and support and perhaps, a good coffee machine – that always helps things run smoother.