Starting a business has never been easier than in the 21st century. You don’t even need business premises anymore before you open your doors to the public. In fact, you don’t even need doors because they can be virtual or metaphorical. What a game changer! However, there are things that you do need before you begin because they’re vital to the cause. If you forget them like a lot of wannabe owners, you will be up a proverbial creek without a paddle. So, before the real or virtual doors open, here are the business features that you mustn’t forget.
Permits & Licences
Online businesses are so in vogue at the moment that it’s hard to think of a more popular way to start a business. After all, there is no need hire staff, rent office space, or be held accountable by your boss. But, there is still a requirement to obtain all the right permits and licenses before you begin trading. Just because you operate online doesn’t mean you’re outside the law. All it means is that you’re going down a different route, yet the route still has similarities to the old one. Always remember that if you’re selling commercial products, you need a business license. Without one, you might get shut down or fined. Even worse, you can end up in jail.
Insurance is a pretty vague term because it encompasses so much. For starters, there is business insurance. Business insurance rates mean that certain people like to give this necessity a miss with the aim of saving money. The truth is that no matter how expensive it is insurance will protect your company. But, it only works if you have a viable policy which acts as a safety net. If you don’t have it in the first place, you’re on your own and in deep trouble. Then, you have to move onto worker’s insurance and health insurance. Oh, and don’t forget about content insurance for the business’ assets. Every piece of coverage will come in handy one day, even if it seems like a waste of money.
Employees & Benefits
How can you forget about your employees? You can’t, but you can forget about the extra costs that they bring. Take training as an example. It is in your interests and the employees’ interests to attend regular sessions. The sessions cost money, which adds to the bottom line, and that means it’s tempting to make poor decisions. However, without the training, the business will stagnate and plateau. In the end, it’s better to budget for the training sessions than it is to avoid them altogether. Also, the workforce has benefits which you are obliged to cover. A pension, for instance, requires you to match the contributions of the worker. Plus, there is overtime, and that always means higher rates.
Sorry to break it to you, but buying goods and products isn’t a piece of cake. According to studies, companies around the world lose billions each year because of shrinkage. It happens for a variety of reasons, from unfulfilled vendor orders to packaging mistakes. Whatever the reasons, this will happen to you at some point in your business life. And, if you don’t factor it into the plan, it might cause chaos. Sure, management systems help track orders and keep everything running smooth. Still, they aren’t infallible, so a backup plan is in order. The only backup plan that lasts the test of time is a bigger budget. If you don’t have the liquidity to begin with, then you might want to rethink your business. Or, you can always ask for a loan from a reputable lender.
Companies don’t think about outsourcers until it is too late. Like most owners with an ego, they believe that they can do everything alone. Then, when a brown substance covers the fan, they turn to external sources for help. What you need to know is that asking for help after six months isn’t going to do much good. You might turn the business around, but the chances are slim. If you look for a partner from the beginning, there is a better chance you won’t become a statistic. Outsourcers are essential resources that will transform the way you do business as long as you choose wisely. Also, you’ll have to pick which tasks to delegate. If you get it right, you might survive the first year and beyond. Most of these outsources are home based freelancers so it also has risks. However, the savings you get are tremendous. To know more home based jobs, visit Powerpinoys.com.
As long as you have a good memory, there is no need to forget anything and put your business in danger.