Having a brilliant business idea or product is only part of the entrepreneurial puzzle. Running a successful enterprise takes a number of different ‘pieces’ to make it a success- but don’t worry, we’ve pulled together a checklist of the 5 essential resources for a successful business.
Have a look and see which ones you already have in place and which ones you need to work on-
Financial- they say money is the lifeblood of any operation and they’re probably right. It doesn’t matter how good your product is, 9 times out of 10 sadly without the cash to manufacture, promote or distribute it, it sadly won’t work.
With this in mind, FINANCE comes in tops when you’re considering resources for your business. Finance doesn’t just mean money, keep that in mind it can relate to all sort of things such as:
- Cash- the money you have on hand or access to.
- Grants/loans- available funds to support your enterprise
- Insurance- depending on your industry this could be a must!
- Accountant- how good and or comfortable with managing your financial accounts?
- Distribution- You’ll need money to get your goods out there to the public. How will you find this?
Physical resources- This is the stuff to help you make your stuff! Even if you are your product (hairdresser, artist, musician etc…) there are still associated costs and expenses to keep in mind and allow for-
- Raw materials- this depends on your industry but could be things like flour if you’re a baker or paper if you’re an artist.
- Equipment- What do you need to help you make your product? Go step by step through the process making a note of each and every thing.
- Workspace- What type of space do you need to produce or sell from? Can you work or produce from home? Are you selling on-line or in person? Maybe you need a space like Thrive or Glow where you can have a space to work as well as the ability to network with other like minded individuals.
- Utilities- Bills bills bills- working from home can increase your utilities. If you’re working in a co-working space these are often included but you need to check as these can really add up and need to be accounted for in your bottom line.
- Distributors- are you selling or are you wholesaling
Human- This is you! You- and your employees and customers are definitely resources- they are not only what makes it all happen, they’re also the reason why it happens!
- Employees- if you have employees you’ll need to have a clear understanding of your responsibilities with respect to PAYE
- Customer- those wonderful people who support you and your success!
- CRM-Customer Relationship Management. This is a process where you use data or feedback to understand and manage all of your relationships with customers and potential customers.
Intellectual- so these are things that you can’t touch but are there to protect you and your valuable business ideas.
- Trademarks- these are badges of origin and distinguish your goods or services from other traders. Typical examples of things that you might want to trademark are slogans or logos.
- Patents-these are granted by the government for inventions. A patent gives the inventor the right to stop others for a limited time from making, using or selling the invention without their permission.
- Copyright- this is a type of intellectual property that protects original works of authorship as soon as an author fixes the work in a tangible form of expression.
- Partnerships- is this your business alone or are you working with someone? Partnerships can take several forms and it’s best to take legal advice from the outset to be clear on the individual roles and responsibilities.
- Branding- this is the process of creating a distinct identity for your business.
If this has all seemed overwhelming don’t worry. Starting a business is complex and you’d be forgiven for not knowing everything- that’s why we’re here.
We have the skills and resources to help you to build a resilient and successful business. Get in touch with us to see what we can offer you whether it’s through one of our work spaces, workshops, courses or mentoring. We’re always here for you!