Starting a business can be an exciting time for you and anyone else invested in making your idea or startup come to life. While the concept of starting a business is nothing new, it can be quite a challenging process for anyone starting out for the first time.
The good news is that there are plenty of resources available on the internet to help get through the startup process. And one of the best ways to get information is to simply learn from others who have already gone through the process.
That is exactly what we are going to be looking at today. When starting any type of business, there are always going to be challenges and obstacles around every corner. At the same time, if you want to find success with your business, you need to actually treat it like a business. This is a common obstacle in itself for many online businesses, as they focus solely on content, and expect that to be enough to create a viable business.
If you are currently in the process of starting a business or struggling to find success in an existing one, read each of the following business and finance tips. Not only does the advice come from entrepreneurs who run their businesses in different areas throughout the world, but these people also have their own expertise and skill set for their individual markets and target audience.
Read through each of the expert tips to better prepare yourself and your business for the many decisions and challenges that may come in a startup.
1. Understand your best options for financing your startup or idea
When starting any type of business, you are going to need some investment money to get it off the ground. How you acquire this money is going to play a major role in the overall growth and success of your business. Consider different options, such as getting a loan from the bank, borrowing money from friends or family, self funding, or even running a crowdfunding campaign.
Expert tip: “Always raise more finance than you initially consider being sufficient, when running a business there’s always hidden costs you can’t account for & see coming.”—Codie Vincent, founder, Finance District
RELATED: How to Create a Great Investor Pitch Deck for Startups Seeking Financing
2. Adapt to changes in the industry and how customers want to pay
Thanks to the power of the internet, it’s not only easier to connect with customers throughout the world, it’s also easier to accept payment from them as well. PayPal completely changed the way payments were made online years ago, and now blockchain and cryptocurrency are starting to do the same. While we are only in the beginning phases of these two components, the businesses that are first to adapt to these models are sure to benefit the most.
Expert tip: “Blockchain is quickly changing the way online payments and information between parties is being processed on the internet today. Even though it’s only in its infancy, the benefits and opportunity here are much too large to ignore. For our business, we’ve not only been able to adapt both blockchain and crypto into our renting platform, we’ve also been able to use the technology to facilitate ‘smart contracts,’ which allows us to keep all party transactions and data private and secure. We’ve only scratched the surface of what’s possible with blockchain and crypto, and are looking forward to seeing more businesses do the same.”—Alex Lubinsky, CEO, RentBerry
3. Your business is global—don’t think it’s country based
No matter where your business is located, it’s likely doing business around the world. This is especially true when you have an online business. It doesn’t matter what state or country you are currently based; it’s important that you can accept payment and orders from customers throughout the world.
Expert tip: “When it comes to starting a business in the world today, it’s important to think about your business from a global scale—no matter what type of service you offer or how niche you think it might be. Through the use of online payment systems like Stripe and PayPal, it’s extremely easy to accept payment and bring in new customers from anywhere.”—Srish Agrawal, founder, Logo Design Team
Other Articles From AllBusiness.com:
- 25 Frequently Asked Questions on Starting a Business
- 50 Questions Angel Investors Will Ask Entrepreneurs
- How to Create A Great Investor Pitch Deck for Startups Seeking Financing
- 17 Key Lessons for Entrepreneurs Starting A Business
4. Plan for the future
While a good majority of your time and focus is going to be on growing your brand and business, you should also be thinking about your personal finances. Even if your business is generating millions of dollars per year, it’s still important to make sure you are getting paid and putting money away for retirement and your 401(k).
Expert tip: “Keep in mind that investing doesn’t have to be complicated. The financial services industry has traditionally overcomplicated the subject. It’s really simple, though: spend less than you earn, and save the difference. Automate your savings effort where possible, as you’ll be more likely to stick to it.”—Philip Taylor “PT,” founder, FinCon
5. Making the transition from offline to online marketing
While many of us are actively thinking about how to use the internet to grow and build our existing online businesses, there are still many offline businesses that have yet to make the transition. For those who are still in this transition process, it’s important to understand the many different ways advertising and investing dollars can be spent differently, and in new innovative ways.
Expert tip: “Having made the move from a completely offline business (construction and home rebuild), to now building a presence online, it’s been quite a process. What we have learned over time is that money being spent on content creation, branding, and letting our offline customers know where to find us online, is money well spent. At the same time, through the use of geographic and demographic targets, it has allowed us to get more precise with our online marketing and know that we are always hitting the right audience.”—Greg Abry, president, AbryBros.com
Put these actionable tips to work to get your business on the right path
Now that you’ve had the opportunity to learn from industry experts and business founders, it’s time to put their recommendations to work in your own business.
Always remember, it’s easy to get started with a business of your own, but only a few business owners will actually find success in the long run. Continue to learn from other industry experts and entrepreneurs to help keep you in the right mindset while you’re building a business of your own.
RELATED: The 12 Worst Pieces of Entrepreneurship Advice Anyone Ever Gave Me
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