People having the right work ethic with a great business plan and unending dedication make great entrepreneurs. Global venture capitalist Dale W Wood once said, “Solely relying on revenue and drive are not sufficient to grow or sustain a business in the long run. The right kind of investment strategy and fairness in dealing with both clients and employees are needed.”
If an entrepreneur implements the proper investment plan—he can quickly build a great financial platform that will enable him to evolve in the time being. It might seem in the beginning that some of the critical investments suggested are just futile and superficial. However, the reality is that they would prove too beneficial to produce significant returns in the long run.
Going by the United States Bureau of Labor and Statistics data and statistics—around 11% of the US citizens are self-employed. The same report says that by the year 2020—almost half of the working people shall become private workers. There are multiple forms of self-employment, such as non-corporate businesses, small startups, consultants, contractors, and freelancers. Whatever name we put on the self-employment type, one thing is sure and familiar for all—they all need financial stability.
It could be quite a daunting task to begin one’s career as a self-employed entrepreneur. But, indeed, as Dale W Wood said once, successful entrepreneurs have some secret recipe that ensures they remain financially viable. Herein, in this article, I shall be presenting the most important investments that an entrepreneur must make—whether he is a veteran or a newbie.
PR Activity Through Social Media
If customers don’t know that you exist, can you build business prospects just by magical thinking? Opportunities don’t knock on your door just out of thin air. An essential component of the business is creating buzz around the business and making the idea more visible. In the current age, the simplest way to do so is through propagating engaging content via social media. Not only can you create awareness about your brand, but you can remain in touch with your potential customers and assess their tastes, requirements, etc., directly.
Also, you need to make sure that your website remains up to date. You can hire a professional digital media marketing agency and invest the necessary money to ensure that the website remains responsive. It should also have ‘sign up’ and ‘click to call’ features that can easily convert your visitors into customers.
After your site becomes ready, make your presence on social media platforms such as Twitter, Facebook, LinkedIn, Pinterest, and YouTube. Through social media, your visibility starts building. Suppose you feel that your brand is more in line with a particular social media platform’s typical user base and then focus on that platform only. You can save time by not engaging on those platforms where your potential customers don’t generally come.
You can utilize social media platforms to boost your business, spread awareness to your potential customers regarding your services or products, and engage them positively to bring your company loyalty. Social media managers might suggest services like—paid campaigns in the form of Facebook or Twitter ads. Thoroughly tailor your advertisement to the tastes of a particular region, language, and demography of people you wish to engage. An additional advantage of social media PR is—people remain connected with your brand, and you can quickly generate repeat business.
Hiring An Accountant
Of course, starting a business is quite a confusing thing. Also, it takes too much time to cut through the cobwebs of legalities, financials, and compliances. If you don’t have much knowledge in finance, or are too engaged with your core business work, or you don’t get time to understand the loopholes and taxation—hiring an accountant could be a good decision. It could prove to be one of the most valuable investments an entrepreneur can make. Indeed, you shall become quite busy with learning new things, branding your services and products, and fulfilling the services that you offer. In such a scenario, letting a subject matter expert of accountancy handle your money is a wise division.
Just remember, if you don’t hire a dedicated accountant for your startup, then you’ll have to take care of expenses, reports, collections, invoicing—all on your own. Additionally, if you mess up with the taxation, it could prove considerable liability later on. Get ahead of the game and hire an accountant.
Utilization Of The Latest Technology
If you don’t take advantage of the latest and emerging technologies, you’ll fall behind your rivals for sure. Small investments in software, hardware, time tracking tools, bookkeeping utilities—can enhance your startup’s productivity manifold. Ensuring that your employees have the right kind of tools, be it—machinery for production, software tools, or high-speed internet—saving time and efforts would occur at every step. If you are a vendor, you can use point-of-sale machines and deploy touch screen payment counters. This way, you can become accessible to a more considerable number of potential customers.
Not only your bottom line will get boosted, but the overall efficiency of production and service providence will increase. You will shorten the time to draft ideas, documents, permissions, and approvals. At its outset, it seems that investments in technology is an endless cycle as things get obsolete very soon. However, the reality is without racing ahead of time; no business can become successful.
Hiring Smart People
If you can attract the best people among the available—your goals shall remain on target, and productivity will be high. The right kind of staff can quickly help you cater to high standards all through your business journey. Everything will be on the higher side—be it moral, collaboration, execution, and creativity. However, the journey doesn’t stop with hiring. You being an entrepreneur, have to be in the driving seat and nurture your team. It is so because even intelligent people can become lethargic if there is a toxic workplace. Maintaining good work ethics and motivating your employees is also essential. Also, make sure that you take sufficient care to implement training programs within your organization. Your employees can become way smarter if you invest money in their professional advancement. The minimum you can do is nurture your employees to provide team-building exercises, periodic evaluations, and one-on-one feedback.
Despite investing yourself entirely into your startup idea, you should not neglect yourself. Remember you are the most important person for yourself. If you shall remain psychologically healthy, things would automatically remain good.