To launch a business it’s necessary to have some resources to get started. While the size of your enterprise and its requirements will determine your business needs, there are, however, standard resources that are a must for all kinds of businesses. This includes capital to start, a product or service to offer and increasingly, a digital presence to raise brand awareness.
We’ll cover the main resources a business needs below. If you’re starting your business, make sure that each of these are acquired.
In the early stages business capital is needed to cover the expenses involved in starting a new business. The funds will go towards paying for all the equipment and machinery needed to manufacture your product or provide your services. If you are starting with staff, you will also have to cover salaries.
There are a number of avenues for business owners to access funding. In South Africa most entrepreneurs bootstrap their business and use their savings or salary to pay for the resources they need to start their business.
If you are going to seek external funding, government funding and grants are available, however, you will need to meet the eligibility criteria. You can also approach a traditional bank or alternative lenders that will require that you have operating history, which may be difficult for a new business.
While most new businesses do not need lots of equipment in the beginning, basic office equipment is a required resource. Examples of office basics are laptops, printers and phones, chairs and desks, and a company vehicle. Security equipment is also important for businesses to avoid theft of valuable equipment and stock. This includes alarm systems, security cameras, security gates, and more.
An additional consideration is the tech in your business. You will likely need an e-commerce website, with software to accept and process payments, as well as a POS system. Other tech solutions that can help you to optimise your business includes software for accounting, marketing, and inventory management.
Before starting your business you must decide if you want to sell a product or service. Selecting the right product or service is key to the success of your business. Choosing high-demand, trending products and niches is a good place to start. According to Influencer Marketing Hub, trending products for 2023 include teeth whitening, anti-snoring products, nail extensions, fake lashes, hair extensions and wigs. A business owner must decide if they will make, manufacture, or source your product as you get ready to start a business.
In terms of service-based businesses, with South Africa currently undergoing a recession, some of the most lucrative services to focus on are security, death care services and bulk services.
It’s nearly impossible to run a successful business without having some sort of online presence. To start, you will require a good website. A website acts as your storefront and represents your brand. Additionally, digital tools like social media platforms, email, SEO and Google ads can help you attract new customers, to stand out from the crowd, as well as build credibility.
In summary, the type of resources you need to start your business will depend on a variety of factors. It’s important that business owners consider their budget, industry and key operations before investing in specific resources. Furthermore, keep in mind that as your business grows the resources you need may change.