Tips for New Business Owners – What do you really need?

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What do you need? And maybe more interestingly what don’t you need to get your business started?

Hi, this is Judi Otton with GrowthCast and today I’m wrapping up my series for new business owners. Let’s start with what you don’t need. One of the things I see business owners spending a ton of money on is a big fancy expensive website. Well as soon as you get out there you’re going to learn new things and you’re gonna want to change things. For many businesses, your LinkedIn profile might be a good start. For other businesses, I wouldn’t invest a ton of money here right out of the gate.

Similarly, the next thing that I see sometimes business owners wanting is one of these really fancy CRM Marketing Automation systems that I think would take years to learn how to master and they cost hundreds of dollars a month. Again not something you need right out of the gate. Also lots of paper collateral, I see very few businesses using a lot of paper collateral.

And finally, with your product or service, you don’t need every bell and whistle you’ve ever thought of. Get out there with what’s called a Minimum Viable Product and start to test the waters. As I mentioned you will learn so much as you start to work with clients.

Now, what do you need? We talked in this series about you need separate bank accounts. I don’t want you co-mingling. You need a real professional grown-up accounting system, and you need a support network. Here’s what I would include in your support network – You need an attorney to put together your initial contract. You need an accountant and perhaps a bookkeeper. I don’t recommend business owners do their own bookkeeping. There are more important things for you to focus on. You also need a part-time HR person If you’re going to hire employees. There’s too much risk in that area to go without. And of course a part-time CFO.

And finally, the most important thing that you need and the place that you will learn so much is your first few customers. Go out get a couple of customers earn some money and then you have money to pay for that fancy website and that’s super bells and whistles CRM marketing system. If you’ve enjoyed these videos please subscribe to my Youtube channel (https://www.youtube.com/c/GrowthcastCash) and if you know a new business owner I would love if you would share this playlist (https://www.youtube.com/playlist?list=PLOg1moPYQKRzJR8KAaqWj_LtT8kVD4Zbm) with them.

Thank you. This is Judi Otton with GrowthCast and I’ll be back next week with another Fiscal Fitness Tip of the Week