This year, many upcoming entrepreneurs are ready to join the marketplace with their new products and hopefully experience a year less difficult that the previous one. When developing a new product, it’s imperative to consider what tools small businesses and start-ups need in order to succeed in today’s “new normal.”
There are some fundamental things you need to start a business or bring a product to market, like a business license, tax IDs, trademarks, and distribution networks. Let’s assume that you have acquired these items already. What other tools do new entrepreneurs need to actively grow and succeed?
Core Business Tools for New Entrepreneurs
During the various COVID-19 lockdowns, websites were among the most crucial tools for upcoming businesses. A website offers your business some much-needed visibility, allowing consumers to find your products on the internet and learn more about your business.
A website also provides an avenue for clients to reach or contact your business. If a customer can’t reach you through social media, visiting your website provides them with other ways to connect with you through a contact form, email or phone number. A website is simply a must-have tool for new entrepreneurs.
Strong Domain Name
A domain name is basically your company or business URL. It goes hand in hand with your business or company website. Hundreds of millions of domain names are currently registered with the government. With this many registrations, your domain name should be as specific as or as close to your business name as possible. Many start-ups try to look for an exact match, especially if their business models heavily rely on the internet.
A strong domain name is one that is short, memorable, and easy to type into a browser. A strong domain name should also contain important keywords related to your business, product and location. For instance, if you’re a pizza restaurant based in Miami, Florida, you may consider using “pizza” and “Miami” to improve your domain’s SEO performance.
Employee Collaboration Software
As we continue struggling with the effects of the pandemic, many people are still working remotely and unsure of when they will get back to their normal places of work. Luckily, working from home for the past couple of months has allowed most people to adjust their workflow and learn how to use collaboration software and tools that help boost productivity.
You can share and manage documents with the help of software like Dropbox, Microsoft Teams, and Google Drive. It is worth noting that while some of these software programs are free to use, other may require signing up for paid plans depending on the size of your business.
Comprehensive Business Plan
One of the most important tools for new entrepreneurs who are coming up with new products and services is a business plan. Business plans assess a business from 3 to 5 years into the future. They often include projected profits and losses, sales forecasts and main business model. The main things you should absolutely have in your business plan are:
- Business description and value
- Business structure and strategy
- Target consumers
- Company overview
- Financial plans