There are several things you must do when deciding to start a business. I’m going to share with you just a few that I believe are necessary before you make any money.
1) Separate bank account. From day 1 you need to keep your personal money separate from your business money. The money you loan or give to your business must go to that account. Also, be sure debit and credit cards are also separate.
2) Bookkeeping software. No matter what type of business you must have the ability to keep your books. It’s better to start from day one instead of waiting until you have tons of transactions to enter. I recommend Quickbooks because it will do exactly what you need no matter where you are in the process. You also do not need an accounting degree to get going. If you can balance a checkbook or use online banking, then you can learn Quickbooks.
3) List building service. You must have a way to communicate directly to your target audience. Email marketing services (EMS) like Mailchimp allows anyone to opt-in to your list. That means you have direct access to people who say they want to hear from you. EMS providers range from free to hundreds of dollars. I suggest start with Mailchimp, it’s free forever for the basic which is great starting out.
4) Facebook business page. First, this is not a personal page or group page. You need at least a Facebook business page. It’s free and very easy to setup. You need an online presence and this is your best option to get up and running quick. Also, this will give you the ability to run targeted Facebook ads; they’re inexpensive and you pay after you start.
So, why only four must haves. A separate bank account and software like Quickbooks will help you organize and project your finances. Also, you run the risk of frivolous spending if you aren’t keeping proper books. Your bank account will integrate with Quickbooks, thus saving you time. Services like Mailchimp will give you access to buyers who want what you have. Finally, connecting with people on Facebook through ads will help grow your email list and convert to more buyers. Your Facebook ad will allow leads to link to your mailchimp opt-in. Your mailchimp opt-ins will also integrate to Quickbooks.
Now, these are the basic necessities. If funds are low then you should be able to manage these until you generate funds.
If you have already started, then make sure you have these and are using them.
Let me know in the comments if you have any questions or need help.
