Updated: Dec 6, 2020
Aside from the actual money you must have on hand prior opening your own business, you may have to consider the following nonfinancial resources necessary to keep you business going.
Affordable, but easily seen and accessible, office space or store
No matter how good your products or services are, if your store or office is not clearly visible to your target consumers, chances are it'll be hard to get a good start. Since you're only starting and may have limited capital to work on, it is practical to look for an affordable but visible office or store.
Keep in mind that a place with good traffic is one of the cornerstones of a growing a business.
A separate manufacturing or service area
If you're into the manufacturing business, it's a good idea to have a separate manufacturing place. The same is true if you're delivering services. Separate your office where you can meet investors, hold a meeting, or even handle customer concerns from your manufacturing or service space where it can be messy and noisy.
Contract manufacturers or service providers
If you're a startup entrepreneur who'd distribute products or services of bigger companies or manufacturers, you may consider having a contract with them. Depending on your feasibility study on how much products (or extent of services) you'd want to sell to your customers, you have to make sure you have a sure source when the demand calls for it.
Advertising products and services then not being able to deliver them due to poor logistics is a bad management practice.
Related Post: 10 Common Traits of Successful Entrepreneurs
Engaged management employees
Unless you plan to be a one-man business (initially), hiring employees who have past management experience is essential. Past experiences allows an employee to apply learnt lessons in managing people and other resources. Having more exposure to what works and what does not work, he/she may also be more creative, innovative, and a good problem solver.
Essential equipment for daily business operation
Essential equipment you need to have in your office or store may include telephone, computer, printer, fax machine, delivery vehicles, and other office supplies or machines needed to keep your business running on a daily basis.
Local or national government support
You may also have to initially complete all local or government requirements deemed necessary prior launching your business. Some businesses require special trainings or education as determined by the government for the safety of the consumers. Make sure to adhere to each one of those to avoid any legal pressure that may occur in the future.
For more business ideas subscribe to Thousand Business-- Where Minds Meet Success, and get updated with our latest articles. To financial freedom, cheers!