“Business is hard, business is hard,” but the fact remains that many people establish successful businesses every year. Not because they have two heads, but because they have implemented the right resources.
No matter how saturated your market niche is, never doubt that you will always get customers for your business. It all depends on what you do and how you do it. So, what are the five significant resources you need to successfully build your business from the ground up?
These resources can be classified into five major categories: financial, human, physical, educational, and emotional. Let’s look at each of these and their roles in your business.
You need money to start a business, and this cannot be overemphasized. It would help if you put a lot in place to start your business, and each of these things requires funding. Even the most basic home business still requires you to take something out of your pockets. Many motivational speakers have said money isn’t the most crucial tool for your business; it’s your passion and drive. True, but you still need money to bring that passion to life, so we’re right back where we started – funding.
Funds can come from different sources, your personal accounts being the easiest of them. You can also get money from friends, family, and alternatively, loans from financial institutions.
The success of any business or organization relies heavily on the employees’ strength, talent, and expertise. Therefore, your goal should be to hire experienced professionals with track records of excellence in their area of expertise. It will guarantee the execution of the business’s mission and objectives efficiently and competently.
You can find these people by reaching out to staffing agencies and executive search firms. In addition, you can also find employees through referrals from people whose judgement you trust.
Every business needs the right physical resources to survive. It requires a proper workspace, working communication and information systems, and effective marketing materials. This aspect remains one of the costliest in setting up a business, so be sure you know what you need before making any purchases.
As a business owner, you need to gain as much education as possible, and we aren’t talking about a Bachelor’s or Master’s Degree. You need to understand your competition and gain an in-depth knowledge of your industry – this will make you better prepared to make smarter decisions for your business.
You can gain this knowledge through professional trade associations focused on your industry.
The final and by no means the least resource you need is the emotional one. I admit that setting up a business can sometimes be a daunting task. You need people around you who will provide support, keep you motivated and grounded, and inspire you whenever you need it. They could be your friends and family or a mentor or professional group. Just find a community and stay there.
All in all, let God be your number one resource! Make him your business partner, and you can never go wrong with that kind of partnership.
Writer: Precious Ajala