Establishing and managing a business is no easy feat, and it takes a lot of determination and grit to see it through. Not every start-up company is successful, which is why as an entrepreneur, you need to be prepared to have at least a basic grasp of different skills to be able to get started. It is because, in the early stages of your new business, you might find that you need to take on numerous tasks across the company, from strategizing, to marketing, to customer service, and beyond. While you might not be an expert in any of these four areas, a basic understanding of the following skills and processes will help you with your business venture.
- Bookkeeping
Accounting can be dull, but every business must make sure they submit accurate tax returns each year. This means regularly checking the books and chasing up receipts, invoices, and so forth. You do have the option to hire an accountant to do this for you, but if you want to save on expenses then it’s worth learning about bookkeeping yourself. There is also a variety of accounting software that can make this process easier for you. Whether you do your accounts yourself or hire a professional to do it, it’s always worth familiarizing yourself with the basics in accounting.Â
- Marketing
Marketing is another task that can be outsourced to an agency, or you can hire an in-house marketing team. Both options are great, but again, not ideal for those who are starting a business on a small budget. Using social media, creating a business website, and learning about simple SEO strategies are all fantastic digital marketing tools that start-ups can use, and there are a lot of free online resources available to you to teach yourself about these techniques and platforms.Â
- Recruitment
If you are in a position now to hire employees for your new company, you will need to have some experience in the recruitment process. You will undoubtedly know what it’s like to be a jobseeker, but what about being on the other side of the interview table? Think carefully and thoroughly about how to present your company in job advertisements, and make it clear what you expect from candidates. For example, if you own a restaurant or cafe, make sure you write out a concise, but detailed, restaurant cashier job description. Also, research interview strategies and techniques that you can use as an employer, and consider whether or not candidates need to take further tests to get accepted for the job (for example, a grammar test).
- Networking
If you want to thrive and be successful in business, you must be able to network effectively. Making the right contacts within your industry will help your company become more visible and give it a better opportunity for growth. You want to build a positive reputation both as an individual and as a business, so start to brush up on your social skills if you’re out of practice when it comes to professional networking.
Starting a business can be a wonderful and uplifting experience, but if you’re going to lead your company to success, you must have a versatile skill set. Consider the list above and whether they are points you can work on as an entrepreneur.Â
