Starting a business is never easy. The path to success is never straightforward. And yet, new business success continues to be achieved for those able and willing to take the risk.
While it’s always risky to start a business, there are ways to mitigate that risk. It starts with a solid business plan; any business school worth its salt will teach you that on the first day. But there are other critical factors involved.
Let’s take a look at seven top priorities for launching a business in 2023:
Capital
It’s often said, ‘It takes money to make money.’ It’s certainly true when it comes to starting a business. Aspiring business owners need startup capital to turn their ambition into reality. The good news is startup capital can be acquired in a variety of ways, from loans to savings. The bad news is that most people lack access to the majority of these sources. As difficult and unfair as it may seem, consider the quest for capital as the first obstacle you must overcome in order to achieve small business success. If your business plan is sound, then finding the money you need to make it happen may be the hardest part of the process.
Payroll
At a time when remote work is more common than ever, those launching a business are increasingly opting to start with an international workforce. Doing so saves time and money while also expanding your means of securing top talent. With this in mind, those planning on starting a business in 2023 should consider using global payroll services as a way to streamline their payroll process. Doing so makes it easier to hire and pay qualified employees from all across the world. That way, your business isn’t limited to the talent found in a limited area.
Payments
Business success depends on the steady sale of products and services. The easier you make it for potential customers to make a purchase, the more sales your business makes over time. As a result, it’s essential for those launching a business in 2023 to have a comprehensive payment system in place. From payment gateways to payment processors, you’ll want to have all options available to your customers. From Apple Pay to Stripe, the more choices, the better.
Bookkeeping
A thriving business typically means lots of money changing hands. Failure to keep accurate documentation of all transactions can be disastrous, especially for a startup trying to get off the ground. Tax authorities can – and will – target your company the moment they detect any mistakes or potential malfeasance. With this in mind, it’s critical for new businesses to take bookkeeping seriously. Whether that means hiring a dedicated accountant or using reliable bookkeeping software depends on the business as well as who’s running it, but it’s essential that you do what it takes to ensure clean and crisp business books at all times.
Insurance
All businesses need insurance. For instance, the United States requires every business with employees to have disability insurance, workers’ compensation, and unemployment insurance. There are additional policies that may suit a company depending on what sort of business they do, as well as other factors.
Marketing
Getting people interested in a recently launched business is difficult. It starts with making them aware of your existence. This is where marketing comes into play. An initial investment in marketing will help your company get off the ground more than wishes and word-of-mouth advertising.
Legal Matters
You don’t need a law degree to run a small business, but you do need to be mindful of all laws and regulations that either directly or potentially affect your business In the US, it’s also essential to understand and comply with the US CTA (Corporate Transparency Act), which mandates certain disclosures for various business entities. As a result, most small business owners come to rely on the expertise and insights of a business lawyer when it comes to things like contracts and liability.
Starting a small business is difficult, let alone turning it into a success. It ultimately comes down to three things: an inspiring idea, a promising plan, and the practical utilization of top business priorities. While it won’t guarantee success, it will increase the odds of it happening.
Julie Steinbeck is a freelance writer from Florida. She enjoys writing about business, finance, health, and travel.
