They say that about 90% of startups fail, and this cynical view of the startup ecosystem has been long prevalent.
Failure of businesses that are just taking off primarily happens due to unsustainable processes and improper cash flow management. You need the right support and aid to manage your business processes effectively. As a new business, your primary focus would be on building your products and services and selling them, and many other support functions might get ignored.
However, some of these functions are important for your business to run smoothly and profitably, and even for scaling up your business the right way. Here are some of the services that you should sign up for when you are just starting out:
1. Human Resource Services
For a budding business, building the right team can make all the difference. Not only do companies rely heavily on human resources, but also the various services that fall under the specific area of business.
Human resource services serve as the entry point for bringing team members into the company and also play a crucial role in managing them. A wide array of activities fall under this category including recruitment, payroll management, and keeping an attendance check.
Any new company will need to consider these areas when launching, as the human resources of your organization can make or break your business. There are multiple ways to leverage such services — you can leverage online software or hire an agency/personnel.
Some of the most preferred online HR software for new businesses include — Insperity, Paychex, and Zenefits.
2. Legal Services
From the moment you decide to launch your business, you will realize that there are a lot of legal considerations and aspects that you would need to handle. You would not only need to understand the legal requirements associated with registration and initial setup of your business, but also the ones that would apply to your business functions and processes.
To get these things right, you would need to hire the services of an experienced legal firm that can guide you from the get-go. When it comes to business, even minor legal violations can incur hefty fines and in some cases even complications that might disrupt your business activities and/or reputation.
Some of the other legal considerations that you may need to keep in mind while starting a business are the creation of licenses and permits, surety bonds, and in some cases, even zoning permits.
If you are looking for the right online legal service to choose for your business, consider comparing LegalZoom vs Rocket Lawyer, as both services offer great features and benefits for budding organizations.
3. Accounting Services
Another type of service that you may need to have when you are launching a new business is accounting services. The process of accounting can get quite complicated, especially for a new business that is just setting up.
Whether it is for understanding your tax liabilities and registrations, or for understanding the exemptions that you are entitled to, accounting professionals will be an asset when you are starting a business. Moreover, there is a lot of paperwork and a defined set of procedures for filing your taxes, and managing your accounts.
Tasks such as cash flow projections, managing your expenses vs. income, and planning the purchase of assets become easy and quick, by having a trusted accountant by your side. Similar to legal services, you can choose to outsource these processes to an accounting firm, or hire an accountant to deal with them.
You can also consider online software such as Wave, about 90% of startups fails, and Kashoo for managing your accounting processes seamlessly. Out of these options, Wave even offers free plans for managing most of your basic accounting tasks right off the bat.
4. Digital Marketing
Every new-age startup competes with hundreds of competitors from day one, if not more. While the actual market might be quite tricky to navigate, the digital space is unbiased and more result-oriented. To conquer this space and launch your business the right way you need a solid digital marketing strategy right from the start.
Digital marketing services usually include SEO services, content marketing, social media marketing, and digital PR to do your branding the right way. While building the reputation of your new brand is no easy task, a robust digital marketing strategy can attract customers, provide them the necessary information to find you credible, and help create a lasting online reputation and presence.
With so many benefits to offer, digital marketing is a must-have process in any new startup or business. While you always have the option of appointing a digital marketing manager for your organization, you can also outsource your digital marketing to an experienced agency or do it yourself through online tools.
You can compare HubSpot Marketing Hub vs SEMrush — two of the most preferred and reputed tools for digital marketing to see which one meets your needs more effectively.
5. IT Services
When you are sorting out the basics for your business, do not skip IT services. After all, whether you are starting with a small team or big, you are going to need enterprise-grade hardware and software to work on.
Having IT support predefined for your company can save you the hassle of having to place orders for new systems as you scale up, managing the purchase and installation of essential software and data management. But IT services can offer you so much more. Based on the nature of your business, you may need privacy and security installations, cloud servers, and a wide range of hardware that such services can handle for you.
With such services, you can essentially focus on the core aspects of your business and processes, instead of concerning yourself with the day-to-day management of your IT infrastructure.
When you are starting from the ground up with a tight budget, and limited need of IT resources, it is better to find local service providers and partner with them for immediate solutions.
Starting a new business is never an easy road to take, and with it comes a lot of responsibilities and services to be handled.
If you are a budding entrepreneur and are still getting the hang of what goes into managing a business, having the right support for some of the support functions can be a boon. By outsourcing some of these tasks to firms and agencies that are actually good at it, you can save a lot of time and get everything done the right way from the very beginning.