Photo by Dennis Skley
Founding and operating a startup requires a combination of the right resources and a strategic approach, which of course involves adequate preparation and prudent purchase prioritization. From day one, you’ll have to decide where the company’s money should be put to use, and, needless to say, being endowed with such responsibility can create a lot of pressure on the company’s founders and managers. With that said, let’s take a closer look at the four most essential first day purchases for any motivated startup that is just starting out from scratch:
1. Business Phone Number and/or Website
First and foremost, if the business is to be taken seriously by any investor or prospective client, it will need to immediately establish legitimate contact details by setting up a business phone line and launching an official company website, as well accounts on major social networks like Facebook and Twitter. While a website and social accounts are not as mandatory as a phone number and email address, in today’s day and age it is hard to see a business as professional when it doesn’t even have a tangible web presence.
2. Logos, Slogans, and Other Company Branding Material
Next, once you’ve setup your online headquarters and acquired a business telephone line, you’ll then need to come up with a simple slogan and/or logo for your business, which can then be placed on your website, business cards, and anywhere else your company is represented or advertised. In addition to slogans and logos, it would also be wise to go ahead devise some sales pitches, inquiry response scripts, and any other marketing material that will be needed to persuade prospects. If you need inspiration for a slogan, try using a tagline generator to jumpstart the brainstorming process.
3. Necessary Tools and Equipment
No company can succeed without the crucial operating components that are needed to keep the business running on an ongoing basis. This may include repairing or replacing parts for existing equipment that the founders brought with them into the company, or buying all-new equipment, appliances, and tools altogether. It’s always advisable to look for ways to save money on equipment when starting out, either by renting new equipment or using used equipment instead. For example, if you have some old HP printers laying around, you might want to consider purchasing replacement parts for HP printers before committing to buying brand new printers for the office.
4. Comprehensive Accounting Software
Finally, no business can conduct a high volume of sales or transactions without a robust accounting software to help them keep track of the money spent and revenue generated. While you should eventually hire an accountant to help you optimize your record keeping, budgeting, and tax filing practices, from day one you shouldn’t press go on the business until you have an accurate and comprehensive accounting system in place, whether it be through a popular software like Intuit QuickBooks, a Quickbooks for Mac alternative, or a proprietary solution comprised of custom spread sheet templates.
Perhaps one of the most challenging decisions you’ll have to make on day one of business operations will be in regard to which investments you should make first. After all, you want the start-up to start off on the right foot, yet without going too far into debt with investments that may take a while to recoup, if at all. Thus, make sure you don’t overlook any of the recommendations listed above and you’ll be on the right track from the gate.