{"id":10363,"date":"2022-03-25T13:44:51","date_gmt":"2022-03-25T17:44:51","guid":{"rendered":"https:\/\/web.uri.edu\/risbdc\/?p=10363"},"modified":"2022-03-25T13:45:29","modified_gmt":"2022-03-25T17:45:29","slug":"overcoming-technical-barriers-to-starting-a-small-business","status":"publish","type":"post","link":"https:\/\/web.uri.edu\/risbdc\/overcoming-technical-barriers-to-starting-a-small-business\/","title":{"rendered":"Overcoming technical barriers to starting a small business"},"content":{"rendered":"<div class=\"fullwidth\">\n<p>With a long list of tasks queued up to start a business, we know your \u201cto-do\u201d list can feel daunting. Where do you start? How can you be sure that you check off all the necessary steps to set your business up for success? Many small business owners want to jump right in, but you\u2019ll save both time and money in the long run by setting your business up properly.<\/p>\n<p>Once you\u2019re able to <a href=\"https:\/\/web.uri.edu\/risbdc\/overcoming-mental-barriers-to-starting-a-small-business\/\" target=\"_blank\" rel=\"noopener\">overcome the mental barriers to starting a small business<\/a>, you\u2019re ready to move on to the next step and identify the technical aspects of a business you\u2019ll need to manage in order to be successful.<\/p>\n<p>\u201cThe most successful businesses are the ones that are highly organized, understand the overall business health and recognize areas of growth,\u201d reports RISBDC Business Counselor Julie Loffredi. \u201cOne of the best investments I have made as a small business owner is to purchase business insurance, hire an attorney to help file proper paperwork, and use an accountant to help with bookkeeping and human resources matters.\u201d<\/p>\n<p>As both a business counselor and a small business owner herself, Loffredi shares her insight on technical barriers that entrepreneurs need to keep on their radar, and tips for moving through each one.<\/p>\n<h3>Six technical barriers to starting a small business and how to overcome them<\/h3>\n<p>There are six common problems that small business owners might run into. It is worth the time and investment to talk with a small business advisor, like one of our <a href=\"https:\/\/web.uri.edu\/risbdc\/risbdc-staff-bios\/\" target=\"_blank\" rel=\"noopener\">no-cost RISBDC business consultants<\/a>, or an attorney to get a checklist of all the requirements to launch a business in your city or state, that generally fall into one of these categories.<\/p>\n<p><strong>1. Lack of foundation<\/strong><\/p>\n<p>You want to build your business on a solid and structured foundation. You will need to do some research to<\/p>\n<ul>\n<li>Perform a trademark search to ensure your business name is not already in use<\/li>\n<li>Understand any risks<\/li>\n<li>Know how to pay taxes appropriately<\/li>\n<\/ul>\n<p>If you\u2019re ready to start your Rhode Island business, be sure to <a href=\"https:\/\/www.sos.ri.gov\/divisions\/business-services\/ri-business\/\" target=\"_blank\" rel=\"noopener\">register your business with the RI Department of State<\/a>.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>2. Lack of financial literacy<\/strong><\/p>\n<p>Financial literacy is extremely vital for a healthy business. If you can understand your business and cash flow available, you can make better decisions about where to make possible future investments to boost your bottom line. Make sure you know how to calculate your gross vs. net income, as well as your expenses. Check out <a href=\"https:\/\/web.uri.edu\/risbdc\/conquering-financial-literacy-with-financial-qbits\/\" target=\"_blank\" rel=\"noopener\">how to conquer financial literacy with Financial Qbits<\/a>.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>3. Lack of a solid financial plan<\/strong><\/p>\n<p>One essential part to plan out before starting a small business is creating a budget. Without setting a budget, you could be overspending money and start off on the wrong foot.<\/p>\n<p>You\u2019ll also need to make sure you have the funds or financing to cover your budgeted needs. If you&#8217;re not sure where to start with finances, consider a business loan or seek funding from family and friends. You can talk to your local bank about financing options, use <a href=\"https:\/\/web.uri.edu\/risbdc\/crowdfunding-11-elements-of-a-successful-crowdfunding-campaign\/\" target=\"_blank\" rel=\"noopener\">crowdfunding<\/a>, or seek investors.<\/p>\n<p>The SBA has a <a href=\"https:\/\/web.uri.edu\/risbdc\/small-business-loans-and-financing-post\/\" target=\"_blank\" rel=\"noopener\">wide variety of guidance<\/a> on various loan programs, steps to landing a small business loan, financial calculators, and the essentials that lenders look for when considering a loan.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>4. Lack of basic infrastructure <\/strong><\/p>\n<p>These small, basic considerations may seem trivial now, but are necessary in the long run. These include<\/p>\n<ul>\n<li>Domain names for your business<\/li>\n<li><a href=\"https:\/\/web.uri.edu\/risbdc\/neglecting-cybersecurity\/\" target=\"_blank\" rel=\"noopener\">Cybersecurity<\/a> business\u2014and your clients\u2014safe<\/li>\n<li>A system to track and manage sales or leads<\/li>\n<\/ul>\n<p>You don&#8217;t have to splurge on top-of-the-line business software, but it\u2019s crucial to find a system that helps keep you well organized and can grow with your business.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>5. Lack of marketing<\/strong><\/p>\n<p>Building a business takes a lot of work, especially when it comes to building up a brand. Marketing makes it easier to attract new customers, as well as continue to maintain customers. Consider putting together a marketing plan to outline your goals and tactics.<\/p>\n<p>You can start by<\/p>\n<ul>\n<li>Launching a website<\/li>\n<li>Creating social media profiles that utilize organic and paid content<\/li>\n<li>Crafting email marketing campaigns that keep your business top of mind and share important news<\/li>\n<\/ul>\n<p>If you need help, read more about <a href=\"https:\/\/web.uri.edu\/risbdc\/marketing-and-public-relations-post\/\" target=\"_blank\" rel=\"noopener\">ways to start getting your name out there<\/a>.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>6. Lack of leadership<\/strong><\/p>\n<p>While not a technical matter, business owners can always benefit from brushing up on soft skills, including communication, collaboration, training, and delegation. As a business owner, you have to step into your leadership role confident and prepared for any obstacles. We recommend reading books written by business leaders, <a href=\"https:\/\/web.uri.edu\/risbdc\/recorded-webinars-post\/\" target=\"_blank\" rel=\"noopener\">watching free videos and webinars<\/a> from top experts, and reading business blogs and articles for tips.<\/p>\n<h3>Reach out for support<\/h3>\n<p>We know how overwhelming it can be to figure out where you need help and find resources for these barriers to starting a business. You&#8217;re not alone! Helping launch and grow businesses is what we do best. Reach out for a <a href=\"https:\/\/www.risbdc.org\/reg.aspx?mode=counsel&amp;center=14070&amp;subloc=0\" target=\"_blank\" rel=\"noopener\">no-cost counseling appointment<\/a> today to receive free, confidential business advice that can answer your questions and help you clear your biggest obstacles.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>With a long list of tasks queued up to start a business, we know your \u201cto-do\u201d list can feel daunting. Where do you start? How can you be sure that you check off all the necessary steps to set your business up for success? Many small business owners want to jump right in, but you\u2019ll [&hellip;]<\/p>\n","protected":false},"author":701,"featured_media":10364,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[44],"tags":[],"class_list":["post-10363","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"acf":[],"_links":{"self":[{"href":"https:\/\/web.uri.edu\/risbdc\/wp-json\/wp\/v2\/posts\/10363","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/web.uri.edu\/risbdc\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/web.uri.edu\/risbdc\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/web.uri.edu\/risbdc\/wp-json\/wp\/v2\/users\/701"}],"replies":[{"embeddable":true,"href":"https:\/\/web.uri.edu\/risbdc\/wp-json\/wp\/v2\/comments?post=10363"}],"version-history":[{"count":1,"href":"https:\/\/web.uri.edu\/risbdc\/wp-json\/wp\/v2\/posts\/10363\/revisions"}],"predecessor-version":[{"id":10365,"href":"https:\/\/web.uri.edu\/risbdc\/wp-json\/wp\/v2\/posts\/10363\/revisions\/10365"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/web.uri.edu\/risbdc\/wp-json\/wp\/v2\/media\/10364"}],"wp:attachment":[{"href":"https:\/\/web.uri.edu\/risbdc\/wp-json\/wp\/v2\/media?parent=10363"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/web.uri.edu\/risbdc\/wp-json\/wp\/v2\/categories?post=10363"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/web.uri.edu\/risbdc\/wp-json\/wp\/v2\/tags?post=10363"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}