A small business doesn’t need a storefront anymore to succeed in today’s world. However, that doesn’t mean that an online entrepreneur has nothing to learn from the storefront owner’s experience. There are four essential storefront responsibilities to look out for. An online entrepreneur should keep these four basics in mind when running their online business.
Basic Equipment
While the type of equipment keeps changing, the need is still there. Many entrepreneurs start their businesses in their homes using less sophisticated equipment. Their tablet, laptop, or desktop computers were bought for home use and may not keep up with modern website sales, frequent video calls, and other demands. While this can be costly, it is still less expensive than renting a storefront for sales and in-person consultations.
Ideally, you would have a minimum of three smart devices to make sure you always have a fall-back if your main computer breaks down. Furthermore, you need bigger screens to make sure you aren’t missing important information often obscured on smaller screens. If you use social media or maintain a website, you need more than a phone to keep tabs on these essential tools of business today. You may need to invest in a microphone and camera for video calls.
Cash Registers
You don’t have to maintain cash registers or run to the bank for more cash or coins. However, you do have to know where money is going to or coming from. Obviously, you will keep this on the computer rather than an old-fashioned general ledger. It is vital to not only have good software that pertains to your business but to also have a good working knowledge of this software.
Bookkeeping is still an essential skill of any small business owner. This is critical to your short-range cash flow and your long-range planning. More than that, your willingness to keep track of every transaction will make a difference at tax time. This could be monthly, as with payroll and local taxes, or it may be quarterly or yearly as with state and federal taxes.
Product Storage
Without a storeroom like those in the back of a storefront business, home-based entrepreneurs need to have a safe place for their products, displays, and other bulk items. For these, you need to rent a secure self-storage unit. There are many different sizes available, and that means you can save money by getting the right amount of space for your needs. A storage unit gives you a place to maintain your stock and other assets. It makes inventory easier, and a good self storage guarantee offers protection against loss.
This is a smart business move that happens to also be a sensible one for your family and roommates. Renting a storage unit means that your home won’t be as crowded, and family and friends won’t be tripping over your valuable assets. It’s much easier to find an item in your storage unit than it is to search a whole house. That can be like looking for a needle in a haystack.
Vital Utilities
Without a storefront, you don’t have to worry about power, rent, or water bills. However, there are still other utility bills that are essential. Your home business must have a fast, reliable internet connection. This is especially true when your internet is also your long-distance phone source. Many providers sell a business-oriented package that provides better internet. This means faster downloads, faster uploads, easier video chats, and so much more.
This is your front door in so many ways. If your internet is slow, clients or customers won’t find their way in. You won’t be able to get vital work done. This includes the boring, but essential tasks of placing orders and bookkeeping. It also includes more human interactions such as client outreach, customer service, and networking with others.
This extends to your smartphone as well. Usage limits matter less when your use is social. If it is for business, the extra money you spend on a good phone plan is a necessity not a luxury.
