Starting your own business is hard. It can be even harder to keep it afloat once you open the doors.
In fact, according to the Bureau of Labor Statistics, roughly 20 percent of businesses fail within the first year.
Business failures occur for many reasons, but poor preparation often contributes to the success or failure of a new company.
Trying to do everything and be everything also makes small business owners very stressed and more prone to burnout.
Having the right tools and understanding the business side of your company—not just the day-to-day work—is critical for every company that wants to thrive for years to come.
Having the right tools to manage your company will give you a leg up as you get started and help you stay organized in difficult times.
Below are seven tools that your new company might want to consider using as you get your business off the ground.
1. Tailor Brands LLC: Business Formation And Marketing
Tailor Brands has several functions for businesses. First, it includes a logo-maker that uses artificial intelligence.
The AI allows users to create a logo from scratch, even if they are not particularly artsy or have no understanding of effective graphic design.
The logo generator is also connected to other services that business owners might want where they can use their new logo, including social media marketing tools, website design, and some print work.
Business owners can create a wide variety of products with their new logo, from business cards to merchandise like t-shirts and shopping bags.
In addition to its logo-making services, Tailor Brands also offers limited liability company (LLC) creation services.
They can assist companies with creating an LLC based on the unique requirements in their particular state.
Tailor Brands walks companies through the process of creating an LLC while providing insight and guidance along the way.
They even provide a few resources to ensure you are maintaining your LLC properly after it is established as well.
An LLC is one of the most flexible types of business entities. It allows business owners to create their own system for management, distributing income, and addressing costs.
It even allows for the option to be treated as a “pass-through entity” or corporation for tax purposes.
LLCs also provide asset protection for individual owners as well. LLCs offer a lot of advantages for new businesses.
2. Trello: Task Management and Communication
Trello is the ultimate task manager. It helps teams stay organized and increase productivity.
It has unique functions that support internal project management, allowing each team member to stay on task and know exactly where a specific project stands.
Each task can have a separate card, which may include notes, documents, and deadlines. It also offers a comprehensive calendar that can help teams stay on task.
Trello can be a good platform to brainstorm and develop ideas, even when team members are not close together.
It can help with having more effective meetings and increasing visibility and communication.
It also creates workflows and standard projects to keep even the most repetitive projects on task.
Ultimately, Trello can be a great way to communicate and collaborate with team members, no matter where they are located.
3. TurboTax: Managing Finances And Filing Taxes
Managing Books And Records
Keeping up with tax obligations can feel extremely daunting, especially for new company owners who have little knowledge about taxes.
TurboTax not only helps businesses file their taxes, but they also pair with QuickBooks to track invoices, inventory, payments, and a lot more.
Regular tracking can significantly decrease the time it takes to organize files and meet tax requirements.
Tracking the company’s financials will also help you grow and adjust as a business to increase sales or decrease costs to improve the bottom line.
Once you have worked extensively with QuickBooks, TurboTax takes it to the next level.
TurboTax from Intuit takes the data from QuickBooks through a direct transfer when you are ready to file your taxes, making the entire filing process a lot faster and more streamlined.
TurboTax is tailored to those who are not particularly familiar with filing taxes; it walks you through a wide variety of tax questions to determine which credits and deductions might be available to your company.
If you get stuck while filing, you can talk to a tax professional on demand or even have a professional finish your taxes for you.
It has an array of resources and information about tax requirements and benefits available both through its software and on its website.
4. Dropbox: Document Sharing And Organization
Dropbox is an online document storage software. It allows users to save documents in the cloud and access them as long as they have an internet connection.
Users can also share documents very easily. Companies can share entire folders or just specific documents.
Document sharing can be a good way to communicate with clients, but it can also allow employees and independent contractors easy access to the information they need to do their work as well.
Organization And Storage
Because Dropbox is in the cloud, it serves as a good document storage solution if companies want access to their files from anywhere.
Storage options are available even if the documents are very large. It also has multi-factor authentication, which significantly increases security across the board.
5. Canva: DIY Marketing Assets
Canva provides a wide variety of options to create your own marketing designs. These can include presentations, social media, logos, posters, videos, and more.
You can create your own infographics and website art as well. Users can even design book covers and create planners that are completely personalized to meet their marketing needs.
Essentially, Canva allows business owners to create their own professional-looking graphics without having to hire a graphic designer.
They also offer free tutorials and resources so companies can learn about marketing methods and tips.
6. DocuSign: E-Signatures From Anywhere
As a new business owner, you may not realize just how many documents need to be signed until you get started.
Contracts, purchase orders, letters, and more all require signatures, and sometimes they need fast signatures.
Contracts with clients often cannot wait to get a “wet signature” in the mail or when the customer has time to stop in.
Instead, with DocuSign, clients can execute documents right from their computers or smartphones.
You can also have vendors, employees, and independent contractors sign contracts and purchase orders through DocuSign from virtually anywhere as well.
Users simply upload a document, note where a signature is needed, add an email address, and DocuSign does the rest.
DocuSign will provide information and instructions to the end user to make the signature process easy.
In addition, it also sends reminders and finalized documents once everyone has signed. It creates a no-hassle way to get electronic signatures very quickly.
7. Fiverr: Unique Delegation
Task Delegation To Freelancers
As a new start-up, your capital might not be large enough to hire a personal assistant or other employees.
Instead, you might need to get creative about how you get your work done.
As an alternative to doing everything yourself, you might want to consider engaging a freelancer to help with specialized tasks. One of the ways to retain a freelancer is through Fiverr.
Fiverr is a freelancer marketplace. Freelancers post what they are willing to do and how much their services will cost.
You can find a wide variety of services, from blog writing to website design, to video production and voiceovers.
Freelancers will also do data entry and translation services. Other freelancers may be willing to help with customer care, business consulting, and creating business plans.
You can even find legal consultation services and assistance with registering your intellectual property.
If you want a specialized service for your company, hiring a freelancer through Fiverr may be the most cost-effective way to find an experienced professional.
It can take time to find the right person for the job, but the investment may be worth it for the final product you receive.
Getting Your Business Off The Ground With Business And Legal Tools
Your business venture is likely a huge investment for you—even if the dollars you use to get the company off the ground are not substantial, your time and effort are extremely valuable.
You want to choose tools to make your life easier as a business owner. Do not assume you must wear every hat and take on every role yourself.
Instead, utilize technology and the resources available to you to increase the likelihood of success for your company for years to come.