Are you thinking of joining the millions of other small business owners in the US and starting your own money-making enterprise? You’re a brave person if you are, however, should you make a success of it you’ll find it extremely rewarding. Starting your own business can be a challenge, but there are certain steps you can make that will make success far easier. Before you jump in at the deep end, read the following 10 tips. Keep them in mind throughout your journey and you’ll find success an easier goal to achieve.
- Set Up Your Business Legally
From the very first day you need to think of your business as a completely separate legal entity even if you’re self-employed. Set up an official business entity, be it an LLC or something else. That way your personal assets are going to be protected should you encounter any legal trouble.
- Keep Business and Personal Finances Separate
Part of setting up your business as a legal entity is going to be keeping your finances separate. Your business is a legal entity in its own right so it’s also going to require its own tax return. If you don’t keep your finances separate things are going to get very complicated.
- Continue with Your Education
Furthering your education is important for your own confidence and peace of mind as well as for the future success of your business. Whatever industry you work in, investing in your own professional development is a worthwhile expense. There are a wealth of courses available, some of which are free. Whether you want to sign up for Michigan Tech’s online electrical engineering degree or simply learn more about managing clients or marketing means no more wasted time and money trying to find things out with the help of Google.
- Invest in the Right Software
There’s a wealth of software and different apps a small business owner can use to their advantage, however, accounting software is worth its weight in gold. Even if you’ve got an accounting background, this type of software is going to save you a vast amount of time. It’s also going to save you the cost of hiring an accountant. For $10 or $20 every month you’ll get something that will soon have paid for itself. No more losing receipts, sending out scrappy invoices or forgetting to pay important bills.
- Concentrate on One Thing at a Time
If you were able to multi-task effectively, there would be no need for this particular tip. Unfortunately, research is now showing that there’s no such thing as a good multi-tasker. Not only is it not possible if you try to multi-task, you’ll actually be less productive. Concentrate on one thing at a time and you’ll be amazed how much more you get done.
- Value Your Employees
You might start out on your own, but it won’t be long before you need to take on some extra help. Think about what you’re looking for in an employee and don’t be tempted to hire the first person that comes along. Once you’ve hired them, spend time training them, helping them to understand your business and allowing them the time to become acclimatized to their role. It doesn’t stop there either. Invest in their continued professional development and make them feel like they’re a valued member of your team.
- Avoid Distractions
If you’re planning to run your business from home, there are going to be an endless number of distractions that impact on your productivity. While you might have been used to regularly checking your social media feed leaving it until the end of your working day means you’ll get so much more done.
Another tip that many small business owners find useful is to save the reading of your emails until later in the day. If you check through your emails first thing in the morning, your brain is busy, and not with some of the other far more important tasks of your day. Before you get a chance to use your brain for those tasks, it’s already worn out and feeling fatigued. Concentrate on your to-do list for the first part of the day, and you’ll still have brain power left to deal with more mundane and less important tasks such as your emails.
- Schedule Regular Reviews
You have to wear lots of different hats as a small business owner, and it can be hard to stay focused on the bigger picture. Forgetting to be the boss is a common problem so make sure you schedule the time for a regular review of how your business is progressing. Think about the goals you’ve set for yourself and decide whether you’ve met them.
- Don’t Forget the Tax Man
Benjamin Franklin once said, “In this world, nothing can be said to be certain, except death and taxes.” Never a truer word has been spoken. What’s even worse is the fact that if you don’t pay them on time, you’ll have to pay a fine. In the US, the IRS require minimum amounts every 3 months. Any good accountant should be able to advise you on the amounts you have to pay.
- Spend Time and Effort on Marketing
How do you plan to attract new customers? Are you hoping that an “open” sign on the door is going to get them flooding in? In today’s world of business, you need to actively market your business, or it’s going to be lost amongst the thousands of others. You have to make yourself seen, show customers that you’re providing a valuable service or selling products your customers can’t do without.
There are a vast range of marketing strategies you can use. Do you need to pay for PPC ads in Google? Is a content marketing strategy a more suitable option? Should you pay for Facebook ads or work on your online presence? Whatever you decide to do, start doing it as soon as possible.
Start out with one or two things from this list and assess the results. Before you know it, you’ll have adopted them all.
