Actionable Tips for Entrepreneurs to Support Startup Success

If you’re an entrepreneur or small business owner, you enjoy significant freedom in your professional life. You get to be your own boss. That freedom also brings great responsibility with it, however. Startup founders face unique practical and psychological challenges, from struggling to find reliable staff to dealing with imposter syndrome. One lesson every new business owner must learn is the importance of delegating. Many business-owners initially want to do everything themselves. However, this can lead to burnout.

Kimberly J. Howard, CFP invites you to read on for more actionable tips and tools designed to help entrepreneurs and small business owners succeed.

Create a business plan.

When you first launch your business, you want to have a business plan in place to guide your path forward. This is a comprehensive document that outlines exactly who owns and manages your business as well as how it’s run. It covers everything from market analysis and financial projections to marketing and sales plans. Your Story provides a comprehensive guide to drafting a business plan.

Create a legally recognized business entity.

Take the time to formally establish your company as a legal business entity, like a limited liability company. This provides added legal protection. For example, if someone sues your business, your personal assets will be safe. Incorporate explains additional benefits of an LLC, such as simplified tax and reporting paperwork.

Set up a dedicated business space.

From Amazon to Spanx, many major enterprises started out as home businesses. While there’s nothing wrong with this arrangement, you should designate a distinct space within your house as your workspace. You will be able to focus better when you aren’t distracted by household chores, pets, or kids. As a rule, create a home office that fosters productivity — for instance, by decorating with focus-boosting hues.

Get your finances organized from the beginning.

You want to organize your financial documentation now to streamline bookkeeping and tax filing later. One valuable step towards this end is setting up a business bank account, which allows you to separate your personal and professional funds. You can easily open a business bank account online. There are even banking services available that allow you to integrate your payroll software, allowing for more streamlined payments.

Foster positive business relationships.

Networking is critical to any business’s success. This is how you find new clients, meet potential employees, and get to know future business partners. CallRail has some tips on how small businesses can help each other through networking. Joining your local chamber of commerce is another option. You can find local events geared towards business owners and meet like-minded people who share your entrepreneurial spirit.

Promote yourself and your business.

As an entrepreneur or small business owner, you are the face of your company. You should promote yourself just as much as your business. Establishing yourself as an expert in your field can help attract new clients. Of course, you should actively market your business as well. From SEO practices to websites, digital tools are a great way to do this. If these aren’t your strong suits, consider hiring external professionals to help.

Running your own business can get scary at times. The above tips can help ensure things run smoothly and help you achieve the entrepreneurial success you’ve been dreaming of.

3 Paths to Success for a Female Entrepreneur

Entrepreneur Concept With Young WomanFemale entrepreneurship is on the rise, which is great news if you’re a woman planning on growing a business. Having other women in your network can help you reach your goals more efficiently.

 

That said, it’s still important to create a plan for success when you launch a new venture.  According to Funding Circle, it’s important for all entrepreneurs to obtain funding, including female business owners.  You’re more likely to thrive if you take the time to develop a personal strategy for overcoming obstacles, which includes financial planning.

 

These following points will help. Whether you’re a serial entrepreneur working on your next project, or simply a mom starting a new business for the first time, be sure to keep them in mind.

 

Adopt a Growth Mindset

 

Your mindset can make or break your business. This is important to remember when starting one.

 

After all, odds are good you don’t have all the talents and knowledge, or even the funds  to make your business an overnight success. Your growth may be slow during its initial stages.

This causes some entrepreneurs to abandon their plans. Once they begin to encounter challenges, they assume they’ll never be able to reach the heights of success they once aimed for. 

 

Don’t fall prey to this attitude. It’s much smarter to adopt a growth mindset. Popularized by Dr. Carol Dweck, this involves believing you are capable of learning and developing the skills you may currently lack. It’s been shown that people (and entire businesses) who adapt this mindset are more likely to succeed than those who continue to believe their skills are permanently limited.

 

For instance, maybe you lack marketing prowess. This makes it difficult to find clients when launching a business, so instead of convincing yourself you’ll never be able to do anything about it, take advantage of the available resources (books, online courses, mentors, etc.) to build your marketing skills.

 

Be Proud

 

Society often encourages women to be modest from the time they are just children. While men are allowed to take pride in their accomplishments, women are made to feel that doing so is “wrong” in many cases.

 

This can prevent women from reaching the same degree of professional success as equally (or less) qualified men. Be aware of this problem when growing your business. Don’t let yourself believe there is something wrong with being proud of what you are doing. Running a business is hard work, and  you’ll feel much more comfortable pursuing major goals if you allow yourself to feel good about doing so.

 

Take Responsibility

 

It’s no secret that female entrepreneurs face many challenges their male counterparts don’t face. This isn’t fair, and needs to be addressed.

 

That doesn’t mean those challenges should give you an excuse to not try. By taking full responsibility for the success of your business, you’ll be more inclined to take action, instead of letting roadblocks convince you to give up.

 

Think of yourself as a role model for other female entrepreneurs. What kind of example do you want to set? Do you want to be someone who lets challenges stop them, or do you want to be someone who proves challenges can be overcome?

 

Growing a business as a woman isn’t solely about making money. It’s also about proving female entrepreneurs can contribute just as much to their industries as male business owners. These points will help you remember that.