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.