Keep costs low As a startup or small business, you know the importance of spending less to earn more. Big businesses operate on this same philosophy. While big businesses are often able to leverage buying power to reduce expenses, there are many no- or low-cost resources small businesses can take advantage of.
But most importantly, it helps you start to contextualize your ideas by how they will play in the real world. Not how you HOPE they will work out or not by what you’re the most excited about — but by what has the best chance of working.
With over 85,000 Twitter followers and a book that hit the bestseller list as it came off the presses, you will want to hear what Scott Stratten has to say about how small businesses can use social media and unmarketing.
Delegate responsibilities. You can’t do everything yourself, so delegate the various jobs and responsibilities to qualified employees. Small businesses often require employees to take on many tasks and responsibilities that may not fall firmly in their areas of expertise.
Know your business. Stay on top of what’s new or trendy in your business so your small business can stay competitive within the industry. Subscribe to periodicals or online newsletters to stay informed about current events in your small business’ industry. Staying at the cutting edge of your industry will help you draw customers away from competing businesses.
Be realistic with your growth potential. Keep in mind that growing your business requires a growth in investment capital as well. Projecting too much growth in too short a time period can quickly deter potential investors.
Recognize that getting your business off the ground will take time. Most businesses don’t become profitable right away, so plan for that in your personal life too. You will be making sacrifices to be your own boss.
It’s totally normal. Each day my inbox is filled with people telling me why they haven’t started a business yet. And each day I offer solutions so they can adopt the mindsets and systems needed to reach their goals. That’s why we’re going to smash the common roadblocks and show you how to get past it all so you can get right to living a Rich Life.
In addition to a secure payments processor, you can streamline your operations using a variety of software. There are affordable tools to help you manage inventory, employee schedules, payroll, email marketing, and invoicing.
As an entrepreneur, there’s a tendency to want to do everything yourself. But if you’re finding yourself unable to keep up, it’s time to bring in some help. Hiring employees is not something to take lightly. In fact, many great leaders cite smart hiring as the key to their success. And as you grow, it becomes more and more important. With the right people in place, you’re able to scale. With the wrong people, you get stuck in your tracks. To make sure you’re being as strategic as possible when building your team, read our tips on how to hire great employees.
Determine your potential market. Be realistic. How many people will realistically use your business? How much will they pay to use your services? If either number is too small in comparison to how much it will cost you to stay in business, then you should reconsider or change your plans.
Now we come to crunch time — assigning specific dollar amounts to your lists. This process is always going to be a best guess, but be realistic and use past experience, research and advice from other entrepreneurs to guide your cost estimates. Organizations such as SCORE and your local Small Business Development Center or Women’s Business Development Center can provide free and valuable advice about how to calculate your start-up costs.
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Here, it useful to ask questions of your service or product. For example, you may want to ask questions like, does my product/service appeal to younger or older people? Is my product/service affordable for lower-income consumers or is it a high-end purchase? Does my product/service appeal to people in specific environments? You won’t be selling many snow tires in Hawaii or beach towels in Alaska, so be realistic about the appeal of your product.
To store and share files, there are programs like Dropbox or Box.com. To measure your website’s online performance, there’s Google Analytics. To communicate with your customers, there are email service providers like MailChimp. There are even free resources to calculate employee payroll, like Intuit’s Snap Payroll app. Check out additional free business resources [hyperlink: http://www.slideshare.net/FitSmallBusiness/top-25-free-business-software] compiled by FitSmallBusiness.com.
When it comes to taxes, make sure you’re filing everything correctly and on time. The website for Governement of Canada has a section of its website dedicated to a checklist for new small businesses and their fiscal obligations and their implications—it’s a good idea to spend some time there to make sure you’re compliant.
Always be looking for ways to improve your business and to make it stand out from the competition. Recognize that you don’t know everything and be open to new ideas and new approaches to your business. (For related reading, see: How do I determine my company’s competitive advantage?)
Stop worrying about stuff that doesn’t matter. So many people think PASSION is the key to business success. That if you just care enough the rest will take care of itself. First, any successful person that says this doesn’t take into account the PASSIONATE people that failed. Second, passion is just where we need to start. To truly succeed in business we need SYSTEMS. Three, specifically:
Create a records system. From doing taxes to figuring out why you’re mysteriously missing $2,000 to searching through customer records to find out if Mrs. Jones did in fact pay her bill, you’re going to want a good records system to help your business run smoothly and efficiently. Invest in file cabinets, labels and digital records software to keep you organized and on top of things.
Make use of marketing and PR. You will want to reach out to potential customers in ways that make them want to use your business. This is especially important when you are first starting, before you have an established, regular customer base.
From time to time you will need to hire or fire an employee. Make sure you are aware of all state and federal laws that deal with employment equality and anti-discrimination laws in your area as they pertain to the hiring, firing, disciplining and treatment of employees.
There is no formal education required to start your own business. Many successful business owners created their companies when they had little or no formal education. There is still value in formal education and, in addition to business classes, many schools now offer courses on innovation and entrepreneurship.
Talk with your bank. Talk with a bank with whom you already have a positive relationship. Ask about what kind of business start-up loans they offer and how they can benefit your business. By using a bank you already know, the bank will have easy access to your financial records and will be more confident in investing with you.
To run a business smoothly, you need a solid foundation. First and foremost, that means you have a business plan in place that serves as a blueprint for both you and any potential investors you may want to tap for financing. If you don’t have a business plan, it’s time to get cracking. We have a detailed description of how to write a business plan in our guide “How to Start a Business,” but at a high level, the sections to include are an executive summary, a business description, market analysis, competitive analysis, service and product line, operations and management, and financial considerations. With a plan in place, running your business from day to day is a whole lot easier and less scattered.
Who am I? I’m New York Times bestselling author Ramit Sethi, and I’ve created more than 15 products that generate tens of millions of dollars a year. I’ve helped tens of thousands of students build businesses so profitable they can leave their full time job.
Use your resources effectively. It’s important to be confident in those things you do well, and realize there are resources to help with those parts of running a business that are not as comfortable. Invest in the equipment you need to help get your business off to a good start. If you don’t have the equipment in-house, look for business resource centers that can help with services needed to run your business such as packing, shipping, printing, and other business service needs. We often hear about the importance of time management, and learning more about available resources can help us better manage our time.
It can also be useful to include questions in drafts of your business plan. Identifying what you don’t know is as helpful as listing things you are sure about. You do not want to present a business plan with unanswered questions to potential investors, but laying out relevant questions in your initial drafts will help you identify questions that require answering in your final business plan.
Realize that not everyone is cut out to be a small-business owner. Take the time to explore whether you’re compatible with running your own business. Some people are happier (and better off financially) on the other end of a paycheck.
Shubhomita Bose is a Staff Writer for Small Business Trends. She covers key studies and surveys about the small business market, along with general small business news. She draws on 8 years of experience in copywriting, marketing and communications, having worked extensively on creating content for small and medium sized enterprises.
Determine your cost of operation. You will need a solid business plan to present to any investors and the best place to start would be with determining your basic cost of operations. This will outline and help you determine how much money is needed to produce the product or offer the service you intend to offer or produce. It includes production costs, shipping, taxes, worker’s wages, rent for workspace, etc. 
What’s in a name? Quite a lot, actually. Would Google have become the world’s most ubiquitous search engine by its original name, BackRub? When brainstorming, consider what sort of associations your business name evokes. Is it catchy, unique and memorable? Does it cast your company in the right light? You can make sure your name isn’t taken by creating a Nuans report.
Very informative post. Even having a huge capital upfront to start a business does not guarantee the success of that business. So these are great tips to start with nothing and step by step make things happen. Thanks for sharing.
1. Find 1 person — JUST ONE! — who might be interested in your idea. You can do this via email or in person. If you’re not sure, ask ANYONE that’s close to you, even your parents. We’re not aiming for perfection right now, just people.
For small business owners, there are two different categories of time – clock time and real time. Sometimes it feels like there is not enough real time to get things done and effectively manage a business. The truth is for small business owners, time is irrelevant. It’s all about doing what you need to and when you need to in order to meet the needs of the current project, product or customer.
Running your own business is a stressful but good career and life choice. It demands your time and focus. Start by expecting to live your work until it is established, so it can get off the ground. There are many different opinions about how to start a business. Below are some basic ideas and guidelines to get you started.
Lack of funds, however, should not deter you from pursuing your entrepreneurial dreams. You just need to have confidence in your idea and a clear vision about how you are going to execute it. Once you have that covered, getting the funds to support your dream may not be as difficult as it seems.
Assess your own capacity for financial risk. There aren’t any right or wrong answers as to the right amount of capital to put up, but you’ll be well-positioned if you have a clear sense of how much you’re willing to invest, and of how you’ll regroup financially if things don’t go as planned.
To be successful in business you need to be organized. Organization will help you complete tasks and stay on top of things to be done. A good way to do this is to create a to-do list each day. As you complete each item, check it off your list. This will ensure that you’re not forgetting anything and you’re completing all the tasks that are essential to the survival of your business.