Want to be your own boss? The idea of starting a business is appealing to a lot of people and can be very rewarding. This information will help you plan for a successful start to your entrepreneurship journey.
Social media is another low-cost way to market your business. At the very least, you should get your Twitter, Facebook, and Instagram accounts up and running, and make sure that you’re posting at least a couple of times a week. You can post things like announcements for events and sales, pictures of the products you’re offering, or even fun things like famous quotes that relate to your business. Be sure to use hashtags and tag appropriate people in your posts, which increases the likelihood of getting more shares and likes. If you’re feeling stuck, Twitter, Facebook, and Instagram all have guides on how to use their platforms to market your business.
What do some entrepreneurs do differently that enables them to achieve almost mythical business success? This month we look at the characteristics that separate successful entrepreneurs from their peers.
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.
Use mistakes and setbacks to implement positive change. Understand that mistakes are going to happen. Use these setbacks as an opportunity to help improve your business. Incorporate your learnings into updates in your instructions and policies going forward.
Offer references. Compile a list of satisfied clients that are willing to serve as references to potential clients. This will give future customers the ability to verify your work and customer service.
Español: dirigir una pequeña empresa, Deutsch: Ein kleines Unternehmen führen, Italiano: Gestire una Piccola Impresa, Français: gérer une petite entreprise, 中文: 经营小本生意, Português: Abrir Um Negócio Próprio, Русский: управлять малым бизнесом, Tiếng Việt: Vận hành Doanh nghiệp Nhỏ, العربية: إدارة مشروعك الصغير, 한국어: 작은 회사를 경영하는 법, Nederlands: Een klein bedrijf runnen
Blanket statement: You need to keep your finances in order. For starters, that means you’ve done the legwork (or worked with a reputable accountant) to understand all your tax obligations, operating costs, and how much money you need to bring in each month and quarter to break even—and become profitable.
Create ideas fitting your budget. Once you know how much money you have, research the costs of different types of marketing and come up with ideas which fit those methods and are effective for the price range. If you have a lot of money to spend on marketing, for example, you can consider shooting a commercial. If you have almost none, you’ll want to think about ways to use social media effectively, which is very effective for requiring little money.
Have a website. The world has moved online. Any business that wants to survive the next ten years is going to have a website. People will use it to contact you, find your location, learn your operating hours, ask you questions, make suggestions, and maybe even buy your products or services. In having a website and services which are available over the internet, you will be able to expand your service area out across your region or even the world.
The last excuse is the MOST important one. So many of us SAY we want to “take risks” and “start a business” for YEARS but never act. Why? We’re afraid of failing. Which really means we we’re afraid at what people will think of us for failing.
The most successful people I know have the most failures. Because they take the most chances. To get in the right mindset, let me tell you about the time we shelved a course we spent hundreds of thousands of dollars on.
Put profitability first and rewards second. Beware of the small business that treats itself to hefty salaries, high-priced consultants, and waterfalls in the lobby. In small business, profitability must come first. To understand profitability, you must first measure your cash flow and understand your key financial ratios.
Inventory management is often dictated by the “shelf-life” of the product you are selling. For example, if you are dealing with perishable items, it is critical to move the oldest products out of your inventory first to maximize the profits of your business.
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:
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.
Always start small, meaning start online, and only produce what you are sure you can sell. You can always make more if demand increases. Start by marketing yourself on social media, and start a virtual store front on a site like Etsy or eBay.
Another best friend as you’re running your business? Data. Being intimately familiar with how your business is going on a day-to-day basis is crucial to making informed decisions about how to run things. In your Square Dashboard, you can check all your sales data (across all your locations) and see which items are selling the best, which can help you plan your inventory. You can also see how many customers were new versus returning that day. This is all information you can access on the go, which means you can keep track of your business from anywhere.
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.
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.
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.
I need funds for state filing and office equipment. I am also a paraplegic so my mobility is very limited but a home-based business would be ideal for me. Does anyone have any specific suggestions for me to raise funds for this. I need about $3500.
As a would-be small-business owner, you might be eligible for an influx of funding from various government grants. Do your homework. Don’t just look for “grants,” by the way, but also awards, rebates, tax credits, industry-specific incentives, or non-repayable loans. You won’t want to overlook any potential source of funding.
With over 400,000,000 active users worldwide, Facebook is a marketing channel like few others. These tips will help you understand how to put the power of Facebook’s user base to work for your business.
Use crowd-funding. If you still can’t drum up enough funding, use websites to raise the money you need to start. These funding sources have several benefits: you will not have to pay interest on the money you get (since it is money which is used to provide actual product or services) and it will help you not only gauge interest in what you have to offer but also help you build a customer base. You’ll start business with hundreds or thousands of customers already lined up and ready to tell other people about what you have to offer.
You’ve decided to run a credit check on a potential client to ensure that you’ll get paid for your services. Once the report arrives what are you really looking at and how can you use the information to make the best decision? This article can help.
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.
If invoicing is a constant hassle (a common gripe among many business owners), get set up with Square Invoices, which lets you easily send and track digital invoices right from your Dashboard. (Which means no more stacks of paper to sift through.)