Organizing weekly, bi-weekly or monthly meetings between you and your staff can help ensure that everyone is on the same page and will help you avoid wasted time or overlap in the various responsibilities of your team members. Meetings can also help you analyze who is and who is not adequately performing the duties assigned to them.
To help you stay on top of your bookkeeping, you can integrate your Square account to a number of tools in our Square App Marketplace (QuickBooks Online and Xero, for example). If you’re shooting in the dark on these things (or tackling finances for the first time), it may be a good idea to take a course on the basics of small business accounting and bookkeeping at a local university or online. If you have the budget, working with a reputable accountant is a great option.
Face it: many of us dream of leaving the 9-to-5 behind and going into business for ourselves. Who wouldn’t like being their own boss? Thing is, if you’re about to go all in on your killer business idea, you’re probably feeling equal parts exhilarated and overwhelmed. How do you get started?
Stay organized. Organization of your time, employees, finances and inventory is one of the keys to successfully run a small business. Develop a spreadsheet that helps you keep track of all the important details so you don’t have to keep them straight in your head, and make time — at least once a week — to review everything.
Develop a passion for learning. As your business changes and grows, you need to change and grow along with it — particularly as you transition to manager. The one common denominator you find in all successful business owners is a passion for learning.
Deliver what you promise. Your small business will need to offer a product or service of some kind to be successful. However, if you want to grow your business by growing your customer base, you have to give people not only what they want, but what you promised them. If your product or service does not match what you advertise consistently, you will have incredible difficulty in growing your customer base.
Take credit cards. Very few people consistently pay for products or services with cash any more. It will be much easier for your business, as well as records keeping and accounting, if you accept credit and debit cards. If you want to save yourself ridiculous fees or keep your business more mobile, consider using the Square. This device plugs into a smartphone or tablet and lets you swipe customer’s card.
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.
But that’s simplistic, and it’s an excuse to stay in your current state and do nothing differently. Instead of thinking of the reason they succeeded, ask what you can do TODAY to get closer to your goal. The fact that a famous entrepreneur went to Harvard has NOTHING to do with you finding your first customer or testing your first idea.
Leaving customer feedback strictly in the hands of your employees is a dangerous managerial tactic. Employees may benefit from presenting you with skewed information about customer satisfaction or product usefulness, which, in turn, will lead you to make bad managerial decisions for the company as a whole. As such, do not simply accept what your employees tell you about your business without seeing evidence of their claims. It is your company and you have put yourself in a position of risk, so be proactive in overseeing business results.
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.
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.
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
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.
The key to being successful is taking calculated risks to help your business grow. A good question to ask is “What’s the downside?” If you can answer this question, then you know what the worst-case scenario is. This knowledge will allow you to take the kinds of calculated risks that can generate tremendous rewards.
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.
Make your bank work for you. Run your small business with financial efficiency by exploring all the options that banks offer small business owners and choosing the right bank for your business’ financial plan. Many financial institutions offer accounts with low fees, loans with discounted rates or free direct deposit programs for small business account holders. Banking with the institution that gives you the best deals will help you stretch every dollar.
Founded in 2003, Small Business Trends is an award-winning online publication for small business owners, entrepreneurs and the people who interact with them. It is one of the most popular independent small business publications on the web.
To avoid any derailing issues, you should also take some time to make sure you’re good to go with all your legal and tax obligations as a small business. It’s a good idea to consult with a reputable lawyer and accountant to ensure you’re not missing anything and are filing everything on time. You’ll also want to make sure that you’ve taken care of all the permits or fees that are required to do business in your province. You don’t want any future surprises that could eat up your budget. Ensuring you have all these things set will save you both minor and major headaches that take you away from running your business.
Project growth. All successful small businesses need to grow their customer base and production capabilities over the first few years of operating. Make sure you have identified how your business can and will respond to growth potential.
Come up with an idea. You will need an idea for a business before you do anything else. You can conduct a market research to have a clear image. This should be something you are passionate about, since your new business will consume a great deal of your time and money.
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.
Now on to accounting reports. At a minimum, there are three key reports you should be keeping. The first is your income statement, which details how much money your business has made or lost over a period of time. It generally has three parts: total revenue, total expenses, and net income. The hope is that revenue is greater than expenses, resulting in a positive net income.
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.
Network as much as possible. Gain the support of other local small businesses by networking with other small business owners. Join small business associations and participate in community events to raise awareness of your business. Participate in community functions so potential clients will be aware of the services you offer.
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.
Before you do any estimating, it’s important to understand how start-up costs are categorized. All start-up costs (meaning costs in the period before you start generating income) include two kinds of spending: expenses and capital expenditures.
Think about why other businesses have failed. Oftentimes, it’s the wrong product, the wrong pricepoint, the wrong market, the wrong team, the wrong marketing, or the wrong entrepreneur, whose skills weren’t up to speed. Now is also the time to take a critical look at your finances. There might not be much money coming in to start. Can you sustain that?
Pay attention to all small-business-related regulatory issues. Federal, state, and local government agencies require an array of licenses, registrations, and permits. Obey them or face stiff penalties, including possible closure of your business.
Require payment. Don’t let people take advantage of you. Require payment within a specific window of time (whatever is appropriate for what you do). Invoice people as soon as you possibly can. If someone is late in a payment, talk to them. If you ignore these problems hoping that they go away, you will find yourself working for free and your business in the tank.
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.
Hi, I am really trying to start my own trucking company doing hot shot services. I know plenty companies that would let me handle their needs but with the cost of living being so high in the city it makes it so difficult to save money to get started with bills and child support. If anyone knows anybody that could help me get a small business loan I would gladly appreciate it.
Advertise in a way that catches customers attention at a minimum and hopefully goes beyond to capture their imagination. Be creative and appeal to the right aspects of the customers you want to use your business.
Choose a business structure that makes sense for your ownership arrangement, such as a partnership, if you’re starting your business with one friend. Consult a lawyer about the best structure for your particular circumstances.
It is helpful to think of promotions and marketing relative to the capacity of your business. Paying to run a commercial on a national network does you little good if your business is only designed to operate at the local level.
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.)