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.
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.
Delivering what you promise begins with how you tailor your approach to sales. If you or your sales team is offering or promising too much, your customers will be understandably disappointed when they receive or use your product or service, leading to negative reviews and bad word-of-mouth about your business. Remember, good sales tactics should be centered around identifying and understanding your customer’s needs and making them see the realized benefits that your product has, not lying to your customers and clients about the potential of your product.
There are several loan programs aimed at helping first time entrepreneurs set up their business. The Small Business Administration (SBA) operates the loan programs offered by the U.S. government. To qualify for the loan, your business must meet some criteria such as your business must operate in the United States, your business must qualify as a small business according to SBA guidelines, you must operate for profit and you should have a good credit score.
Depending on your industy, there’s plenty to consider in location-scouting beyond curb appeal. Look at zoning by-laws, and be sure to note any conditions that could impede your progress (or consider hiring a municipal lawyer). Conduct a traffic analysis to ensure customers can actually get to you. And be sure to consider nearby competition. Would you want to open an electronics shop next door to an Apple Store?
Pay attention to your customers. After all, you have to see a customer to know one. No matter how busy you are, especially in the early years of your business, be sure to spend at least 25 percent of your time with customers. You can’t make the right business decisions without understanding the customer’s viewpoint.
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.
CIT and Operation HOPE Join Forces to Help Small Businesses Launch + Grow To celebrate Financial Literacy Month, CIT and Operation HOPE are partnering to educate and empower small businesses with tools and tips for success. Hear inspiring stories from a diverse group of small business owners at
Similarly, if you decide to establish social media profiles on Facebook, Twitter, Instagram, Pinterest, etc., make sure you are ready to make the commitment to the relationship. It is not enough to simply create a profile and post a picture every now and then. Your social media profile information needs to be accurate, your posts need to be consistent and you need to participate in the conversations with your audiences. A strong online presence helps encourage customers to do business with you in person.
Want to be sure if your business idea is indeed unique? Run a test and find out. A pilot will give you the confidence you need to take your idea to the next level and mitigate risk. You can start on a small scale by giving away some freebies to a few people in your target audience group to see how they respond.
Think about who is most likely to buy your product and why they would buy it. For example, if you are selling dentures, it makes little sense to include younger people in your marketing considerations.
Celebrate milestones Everyone deserves a win. So when you get one, acknowledge it! Don’t become so busy and focused on results that you forget to stop celebrate when you have achieved those results or reached a milestone along the way. Even a small success deserves recognition. This positive thinking will generate more enthusiasm from you and your employees, inspiring more enthusiasm on the next project and leading to even more successes.
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.
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.
If you are a retail operation, consider using a tablet with an app-based credit card processor like Square or Intuit GoPayment Reader instead of a bulky point-of-sale system at each register. You can synch your transaction data to your accounting software and utilize the tablets for other purposes as well.
As an entrepreneur or small business owner, you are already successful because you have realized your dream and started your business. Congratulations! Now, how do you take your new business and make it great?
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?
Secure a loan or other type of investment. Successful businesses need capital to get off their feet. Be sure that you have arranged and secured enough fiscal backing to cover all of your small business’ operating, production, and marketing costs until your business is in a position to generate and operate on its own profits.
If you are planning to get into a completely new business, it would really help if you got a second opinion from someone who knows the market and the challenges involved. A business idea that looks good on paper may not be that attractive when you actually get into it. An expert’s opinion may help you look at things from a different perspective and gain more knowledge that you may lack.
Some days might seem longer or shorter than others, but with effective and efficient time management, you can maximize those 24 hours to their full potential. Planning is key and will allow you to be productive with the management of your business. Implementing daily habits to improve your efficiency will not only help with the day-to-day tasks, but also with your sustained success looking forward. It’s never too late to make those operation decisions and updates within your business to ensure both current and future success.
To succeed in business today, you need to be flexible and have good planning and organizational skills. Many people start a business thinking that they’ll turn on their computers or open their doors and start making money, only to find that making money in a business is much more difficult than they thought. You can avoid this in your business ventures by taking your time and planning out all the necessary steps you need to achieve success.
Evaluate your competition; if their market share or product offering is too strong and stable, then you will have a very hard time breaking into the market. No one will want to buy an equally priced or more expensive version of a perfectly good product or service which already exists.
All you really need is permission from your parents — and a good attitude. Some cities require a special license to sell items inside the city limits, so ask your parents if your city enforces that rule. Then you’re pretty much set to start your business!
Competition breeds the best results. To be successful, you can’t be afraid to study and learn from your competitors. After all, they may be doing something right that you can implement in your business to make more money.
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.
Is your business idea really unique? What value will it generate? Is it something your target audience really wants? Or is it something you think they’d want? Getting answers to these questions is important to determine whether or not your idea works.
Candidly, if you’re struggling financially, I would not try to start a business first. I would get a good job, get financially stable, THEN try to create one. I have tons of free material around finding your dream job here — just use the free material for now.