3. Write down the exact language they use. Did they really say, “I want a solution that’s easy, fast, and secure?” No, they did not. WRITE DOWN WHAT THEY ACTUALLY SAY. “I hate how these jeans look on me” is a terrific response. “Every day I wake up, I just dread going to work” is another.
Cash transactions are easiest to deal with on a day-to-day basis, but are often difficult to track over longer periods. Also, dealing with cash makes securing your company’s incoming cash flow more difficult, as it is easier for employees to steal from a cash-based businesses.
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.
Depending on the type of business you’re starting, you’ll need several of the following types of insurance: life, disability, partnership, critical illness, key person, property, contents, business interruption, general liability, product liability, or professional liability. If you’re unsure what you need, an insurance broker can help.
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?
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.
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.
Starting a business is no small feat. But running it is when the real fun begins. This guide walks you through the basics of running a business, covering everything from managing your finances to planning your marketing efforts and hiring employees.
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.
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.
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.
It’s not up to them to approve of your idea or let you know whether starting a business is right for you. Only YOU can do that. This is very different from what we were taught as kids. Starting in kindergarten, we had to raise our hand. “Mrs. Kundle, can I go to the bathroom?” “Yeah, you can go to the bathroom, Timmy.”
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.
We do this all the time. We see a famous CEO and point out how “he took 5 companies public and got a Harvard MBA.” We see a successful children’s book author and point out how “she already knew 4 publishers, so her book got published immediately.”
The good news is that as a small business, there’s a bunch you can write off on your taxes—potentially things like your vehicle, office space, or even equipment. Work with an accountant to determine what you can write off, and make sure you’re keeping any necessary receipts or documentation throughout the year. It could save you a lot of money come tax time.
Employ targeted promotional and marketing campaigns. It is important to get the word out about your company. Make sure the money you set aside for marketing is well-spent by conducting demographic research. This will help you tailor your marketing plan to be as effective as possible.
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.
When you are coming up with business ideas, silence the inner critic that says you can’t teach something unless you are credentialed or the world’s greatest expert on the subject. All you have to be is good enough to help people achieve their goals.
There are many successful businesses that forget that providing great customer service is important. If you provide better service for your customers, they’ll be more inclined to come to you the next time they need something instead of going to your competition.
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.
Starting your own business is one of the most powerful ways to take control of your life and make extra money month after month. You can start with just a few hours a week. And best of all, you get to choose your hours, pick projects you find exciting, and meet interesting people.
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.
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
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.
Capital Expenditures. Also known as capital expenses, these are the one-time costs of buying assets such as inventory, property, vehicles or equipment as well as making upfront payments for security deposits. These start-up assets don’t usually qualify for deduction, but some can be written off through depreciation at tax time.
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.
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.
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.
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.
You require money to start your business, but how much do you really need? Without a clear idea you run the risk of coming up with an unrealistic valuation of your business, which will put off investors and get your loan application rejected. So before you start wondering how you should raise money, you should focus on evaluating your funding requirements. How much do you need to get started? How exactly are you going to use the funds?
Social media is the best way to promote your business on the cheap. Beyond that, it really depends on what your business is. Roadside advertisements are a great way to attract consumers, but not particularly effective if you are a wholesale company. The first step is to identify your clients, and figure out the best way to reach them, for consumers, the best ways are social media, road side adds, TV commercials, and good customer service has been shown to get more word of mouth. For a wholesale or investment business, the best ways to promote vary greatly, so just identify your clientele and think about how other businesses advertise to them. Also, never be afraid to self promote.
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 banking options against one another to secure the largest upfront capital and lowest interest rates. For example, if one bank offers you a $10,000 loan at an interest rate of 4%, you may be able to take that offer to a competing bank to see if they can provide more upfront capital or a lower interest rate.
Get local investors. If the bank loans will not be enough, look into local investors. There may be a local business tycoon or other similarly wealthy person who would have a vested interest in seeing you succeed. Research people in your area who may have the funds and motivation to help you.
It should be as easy as possible for you and your staff to ring up customers. That means you should be accepting credit cards. Why? For starters, statistics show that people are using cash less and less. So sending people to the nearest ATM if they don’t have enough cash on hand is not the best customer experience. Plus, accepting credit cards can help you make more sales and improve your cash flow.
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.
Tell me if this has ever happened to you: You hear about some super successful friend or famous person and you immediately tell yourself that they had some special advantage that let them be successful.
Use a little old fashioned networking. Go to conferences, charity galas, meetings with complementary businesses and anywhere where your customers are likely to be highly concentrated. In other words: get out in public and interact with people. Use your friends connections to meet people who may be able to help you. This kind of interaction is very important for starting a business. You can’t exist in a vacuum after all.
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.)
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.