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.
Use free resources. Your local library contains numerous useful references regarding incorporation, writing business plans, marketing, as well as information specific to your industry. The Small Business Association, Chambers of Commerce, AMEX Small Business website, associations for your industry, associations by ethnicity…all of these offer training, materials, networking and sometimes financing. Another good option is SCORE, a group of retired executives who provide business start-up advice.
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.
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.
Italiano: Aprire un’Attività, Español: abrir un negocio, Português: Começar seu Próprio Negócio, Deutsch: Ein eigenes Unternehmen starten, Русский: открыть свое дело, 中文: 创业, Français: créer votre propre entreprise, Čeština: Jak založit svoji vlastní společnost, Bahasa Indonesia: Memulai Usaha Sendiri, 한국어: 자기 사업 시작하는 방법, العربية: البدء في عملك الخاص, ไทย: เริ่มธุรกิจของตัวเอง, Tiếng Việt: Bắt đầu công việc kinh doanh riêng, Nederlands: Je eigen bedrijf beginnen
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.
Put your idea into writing. It is important to take the ideas in your head and get them down on paper. Most successful businesses offer a new product or service or fill an existing niche in the market. Whatever your reasons may be for starting a small business, make sure to clearly and concisely put them in writing.
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.
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?
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.
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
2. “Test” for language using this script: “I’m thinking of starting some kind of website around [YOUR IDEA]. When you talk to your friends about it, what do you say? What’s the biggest problem around [YOUR IDEA]?”
Don’t go it alone. Tap into resources, such as small-business peers, mentors, and trade associations, that can help take some of the energy-draining trial and error out of starting and running your business.
Know which hats you wear best. In the early months and years of your business, you’ll have to acquire many skills. Gain the background you need to oversee all the facets of your business, but also determine what tasks you should outsource or hire employees to manage.
Know your limits. Understand how much you’re willing to work to keep your company successful and where you’ll likely draw the line. Your willingness and capacity may change over time, such as if you’re emotionally prepared to work every waking hour for the first year you’re in business, but that you expect to take regular vacations once your company is established.
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.
Consistency is a key component to making money in business. You have to consistently keep doing what is necessary to be successful day in and day out. This will create long-term positive habits that will help you make money in the long run.
Solve your customers’ problems. The best way to satisfy your customers is not by selling them products or services but by providing solutions to their problems. Understand the difference and market your products and services accordingly.
The old saying, “Rome was not built in a day,” applies here. Just because you open a business doesn’t mean you’re going to immediately start making money. It takes time to let people know who you are, so stay focused on achieving your short-term goals.
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.
Consider using a credit control app. These are apps that help small businesses improve their cash flow through better management of day-to-day cash collection and customer credit control tasks. This would allow you to take-on new customers or monitor existing ones, chasing invoice payment or running cash collection more safely. There are several software providers that can help you with this such as iKMC from where you can also get a free trial.
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.
Credit cards and debit cards are generally the most secure forms of payments, but accepting them requires your to take on additional fees paid to various credit card companies which, depending on the size and complexity of your business, may not be worthwhile.
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.
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
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.
You have a brilliant idea that you know will definitely work, but what about your competition? Will it be difficult for a rival to copy your idea and repackage it in a better way? A potential investor will ask you this when you approach them for funding. It’s very important to understand the market you operate in and your competition.
When you’re running your business, you should always be looking for areas where you could be more efficient. And if you’re doing everything manually, there’s a good chance there are a lot of things that fall into that category.
Also, when delegating responsibilities, make sure you are assigning oversight of a specific function to a qualified individual. For example, you would not want an accountant representing you in a legal matter or a lawyer balancing your financial books. Thinking of your business functions in this way should also help you identify your needs when you are in the process of hiring employees.
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.