Write a Plan Every successful business starts with a plan. If you’re not sure how to begin your plan, try looking for free business plan templates online. You don’t have to follow these templates to a “T” but they can at least help you come up with the most important aspects of your new business.
But Stay Flexible Proper planning can save you a lot of time, but you also don’t want that plan to be too rigid. Getting a new business up and running takes a lot of trial and error, so make sure that your plans and expectations are open to change at all times. Most importantly, be willing to learn from any mistakes you make. This is what will help you succeed over other small businesses.
Choose a Structure If you’re like most local small businesses, you may have a handful of employees. You may even be a solopreneur. Either way, an LLC may be the right structure. Starting an LLC is easier than you think when you do so online. Not to mention that filling out LLC paperwork online is much less expensive than paying an attorney to do so for you.
If you’re launching several related businesses, it’s not necessary to register each as a separate entity. Registering as a DBA will allow you to keep your businesses compliant, and you’ll be able to open a business bank account.
Network, Network Being able to compete with other businesses is key, but so is being able to collaborate with local business owners. Networking with other local startups is one of the most effective and low-cost ways to grow the reputation and legitimacy of your own business. How do you find and connect with these business owners? It’s simple! Sign up with your local chamber of commerce.
Find Stress-Free Funding You could use your savings to fund your business or you could choose a startup with very few upfront costs. Either way will save you the time and headache of sourcing the cash you need to get started, but what if finding even more funds was painless? It doesn’t have to be so long as you know where to look for grants, crowdfunding, and loans to give your startup an edge.
Tackle Cash Flow Along with funding you also need to think about budgeting. This is one of the most repeated tips you will hear from seasoned small business owners, and one of the most important pieces of the budgeting process of managing your cash flow. Budgeting and cash flow are so important that you may want to ask for help from a more experienced accountant as you get started.
Get Help With Taxes Taxes can also be a huge financial pain point for new business owners. This is because the tax rules for small businesses and even freelancers are much more complex than they are for individuals. Miss a step and you could also miss out on savings. Even worse, you could end up facing penalties or an audit from the IRS. So don’t make the mistake of DIY business taxes.
Make Time for Self-Care We saved self-care for last but that’s not because it isn’t important. While you may not think of self-care when you think of becoming a successful entrepreneur, taking care of yourself should be a priority. Take breaks, take time off, turn off your phone and be sure to take enough time for yourself from the start. Then you will be building habits that will help with work-life balance.
There’s no magic to owning a successful business, but there are a few key tips and resources that can help you get one started. Following these steps can put you ahead of the competition and build a foundation that will keep you and your startup thriving.
-Gloria Martinez
