Do you want to get your small company off the ground as quickly as possible and still avoid all the common pitfalls that new entrepreneurs routinely encounter? If so, follow a few simple guidelines to avoid many of the headaches, hassles, and standard problems new owners tend to endure. There’s no reason to reinvent the wheel. Learn from the mistakes of others and build your small business the right way. A huge part of running a profitable small business is being able to let go of total control. That means you’ll have to learn to outsource. If your organization is a solo outfit or has a dozen or so employees, there’s just no practical way to cover all the operational bases. Besides outsourcing, double-check that you have all your financial ducks in a row before opening day.
Likewise, commit to advertising early and often. No matter how wonderful your product or service is, you won’t earn a profit if no one knows about it, you, or the company. Along those same lines, don’t wait to build a professional network that includes potential employees, prospective clients, and service providers who can help you with chores like accounting, IT, and finding excellent workers. Finally, avoid burnout by adhering to a regular work schedule and getting enough sleep each evening. There’s no sense in putting in 60-hour weeks if you run out of physical and mental steam after a few months. Here are several suggestions for anyone who wants to own and operate a small business.
Outsource as Many Tasks as Possible
Avoid the temptation to do it all. If you want to start a successful startup, understand that when you begin operations, your schedule will be fuller than you expect it to be. One remedy for overwork and potential burnout is outsourcing. Choose the three or four core tasks that you can hand over to an expert team. Likely candidates are bookkeeping, tax preparation, IT security, staffing, and advertising.
Deal With Funding
It’s easy to get caught up on a hundred details of building a small business but focus on money first. Unless you have sufficient savings to support the entity for a year, take out a loan and work with a lender that specializes in supporting owners of small organizations. That way, you’ll gain access to a built-in support network, have a chance to borrow as much or as little as needed, and repay the obligations on a realistic schedule. Getting small business loans At the right time, in the right amount of an organization who knows the economic landscape is the first ingredient for long-term success. If possible, borrowing from those that serves as a community resource for entrepreneurs who sometimes can’t find financing from traditional financial institutions.
Start Networking Now
Don’t wait to begin building a professional network for yourself. Begin the lifelong process of gathering names today. Exchange hard copy and e-business cards with anyone who can serve as a possible source of help now or in the future. Attend trade shows, online webinars, local business expos, and chamber of commerce events. Put yourself and your company’s name out there for all to see. New owners often dismiss networking as a waste of time, but it’s one of the best non-monetary investments you can make as an entrepreneur.