Are you planning to start a small business? Are you struggling to find a mentor who could warn you about everything that could go wrong or everything that you must be careful for.
Worry no more! I would love to help you with small business advice and this is one such post where I am going to list 5 key tips for starting a small business from the very founder of this blog.
This is because when it comes to running a small business, I am still in the learning phase while Navneet is an expert in it. So, his advice is the one you really want. Not mine.
1. Paperwork
First thing first, make sure you have a necessary license for doing the business. Keep track of every minute detail of what happens in your business, where does the money come from, where is it going, how much you earned through sales and so on.
Don’t even think you would remember. Proper documentation is necessary. It can save you from forgetting an important thing and also from tax troubles.
2. Focus on talent acquisition
Be careful about with whom you work with. Whether it is the co-founder of the business or additional employees, make sure you pick the best who you think can work on your vision. Find people who would give their 100% to the job and hire them.
This doesn’t mean you have to hire the most expensive employee for a task. Strike a balance. Pick good lot and at a price you can bear.
3. Spend Wisely
Though this might not happen right away but whenever you have a good amount of funds, make sure you spend them wisely. A big chunk of funds goes in advertising and marketing and that’s where small businesses go wrong.
Instead of building a base, they go for things like PPC advertisements. This do work to bring you customers, but you must understand that it is like renting an apartment. The moment you stop paying the rent, you’re out.
If you focus on your own social media channels, make them grow, have your own blog and do proper inbound marketing, you would be able to own the apartment. This way, even when you stop putting in the funds, you can still get sales and business.
4. Start small
You can’t become a billionaire in a day. Yes, some people did it but can you vouch for the time they spent on that project. It isn’t how it always seems like. Rome wasn’t built in a day.
Don’t get disappointed by slow outcomes of what you’re doing and do something crazy to go BIG. Be steady and keep putting in hard work in a smart manner.
5. Time Management
As a small business owner, you would have lots of eggs in your basket but don’t carry them all by yourself. Do what you’re good at and outsource the rest of the work.
That would allow you to focus on one thing and give your best to it. This would ultimately boost your business.
These are the 5 key tips for starting a small business. Though you do start with the dream of turning your small business into a giant but it cannot happen in a day. Your efforts would pay off in the end, only if you make the right kind of efforts on the right kind of things.
I hope these tips helped you out. Do you own a small business? Tell me what kind of problems you faced when you started off?
About Author
I am Manpreet – a blogger & writer who has worked in a number of fields ranging from freelance content writing to social media management for various brands.