If you are just getting started with your small business, knowing what to do and tackle first can be overwhelming.
Tips to Reduce Business Headaches
But if you follow some of the business management tips below, you will be off to a great start with your company.
Set Up An LLC
Even if you are a one-person shop and are 100% self-employed, it is wise to set up your company as a separate taxable organization from the start.
Many small businesses establish themselves as an LLC. It only costs about $1,000 to do this. It will immediately protect your personal assets from legal problems that your company might encounter. Most businesses never have legal issues, but it is always best to be prepared.
Separate Business and Personal Finances
From the start of your business, be sure that you separate your business and personal finances. You and your business are separate taxable entities, so you need to have your finances separate. Otherwise, things may get messy. You could eventually have to handle an IRS audit, which is a hassle, even if you have nothing to hide.
Pay For Education
Many small businesspeople say the best money they ever spend is on improving their education. If you do not know how to do something, rather than figure it out by Googling, pay for a course in it.
Need to know Photoshop? Take a class! Want to brush up on Excel? Take a class!
It makes sense to lay out a few hundred dollars to learn a skill you will regularly use in your business. Most courses you take will pay you back by saving you money and time by avoiding mistakes and working more efficiently.
Ignore Your Email For Half the Day
Some productivity experts advise not checking your email first thing in the morning. This is standard advice that some people may assume should be ignored.
But there is a purpose to not checking your inbox the first time you enter the office. It is a good idea to use your brain when it is freshest on important business decisions, not on a long list of emails.
Focus on the critical business tasks you have and get to your emails in the latter half of the day. But if an emergency email shows up, you will have already completed most of your vital tasks for the day.
Pay For Marketing
It would be great if we could just put an ‘Open for Business’ sign on your door and have business flood in! But that is not how it usually goes.
Our world requires us to get our name in front of people to buy our goods and services. So, put some money aside to invest in marketing your company. Consider spending on:
- Pay per click ads on Google or Facebook
- Renting a conference booth
- Putting ads in the newspaper
- Email marketing
- Building an SEO-tuned website
Whatever marketing you plan on, prepare to do it from the first day.
Set Up Meetings – With Yourself
As the owner, you have a lot of decisions to make. You are responsible for your success or failure. But we can get so caught up in running the company’s day-to-day operations that we forget to set up a time to go over the big picture.
Don’t get so caught up being an employee that you forget you are the owner. So, set up 30 minutes a week to go over your company’s goals, problems, and how you will address them.
The Bottom Line
Owning your own business is fantastic! But it takes a lot of discipline and preparation to ensure its long-term success. Keep the tips above in mind, and your business is sure to be a winner!
Separating your finances is a big deal, especially come tax time.
agree with this point
If you have employees, make sure that you obtain the appropriate workers’ compensation coverage. Check with your business insurance agent or a third party administrator. Your attorney and your accountant may not be the best sources of information regarding this.
The Paid Marketing is definitely the way to go for new businesses. Facebook and Instagram Ads are good platforms to begin. Thanks for your tips.
like the idea of ignoring email half of the day. is it really possible??
Hii… First time saw such a great informative article. Facebook and Instagram Ads are good platforms to begin. Thanks for your tips.
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