Things to Consider Before Starting a Small Business

A Few Important Things to Consider Before Starting a Small Business

Have you decided that it is finally time to move forward with your business idea? Many people love the possibilities of self-employment, but they are worried about the potential risks that can occur from these efforts. Right now is a great time to start chasing your dreams and get the business off the ground. But, there are a few things that you need to consider before you undertake a business venture.

Here at Easier Accounting, we have worked with many small companies in every stage of business building. We have seen the successes and failures of startups and seasoned entrepreneurs, and we are working hard to pass this experience to our customers so that they can be ready to succeed. Regardless of the industry, the same business management and accounting principles apply. So, it makes sense that you should tap into our expertise instead of trying to re-invent the wheel by starting everything from scratch.

If you are getting ready to start a new company, then we suggest that you consider these factors before you launch your efforts:

Keep Your Eye on the Prize

Entrepreneurs usually start with big dreams, but then they become disillusioned because of problems or roadblocks that are encountered along the way. Maintaining clarity about the reason you wanted to start a business is an important factor to help you keep the motivation that is needed to push forward, even when things get hard.

Start by asking yourself one question: Why do I want to start a business? Consider your goals, the things that you want to accomplish, and the lifestyle that you are trying to create. Be specific about the details, and make sure that you write down these reasons. If you have a difficult day, then you can always refer to these notes to keep you going.

Whether you are starting a business to boost your income and gain more freedom, or you are tired of having a job and reporting to a boss, it is important that you keep this focus in the front and center of your mind. As a business owner, you can’t coast through the afternoon surfing the internet like many low-paid employees. Instead, you need to be willing to look at the issues and take action to support the needs of the company.

Identifying a clear “why” can also motivate the people that you hire. Many businesses have mission statements that are shared with their staff and customers, helping everyone to capture the vision of the owner.

Set Goals and Stay Accountable

Once you identify your reason “why,” the next step is to outline the short-term and long-term goals that you have for yourself and your business. These goals need to be in writing, and you should align your attitude and thought patterns with the goals on a daily basis.

Instead of beginning the day by browsing on your favorite social media website, dedicate the first hour of the day to things that will build your attitude, mindset, and determination. This time is a great opportunity to review your goals so that you can be sure that your actions are in alignment with the things that you are trying to accomplish.

Put together a list of things that are working, as well as the things that are getting in the way of reaching your goals. Then, look for solutions so that you can overcome the problems that are hindering your success. Evaluating your progress will help you avoid some of the day-to-day tasks that might distract you from bigger efforts.

Focus on Marketing Your Product and Asking for the Sale

Regardless of your industry, all businesses are focused on sales. If you want to grow a company, then you need to be willing to put in the effort to connect with new customers, showcase the benefits that you can offer, and ask for the opportunity to provide your product or services for a fee.

Yes, it is important to keep up with back-office work and product development. But, none of these efforts will be worthwhile if you don’t have new sales coming through the door. So, be careful to avoid the trap of spending too much time behind the desk when you should be out there connecting with your network.

For example, sometimes new business owners get so caught up in the tax deductions and financial projections, that the business is only based on theory instead of action. One of the best things that you can do is find an experienced outsourced accounting team to pass off these responsibilities. Then, your time will be freed up so that you can focus on the activities that will generate more revenue for your company.

Identify the methods that can be used to build relationships with your team. Then, focus time and resources on those efforts. You might consider the benefit of activities such as:

  • Building the right company culture with employees
  • Lead generation online or at events
  • Creating the right team to support your efforts
  • Reaching out to current and past customers to invite them to come back again
  • Writing procedures that improve productivity and efficiency
  • Developing customer service and other skills that are needed for customer outreach

Remember, you won’t be in business for very long if you don’t have a strong sales strategy. So, don’t overlook the importance of sales at all points in your business efforts.

Be Willing to Get Your Hands Dirty

Starting a new business is exciting and rewarding, but it isn’t right for everyone. Be prepared to put in a lot of work and effort to get things off the ground. You need to be willing to do the difficult things that other people don’t want to do. Many new business owners agree that their weekly time commitment goes up when they transition from being an employee to an entrepreneur. But, these initial efforts will set the right foundation for future success.

There are times when business owners need to “be in the trenches” with their employees. Whether it is a busy day and someone is home sick, or you are launching a new marketing campaign to previous customers, you might find yourself in the showroom or working alongside the customer service team.

Being willing to do all types of tasks will show your employees and customers that you are committed to the effort. Your example can show great work ethic and commitment to quality, helping to raise the results of everyone around you.

Tap Into the Experience of Other People

Building a business can be a lonely experience, but you don’t have to navigate the difficulties without learning from the experiences of other people. Yes, you will carry many responsibilities while you are overseeing the daily activities of the company. But, don’t be fooled into thinking that you have to do it all by yourself without the support of other people.

There are two ways that you can get the support that is needed in your company: hire people to take care of the busy work and look to industry experts who can offer professional advice.

If you feel like you have to do everything, then your business won’t get very far. Be willing to delegate and hire the help that you need. Building the right team is a valuable way to set yourself up for success. Having employees and contractors that you can lean on when you need assistance will reduce your stress and allow you to focus on other important aspects of running a business.

Bringing in employees means that you need to train your team and take on the overhead cost burdens. On the other hand, you might consider using professional contractors who can bring the experience that you need. Look for areas where you struggle, and don’t be afraid to pay for the services that will help you overcome these weak points. Recognizing that you need help is a valuable trait in a leader, and you will set your business up for success if you are willing to look to others for the education and resources that you need.

Learn More about Small Business Accounting Services

Here at Easier Accounting, we know that you are carrying a lot of responsibilities when building a new company. Our team is focused on the financial tasks that will help you succeed. We have worked with many other small business owners, allowing us to develop the experience necessary to implement a proven system.

There is no doubt that a solid accounting and bookkeeping system will be the foundation for your business success. Whether you need help with the busy work or you are looking for someone to assist with tax preparation, we are here to offer the assistance that you need.

One of the benefits of the services that we offer is that you have the opportunity to customize the plan to match your needs. Talk to us at Easier Accounting to see how we can help: (888) 620-0770

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