Actionable Tips for Ensuring a Thriving Small Business
Updated: Nov 15, 2022
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Starting a business requires attention to many details. From how you fund your startup to who you hire to run it, there's a lot to consider – and as the business owner, you're in charge of it all. Understandably, many first-time entrepreneurs can get overwhelmed. Don't stress. There are some simple steps you can take to help ensure a streamlined startup process. This guide from Concept Marketing Group lays out some best practices for business owners and entrepreneurs.
Register Your Business as a Formal Legal Entity
Before you commence business operations, consider registering your startup as a formal entity like a limited liability company. An LLC protects your personal liability, simplifies your tax obligations, and is more flexible than some other entities like a corporation. You'll have to register your LLC with your state to make it official.
Do Your Research to Understand Your Market
When getting your business off the ground, a thorough understanding of the market environment can help pave the path to success. The U.S. Small Business Administration explains how to do market research and conduct a competitive analysis, for instance by examining other goods and services providers in your field. This will allow you to better tailor your offering to consumers' demands and help you define your unique selling proposition.
Use Technology to Maintain Organized Operations
Many entrepreneurs shy away from investing in technology, hoping to cut overhead expenses. However, the right tech tools can often help you save stress and time – and, ultimately, money. Project collaboration tools like Asana are a great way to track deliverables, for example, while software like DropBox can help you easily share and store documents. Other handy products include Toggl, AirTable, and Evernote.
Protect Your Business with Proper Cybersecurity Protocols
While technology makes life easier for business owners in many ways, it can also present new risks. Cybersecurity is a great example. Waiting to invest in cybersecurity for your small business is like waiting to take a Tylenol until your headache is already throbbing. A preventative approach is the best way. Hands of Support offers IT security support backed by more than 20 years of experience.
Make Sure to Hire the Right Team
Even if you start your business as a one-man-show, odds are you will eventually want to expand and hire a team. When you scale up, do your due diligence when hiring workers. Check resumes and references, and conduct interviews. SquareUp provides a useful checklist addressing the logistical points of hiring employees, like getting yourself an Employer Identification Number and setting up records for tax withholding.
Find Innovative Ways to Motivate Employees
Once you have your team in place, you need to keep them motivated. If you truly want to attract and retain top talent, you'll have to go the extra mile beyond offering a decent pay package. Focus on developing a modern working environment that encourages innovation and rewards proactivity. Further, take the time to express gratitude to your employees and give them the personal development resources they need to grow.
Proactively Promote Your Business Via Various Channels
Finally, help your business grow by promoting it regularly. You don't have to spend big bucks on advertising at the beginning. You can start with cost-efficient digital marketing strategies, such as search engine optimization, content marketing, and social media marketing. Test out various channels and measure the results to see which ones work best for you. You can then focus your efforts accordingly.
Planning Long Term
It’s not enough to thrive in the here and now. You also want to make sure you’re taking some time to plan for your business’s future. Do you think you’ll want to expand to other locations? How about adding additional products or services? Or do you want to mostly keep things as they are, but do what you can to minimize costs and streamline efficiency? Obviously, there’s a lot of competition out there, so one way to give yourself an advantage over others in your field is by going back to school for an MBA. Best of all, if you choose an online program, you’ll be able to study at your own pace without having to step away from your business!
Starting a business is exciting – but it takes a lot of work! Sticking to an organized plan as you get your venture off the ground will help make things more manageable. The above tips can serve as your guide.
Concept Marketing Group works with you to keep you on track, change with new technologies and business strategies and, most importantly, help you to succeed. Call 800-575-5369.