Right now, there is an explosion of entrepreneurs and more and more people wanting to start a business. Many have great ideas, but want to make sure they are doing it the right way so that the business will be successful. Here are a few tips to get you started:
1.) What should these newly successful entrepreneurs be doing to make sure that their personal finances are in order?
2.) How do you market your business so that potential consumers know you are out there?
3.) How to handle employees?
So let’s get into it:
There is an explosion of entrepreneurs. After the 2007/2008 recession and housing debacle, many turned side hustles into their main job or just decided to make a go of starting a new business and they are very good at it, to the tune of 52.6 billion dollars in revenue. With all of the money being generated what should a successful businesswoman being doing with her money?
Make sure you have the right team around you. From an accountant to a contracts and trademark attorney, be sure that your house is in order. Be sure that all documents related to your business that need to be filed are filed and please, pay your taxes!
Also, before you buy any sort of congratulatory gift for yourself from a car to a new handbag, make sure that all of your personal finances are handled and that you have reinvested in your business. The best gift you can give yourself is financial peace of mind.
Next, marketing. It is so great to have a business during a time when you can do a lot of the marketing yourself. Starting a business in terms of the tools is so easy now: Your LLC, website, business cards and social media and you are up and running!
But here are a few points: Be sure that everything you put out there is professional. Your website should be professional, free of spelling errors, all buttons should work, your contact info should be accurate and it should not look like you did it yourself. This may have to be your first investment. Your website is your storefront; make sure it looks like you are serious about your business.
What happens if you hit a bump in the road? Tax debt, lawsuit, customer complaint… To answer this question I interviewed Tony Hudgins, a former lawyer that left the practice of law to start a restaurant and hospitality company.
With his partners, they have successfully built well known establishments in Washington, DC such as The Gryphon and Policy. Three things that he said really resonated with me: 1.) Each time he and his partners opened a place it filled a need or a hole in the market in DC. 2.) Everything he learned about being a business owner was by trial and error and hard work and 3.) You can typically come back from anything if you pivot correctly.
What does this mean to you: Make sure your business or idea fulfills a need or provides a necessary service, understand that you won’t know everything going in and when you hit bumps (and you will), you can come back from them.
And finally, employees. If you get large enough where you can bring on paid staff, congrats! Your business is growing and successful. But be careful here. You want your employees to be professional and vested in the business just like you are. To that end, I would avoid relatives, kids of relatives looking for a job or anyone that has a “This is just a job or I just need a job” attitude.
And the other side of that is, you as the business owner need to be as serious and professional as you want your employee(s) to be.
Use these tips and your business will be thriving in no time!
Jennifer Streaks is a stylish moneypro and lifestyle expert. She tweets @JStreaks and her website is JenniferStreaks.com.