Your Guide to Running a Business. When you decide to finally bite the bullet, and open that business you’ve always dreamed of starting, it’s an exciting time! However, the stark reality is that around 22% of small businesses fail within the first year of opening.
So, how can you avoid falling into that percentage?
One of the best things you can do is to research what’s worked (and what hasn’t) for other small business owners. You’re already off to a great start just by reading this article.
Keep reading to learn about the most important things to do when running a business. As a result, you’ll be on your way to having a successful company in no time.
Set a Solid Foundation
The first thing you need to do is set the groundwork for a successful business. Start by writing out a business plan, detailing what your company aims to do and what sets it apart from the competition.
Once that’s finished, you’ll need to take care of all the legal requirements of running a business. Research the different types of business structures, then register your company accordingly. And, don’t forget to protect yourself by applying for business insurance.
Finally, make sure you completely understand the tax requirements for your small business. By knowing about the ins and outs of paying taxes from the beginning, you’ll be better prepared once tax season rolls around.
Don’t Assume You Have to Do Everything Yourself
People usually think of entrepreneurs as having their hands in every aspect of their business. While this is often the case, it’s not always the best way to run your business. It’s important to identify your strengths and focus most of your efforts there. As your business continues to make money, you can start to bring on additional resources to help you fill in the gaps.
For example, you might consider hiring employees to do the day-to-day work so you can focus on big picture goals. Or, you might hire a payroll outsourcing company to help take time-consuming HR tasks off your plate.
Building a powerful team around you, whether in-house or through outsourcing, is key to growing your business.
Make Meaningful Connections
As the popular saying goes, it’s all about who you know. Whether you like it or not, one of the most important aspects of running a successful business is making connections in your industry and in your community.
Attend networking events as much as you can to get the word out about your company and to learn about other businesses in your area. You never know what those connections might lead to later!
You might also consider forging connections through a mentorship program. At first, you’ll likely look for a mentor for yourself. Then, once you have more experience under your belt, you might want to act as a mentor yourself. Generally, the more you can connect with people, the more success you’ll have.
Running a Business Isn’t Easy, But It’s Worth It
Not everyone is cut out for running a business. But, if it’s in your blood, then follow the advice we’ve outlined above to put you one step ahead of the competition. As a result, you can live your dream of being your own boss and make good money while you do it!
For more advice on how to run a successful company, browse through our other articles before you go.