October 29, 2020

4 Tips for New Business Owners

Launching your own business is a unique experience that many entrepreneurial-minded people strive to achieve one day. Being your own boss gives you the power to realize your visions, create your own schedule, and have real control over your own financial future. However, new business owners know that getting your start isn’t all sunshine and roses, there are plenty of hurdles you’ll encounter on your way.

In this post, we’re offering up four tips to help new business owners tackle transitions, manage money, and succeed from the start. Read on to learn more!

1. Learn when to delegate

One of the many reasons you may have found yourself starting your own business is because you want authority over your own vision and how things get done. Your small business is your baby, so it’s totally natural to want to watch over everything very carefully to make sure things are done with the highest caliber of work involved. However, you have to be realistic about how much you can handle because, hint: you can’t do it all.

It may be hard to wrap your head around delegating tasks at first, but it’s entirely doable and incredibly important if you want to thrive as an individual and as a business owner. Below, you’ll find a few tips to help you learn when and how to delegate:

  • Hire the right team: The key to delegating well begins with having the right team on your side. If you’re not quite confident in your hiring skills, enlist the help of a part-time HR professional to support you in the recruiting and hiring process.
  • Identify your strengths and priorities: As you know, it’s practically impossible to handle everything on your to-do list when you’re running your own business. When it comes to delegating, you should always keep your strengths and priorities in mind. The things that you’re best at or require the utmost care should be the main things that you handle while other tasks can be spread out amongst your team.
  • Explain and trust: Anytime you delegate a task to a team member, it’s important to explain to them why you’re delegating the task and above all, trust that they can get the job done well. No one likes to be micromanaged!

2. Always be in-tune with your finances

A big mistake too many small business owners make is not knowing where their finances are at, or worse, blatantly disregarding the status of their business’ finances. Here are some common financial mistakes and solutions for small business owners:

  • Not budgeting: All businesses need to be on a budget, no matter how big or small they are. Everything from labor and materials to rent and marketing should have a detailed budget to back it.
  • Filing taxes incorrectly: Using tax prep software is typically the most economical and accessible option for small business owners. While you may still have to enter some basic information, it’s a more cost-effective solution to make sure your returns are on-time and accurate.
  • Failing to follow-up on unpaid invoices: This one is much more common than you’d think. You should think of each pending invoice as a paycheck waiting to be cashed, so don’t wait!

3. Build and lean into your network

Small businesses typically rely on their immediate communities for the majority of their business, so it should go without saying that continuing to build and maintain your network is incredibly important. Participate in online community forums, offer help, amplify other local businesses, and make your space one where community members and clientele always feel welcome.

4. Hold yourself (and your team) accountable

It’s all too easy to get wrapped up in your entrepreneurial vision when you’re preparing to launch a new business; so much so, that important tasks may slip by the wayside. To ensure you and your team stay on track, it’s critical to hold yourselves accountable. Use a project management system to keep track of your projects and don’t forget to celebrate your milestones along the way!

Final notes

Building a business from the ground up is no small task. With countless competing priorities and curveballs, you might feel yourself slipping from time to time. Just keep these four tips in mind and you’ll be well on your way toward small business success in no time!

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