What Should You Keep in Mind When Starting a Small Business?

Starting a small business or a home-based business is not something that should be entered lightly. As with many big decisions in your life, starting a business can be a very big risk. Not just financially, but also the risk of the time that will be spent, and an emotional risk. There is never a guarantee of success. Unfortunately, if you look at the statistics of new businesses, it is more likely that your first business will fail. However, if you’re willing to put in the necessary time and work, starting a business may still be the best route for you to take. Please keep in mind that it does not hurt to complete some research. The Small Business Administration is a great free resource so are books, podcasts, and YouTube videos. If you’re like the almost 75% of all U.S. businesses who are non-employers (self-employed with no additional payroll or employees), then you can be sure that there is a wide variety of information to help you run your small business. In this article, we will discuss some things you should do when starting a new business.

 

1. Get a domain name.

You should get a domain name for your company even if you do not need to sell products online through your site. Having a website ensures you have a place where you can send people to online to learn more about your company and your goods and services.

 

2. Use social media.

Using social media today is cheap and very easy to do. After setting up your website, you should point all of your social media followers and traffic to your website, that is why it was important that you set up your website first. There are plenty of online tutorials on how to use social media, so please do not worry about the learning curve. Do not simply have a presence on social media because depending on your demographic there are still people who simply aren’t using social media. Therefore, you must also have an easily accessible webpage as well that is very visible in the search engines. Of course, doing SEO yourself for your website can be very time consuming, and most likely bear very little results (or even negative results), therefore it is best to hire a seo agency to perform effective, and safe seo for your website.

 

3. Look into accounting software.

There are many accounting software’s available like Quickbooks, Freshbooks and the list goes on and on. You can even use Excel if you would like. Regardless of which method you use, it is absolutely vital that you consistently and accurately record your transactions from the very start of your business. Make sure that all of your transactions are included, regardless of their size or importance, and are in a place that will make it easy for you to access during tax season. You should also keep track of all your small business funding and financing to ensure you are operating at a positive cash flow.

 

4. Make time for yourself.

When you have committed to starting a small business, you will be working hard and working long hours. Despite how challenging it may be, you must take time for yourself. It’s easy to work long hours but we humans aren’t machines. Even if it’s just a 15-minute walk each day or something else that will break up your workday, you should take the time to clear your head. This will help you immensely in the long run.

 

In conclusion, there are many things you should consider when operating a new small business such as getting a domain and website setup, using social media, using accounting software, and making time for yourself.