5 Smart Strategies Every Entrepreneur Should Adopt
If you’re just starting your journey as a small business owner, you’re probably wondering how you can avoid common mistakes, make the most of your early days as an entrepreneur, and set yourself up for a bright future. Here are some best practices to follow from day one!
Understanding Your Legal Rights
First, it’s always important to ensure that you stand on solid legal ground as you operate your business and launch new initiatives. The federal constitution, as well as your own state’s constitution, set out protections for small business owners - but at times, constitutional law can pose challenges to small businesses, too. You have protections regarding free speech in advertising, corporate personhood, and free association. However, straying outside the limits of the law can lead to issues regarding unfair hiring practices or labor management, or violations of local commerce regulations.
Choosing a Business Structure
While you technically don’t need to choose a business structure in order to operate, you should, as it will give you additional rights and protections. Your business structure will determine how you pay your taxes and how much flexibility and control you have over your company's operations. Small businesses may opt for something as simple as sole proprietorship, while larger, more complex ventures may better suit a corporate structure.
Budget-Friendly Marketing
Financially-savvy business owners quickly learn that some of the most effective forms of marketing, such as social media promotion and content marketing, require minimal upfront investments. Furthermore, you can even design a sharp logo without hiring a graphic designer - just use an online logo maker! To start the process, you’ll pick out your favorite style and icon, add text, and then change the fonts and colors to finalize your logo. The end result will be unique and attention-grabbing, which instantly distinguishes your business from your competition.
Staying Organized
As an entrepreneur, you’re busy - and when you’re managing a packed schedule, you might feel like you don’t have time to get organized. But organization is the key to keeping your business on track and running a tight ship. If your office is messy, your paperwork is all over the place, and even your digital files have been stored haphazardly, it’s time to make some changes. Yocale recommends establishing some basic office administration procedures for your team, using software tools and physical storage systems to keep items and documents in the right places, and cleaning out your email inbox.
Consistent Networking
When the major responsibilities involved with running your business fall upon your shoulders, and you have the final say over every major business decision, it can feel like entrepreneurship is a lonely journey. But getting to know other business owners through networking is crucial. By networking, you’ll be able to learn from more experienced entrepreneurs, get connected with your local business community, and even land more clients.
If you’ve never made a conscious effort to network anymore, you might be wondering how to get started. CallRail recommends joining local business associations and organizations, attending industry events in your area, and even hosting events at your own business location! Over time, you’ll be able to develop a referral network - you can pair up with other businesses to refer customers to each other’s services.
Prioritizing Self-Care
As an entrepreneur, the demands of running a business can make it difficult to prioritize self-care. Experts suggest taking breaks from work and dedicating time to personal hobbies that one may have enjoyed before they started their business to help make time for relaxation. Additionally, numerous business owners benefit from setting aside a few minutes on their lunch breaks for calming activities such as yoga or mindfulness exercises. If you work from home, set aside a space of solitude where you can decompress and relax.
Learning the ropes of entrepreneurship takes time. There’s no way to avoid every possible mistake. But by adopting these best practices, you can get your business off to a strong start!
If you’re planning on buying or selling a business, visit BuyAndSellABusiness.com for resources and tools to get the process started.
Contributor: Gloria Martinez
Gloria loves sharing her business expertise and hopes to inspire other women to start their own businesses and seek promotions in the workplace. She created WomenLed.org to spotlight and celebrate women’s achievements.
Opinions expressed here by contributors are their own.
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