6 Common ‘Nots’ to Avoid as a New Small Business Owner | SeniorFriendly.info
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6 Common ‘Nots’ to Avoid as a New Small Business Owner
Starting a business isn’t easy, and this is especially true for many seniors. However, managing a business that flourishes long-term is even harder. That’s why about half of all startups in the United States fail to reach their fifth year.
There are a lot of moving parts when it comes to running a small business, and it’s easy to make mistakes that result in dire consequences. Fortunately, however, there are also some tried-and-true strategies and approaches that can help you lay a solid foundation for healthy growth, and Weezle has listed a few examples below. If you’re a new business owner, whether you’re just getting started or looking for a new post-retirement career, you can help set yourself up for success by avoiding these six common mishaps:
1. Not Researching the Market
No matter what industry you’re in, the business landscape is constantly evolving. And it’s critical that you stay up to date on what consumers are expecting as well as how other companies are performing.
Make it a priority to regularly research the market. Maintain a deep understanding of your niche and constantly look for gaps in the market that your company can fill. Sustaining success largely comes down to being able to consistently meet consumer needs, and you must know what those are.
2. Not Writing a Business Plan
There are plenty of entrepreneurs who have great ideas that never see the light of day. And often it’s because a business plan wasn’t created. A business plan contains any and all relevant information pertaining to your company, including your goals, strategies, and needs.
Along with serving as a roadmap to success, a well-written business plan can help you secure funding from investors. Make it a priority to create one!
3. Not Paying Attention to Branding and Marketing
Branding and marketing are essential to the success of your company. If people don’t know your business exists, then that’s going to become a major problem very quickly. So, spend some time branding your business; use a custom logo maker to create an image that people will immediately associate with your brand. Use that logo on everything from your official website to whatever you post on social media.
If you need assistance with your marketing campaign, from updating your current website to developing content you can share on your blog, reach out to the pros at Weezle. You can book a free consultant with us online
4. Not Forming the Right Type of Entity
The type of structure you establish for your company will have a major impact on several aspects of your business, including your level of liability protection and the taxes you pay. Research the different business structures, and carefully choose one that will meet your business’s needs. If you wish to start a corporation, for example, you’ll need to do research. Look up how to start a corporation online, and decide if this is the right path for your business.
5. Not Getting Help When You Need It
Most business owners are naturally self-starters. Chances are, you’re capable of wearing many different hats, which is an essential quality when it comes to entrepreneurship. However, at some point, you won’t be able to do everything yourself, and you’ll need to get help from others.
Be strategic about the employees you hire, and consider working with freelancers on niche tasks and projects. Get legal counsel anytime you have a question about the law or a legal issue that surfaces for your company. And if you don’t already, find at least one business mentor who can help guide you through the ups and downs of your entrepreneurial journey.
6. Not Managing Payroll Efficiently
Payroll is a complex process, and it can get confusing—if not overwhelming—to business owners who are growing their staff. Make sure you’re using a payroll system that simplifies team management, employee timesheets, tax filing, and other payroll-related tasks. QuickBooks, as one example, offers software that helps entrepreneurs with tasks like tracking time and reporting, and it even comes with specialized options for unique needs, like managing construction crews and GPS capabilities for mobile teams.
You will meet all kinds of obstacles on your entrepreneurial journey. But that doesn’t mean you’re doomed to fail. Keep these common mistakes in mind so that you can avoid them. And always remain open to other strategies and practices that can help you build a business that brings long-term success.
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