Have you been thinking about starting your own business? Are you looking for new ways to optimize your current small business? If you answered “yes” to either of these, then our Small Business Series is for you. This series consists of 5 valuable articles for entrepreneurs looking to start or grow their own small business. Here are some of the topics we’ll be covering:
Choosing a Legal Structure
Choosing the right legal structure for your small business can be daunting and confusing. Your legal structure guides how you run your business, navigate liability risks, and pay taxes. We’ll explore the many different factors to consider before deciding on the perfect legal structure for your small business.
Filing the Right Forms
Filing the necessary business forms for your state, county, and local licenses is equally important to your small business. Not all small businesses require the same forms. Find out what you need to file, where to find the forms, and when to keep an eye out for renewals.
Writing a Business Plan
While you may have a clear picture in your head of your business goals, do you have a comprehensive and concise business plan? Your business plan assists in securing financing and sets your goals so you stick to them. Learn what is essential in a business plan, how to write it (or get help writing it), and when to regularly review and revise your plan.
Finding Start Up Capital
Many small businesses never get off the ground because potential owners believe they don’t have the capital or the resources to achieve their dreams. Diverse financing options exist, as well as creative options to start a business without going into debt. Get ready to learn what options are out there, and how to secure the resources you’ll need to start (and/or grow) your small business.
Reducing Start Up Costs and Overhead
How do you figure out what you absolutely need to start your business and what you can live without? Small business owners regularly struggle with these questions. The choices you make at the start can set your small business up for success or failure. Find out how to evaluate what is vital for your small business, and what can wait.
Launching and Marketing Your Small Business
Is email marketing dead? What about paper marketing? How do smart business owners leverage social media effectively and quickly to reach their customers? Learn the best strategies to quickly and affordably generate excitement for your launch and turn that momentum into sustainable business flow.
Financial Record Keeping and Paying Taxes
With all the operational tasks, financial record keeping generally ends up getting pushed to the side (until tax season). However, financial records are arguably the most important records for a small business. Profit and loss statements help you to analyze your business growth and potential problems. Investors may look at your financial records when deciding whether or not to support your endeavor. And of course, financial records must be in perfect shape when it comes time to pay taxes. Find out how to efficiently and accurately keep your financial records up to date so you always know where your business stands.
Optimizing Productivity
Any small business owner will tell you it is easy to get sucked into the day-to-day tasks. This can leave anyone feeling overwhelmed. The most successful business owners structure their day to allow time for their to-do list, marketing the business, and nurturing new ideas. It is not impossible, it just takes strategic task prioritization and discipline.
Staying at the Front of Your Market
The best businesses are those that know their market, their clientele, and how to adjust to changes. A regular review of competition and client needs is essential to small business longevity. Find the best tools to analyze your competition and stay ahead of them.
This article was originally shared via our education partner, Balance Pro.
