7 Essential Tips for Starting a Successful Business

When it comes to seeking guidance for starting a business, the number of resources and advice can be overwhelming.  Starting a business can be hard. There's so much to consider. There are the technical and legal aspects, and then there are the soft skills like communication and discipline. To run a successful business a person, or group must possess a combination of both. 

Doing things right early on can make it easier down the road. 

Find a problem to solve

When clients find themselves in a tough spot, there are certain services they will almost always pay for. Think about what problem your business will solve before getting too far into development. Most business owners think they have thought of this great product with all of these wonderful features. In their head, it's worth the price, and anyone who uses it correctly should see results. Of course, you know that, but that's not what makes people want to buy. What problem do you solve and how can you make their life easier? Sell the result.  

Do market research 

Information is your friend. If a person starting with just an idea, it is a good idea to research. Gather as much information about what type of person uses this product or service? How do they use it? Where are they most likely to come in contact with your product or service? What similar products are on the market, and how do they compare to your offer. These are good things to know. 

Be realistic

This is the part that is not talked about enough. Most businesses die within the first two years due to a lack of funds. That being said, don't fall in love with the romanticized overnight success story. Prepare to have periods when you make little to no money from your business. Some even say that even when your business begins to turn a profit, you should still operate as if you have $0. Additionally, it's good to have a blackout plan if the business doesn't work. 

Getting a business up and running doesn't have to be scary...

Write a business plan

Getting a business up and running doesn't have to be scary and writing a business plan can help. A business plan is an outline of what a business does (product/service) and how it will operate, including startup and maintenance costs, projected revenue, and an executive summary. A strong business plan helps you develop ideas. It can also come in handy if you plan to apply for loans or other resources. 

Pace the scale

I know it’s tempting to think of all the BIG possibilities that could be. Those first few big sales often cause business owners to make larger leaps than they would otherwise. A better goal, or way to determine the growth of a business is the consistent flow of sales. Not only do consistent sales signal a healthy business, but they are a better sign that it is time to scale than just a big sell. 

Be a forever student

Never stop learning. It’s a key to life and a key t business. One of the biggest reasons people are having trouble finding jobs in a post-pandemic society is because the skills needed for jobs are changing so rapidly. The same goes for business. Tools, software, techniques, practices, laws, and regulations, are all prone to change. The best way to stay ahead of the curve is to remember you don’t know it all. 

Get help

Trying to go it alone is a rookie mistake. You can make money as a solopreneur, but it’s nearly impossible to not hire help. Whether hiring someone to set up your website or working with a local agency to develop a business plan, never be afraid to ask for or hire help.   

Consult the U.S. Small Business Association

As well as your local government agencies. While it is not 100% necessary to register a business with the state immediately, it is something that shouldn’t be delayed. If unsure of the type of entity to file for a business, a DBA or doing business as can be filed. Doing this allows businesses to operate under that name until the entity has been file officially.

Essentially use these tips to launch, rinse, and repeat.                                                                                                                                                                                                                                                                                                                                                  

With these tips, even a beginner can get a business off to a strong start. Remember, running a business is more like a marathon than a sprint. Everything builds together. If you feel like you aren’t seeing progress, revisit these tips, and assess where you can improve. Essentially use these tips to launch, rinse, and repeat.      Creating processes for how things should work in the beginning makes it easier and train new hires and recreate the process later. If you need help writing a business plan, or individualized business coaching to start a business, visit madisonstax.com and schedule a consultation. 

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Thanks for reading. Madison’s Accounting and Tax Services is a financial service provider that specializes in helping beauty brands control and grows their financial power, while also passionately providing financial knowledge and resources to communities in local Midwest communities. If you enjoyed this blog please subscribe and share.

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