In the early days of becoming a small business owner, you will typically be in a position to offer a minimal number of goods and services. You may wish to sell musical instruments, for example, but in the beginning, you will likely only be selling one or two types of devices until the business picks up.
Despite your startup being very small, the rules governing how to keep it going and grow day by day are immense and overwhelming. You may find yourself asking, “how can such a small company require so much research.” Today, we’re going to look at tips to help make things that little bit easier in year one.
Accounting made easy
It would help if you had accounting software (for example, see Sage.com). Here’s why.
Undeniably, the most commonly overwhelming aspect of going into a small business is accounting. You love your brand. You love the color schemes you picked for your logo, and you recall with fond memories the late nights spent writing your website content and preparing your marketing materials. You want everyone to love your goods and services as much as you do. But tax laws wait for nobody.
If your books don’t balance and your numbers show that you’ve added two to two together and come up with five one too many times, it could be curtains for your business. There’s no getting around it. Accounting is important. But you can cut down on the heavy load by using accounting software. Get involved and get in the know (from day one).
Focus on your niche
One of the cardinal errors made by new business owners (across the globe) is to succumb to that inner voice that says, “You’ve done so well! You are the business person of the year! Everything you touch turns to gold! Now’s the time to branch out and gamble on offering other goods or services!”
That inner voice is the child-like dreamer that gotten you this far. It was the voice you needed to help inspire you to climb the ladder, but it is not the voice you should be listening to once you reach the treehouse. The rules change. It would help if you focused on your niche or risk throwing everything away. How long should you hold off on expansion? That’s the big question. If you’re not yet fulfilling every customer need, and if you know that there is more profitability to be gained from your business as it is, you probably still have work to do.
Monitor time (like a hawk)
When you have a job, time stands still. When you have a career, time slips through your fingers faster than you can say, “it’s not 5 PM already, is it!?”
Time is a small business commodity. Those who have more of it can outperform their competitors. Those who have less of it tend to fare less well. How can you make more time? Well, you can’t. But you can hire more staff. Until you can afford more staff, you must manage your time with military precision. Every minute counts.