Authored By Nicola Reid
If you’re one of the many millions of people hoping to start a new business this year, congratulations. This is a journey that you will never forget. There are many twists and turns down the path toward entrepreneurship, and your actions now can make it a much smoother process in the days ahead. Today, the Success Strategies blog touches on a few things that all aspiring entrepreneurs should do when starting a business in 2022.
1. Evaluate Yourself
First and foremost, you have to evaluate yourself. Do you really have what it takes to be an entrepreneur? According to Alcor Investment Services, entrepreneurs don’t procrastinate and are continually solving problems. If you are the type of person that makes plans and takes action on them, you might be a great candidate for entrepreneurship. In addition to these “soft” skills, you should also be at least somewhat versed in marketing, financial management, and customer service.
2. Decide on a Business Structure
Business structures are not just for major corporations. As a small business owner, you have the right to form your own entity. Doing so now can help legitimize your business. Consider filing as an LLC, which is a limited liability company. There are many advantages here, including lower taxes and reducing the possibility of your personal assets being targeted in case of a serious business flaw. You can use a local attorney or an online formation service, though the latter is much more affordable than the former.
3. Utilize Free Tools and Services
Even when you’re a small business, you must be prepared to break out your wallet (more on the financial commitment later on). However, that doesn’t mean that you can’t get some things without writing a check. You can use Google Docs to collaborate with your employees and customers and you can even find an image size converter online that allows you to upload photos to your website and social media. Although it might seem like a small thing now, fewer pixels in your images will make your site load faster, which can increase the amount of time customers spend on your domain. Search Engine Journal acknowledges slow load speed as the number one reason that people move to a different website.
4. Stay Motivated
As an entrepreneur, you will experience successes and failures. It is during these failures that you must remember to stay motivated and never give up.
5. Understand the Financial Commitment
Starting a business is a huge financial commitment, and many small business owners are unprepared for the sheer number of checks that get written each week. Remember, you have not only your startup cost but also business filing expenses, taxes, payroll, inventory, and more. Although this might sound like a lot, don’t despair. There are plenty of deductions you can take, especially if you use your home as your office. CPA Mark J. Kohler notes that you may even be able to deduct part of your vehicle expenses as a home-based business owner.
6. Strategize
Running your business means prioritizing everything every day. One thing you cannot forget is to pay attention to your customers and the competition to find out what they want. To do this, you will need to do market research and implement a product roadmap when you are ready to launch something new. Use a template (another potentially free online service) that helps you set deadlines and understand where you may have trouble in the process. Having your product launches mapped out ahead of time will help you prioritize and set more reasonable goals.
Launching your own business is one of the best ways to create wealth for yourself and your family. Although it may seem intimidating now, trust that you will soon have the experience to navigate the world of entrepreneurship with your head held high. Remember, no one ever got rich working for someone else, and your fears are the only thing stopping you from mapping out your own path toward success.
About The Author
Nicola Reid is an entrepreneur and small business owner from Texas. She created Business4Today.com to provide access to the resources members of marginalized groups need to turn their entrepreneurial dreams into reality. Through her site, she hopes to support the growing number of people of color, women, and members of the LGBTQ+ community who are taking the leap into small business ownership.
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