Today, you are reading a guest blog written by Nicola Reid.  

Starting your own business is one of the greatest ways to take control of your finances. It is, after all, the American dream, and many of us strive toward entrepreneurship from the day we receive our first paycheck. But, wanting it is not enough; you have to put the work into the process. Keep reading for insight on this as well as ideas on easy-to-launch businesses that you can turn into your personal startup today.

Before You Begin

Before you ever file for your LLC or incorporation, you have to be ready. Among the steps you’ll need to take are writing a business plan, finding a financial partner, and making sure you have the skills to run your business.

• Write a business plan. You can think of your business plan as a blueprint that helps you build your company from the ground up. According to Nolo, your business plan can even help investors see the value of your business. This is important if you plan to take on partners in the future.
• Hire an accountant. Unless you are launching a bookkeeping or accounting service of your own, you’ll need someone to help you manage and control your finances. The Adjuvancy is a full-service financial management firm that will handle monthly payroll as well as your quarterly state and federal taxes.
• Refine your skills. If you’re not particularly business savvy, consider going back to school now to earn your MBA. A Master’s in Business Administration will teach you about everything from leadership to management and business strategy. Look for an online program that lets you learn on your own time while you also get acclimated into business ownership.

As You Grow

Growth isn’t simply a matter of doing all of the work yourself. To ensure you continue an upward trend, you have to find (and keep) great employees, maintain a technological advantage, and look for avenues by which to advertise.

• Retain the best employees. Hiring new employees is one of the top crucial steps you’ll take as a new business owner. While it’s tempting to hire friends and family, you may fare better by offering a competitive salary, flexible schedule, and comfortable working environment to outside hires.
• Upgrade your software. The vast majority of businesses these days rely on software. Whether this is accounting or workflow (the latter of which ProofHub explains can make task management easier and streamline processes), make sure that your software programs are up-to-date, relevant to your business, and functional.
• Master marketing. The process of selling yourself as a business owner is intimidating if you’ve never done it before. But, you have to get a grip on everything from print marketing to social media if you want to reach your potential customers and their dollars. 

Quick Launch Business Ideas

Not sure what you want to do? Web design, selling homemade items, and starting a franchise are all relatively simple, low-barrier, and often inexpensive ways to start your first business.

• Web design. To dip your toes into the entrepreneurial pool, use your current skills. Web design is a great example. If you already have a foundation that involves technology, you may be able to start out earning more than $42,000 per year helping people get their businesses online.
• Handmade Items. Are you an artist or artisan? You should know that people tend to value handmade products more than those produced commercially. Start by selling at craft fairs, but don’t be shy about opening up an Etsy or Amazon Seller account either.
• Any franchise. A franchise is an offshoot of a parent company that already has branding, marketing, and structure in place. You will still be an entrepreneur, but you’ll have the benefit of the experience already incurred by the franchisor.

As a new or forthcoming entrepreneur, you’re about to have your hands full. But, everything you can do now to foster growth and development will help you be a better small business owner. If you are still looking for more advice, contact your local Chamber of Commerce or talk to your accountant for more insight into ways to make your money work for you.

Contact The Adjuvancy today, and take control of your personal and professional finances.

 

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