Starting a business as a beginner is an intimidating change. You are put in a world that is constantly changing by the minute. Adaptation may be hard as someone who has no background/experience in this sphere. It is important to remember that almost all entrepreneurs were nervous when they were making their first moves as business-owners. Through trial & error, they become more aware of the industry they were stepping into, and thus, grew successful companies & organizations. Remember, no business is perfect. Making mistakes is a normal task in business, but minimizing those mistakes is a better one.
1. Take Your Time Choosing a Business Partner
Your partner should not overlap you. Let’s say you may have a technical background. Instead of hiring someone who is also similar – hire somebody who can bring new expertise to the table. Maybe you’re good at marketing but lack skills in advertisements, so hire media specialist instead of another marketer. You should share the same goals and visions for the business, but have different skillsets to bring those accomplishments to life. Look for qualities and capabilities that compliment yours, so if there are things that you on your own cannot do, your partner can fulfill.
2. Offer/Give Something For Free
This helps you gain attention and new potential contacts, especially as a new start-up. This can be used as a mechanism to grow your business. A few examples of giving a free service would be:
- free consultations (which Bargain Business Plan does offer, call us for a free consultation regarding your future business!)
- pamphlets/brochures about your company
- webinars/seminars about different topics that are directly related to your business.
- sample products: which can be done if you are in the culinary or cosmetics business, offering free samples of your products for consumers to test/try out.
3. Save Money and Learn About Your Expenses
Decide what type of business entity you are pursing. The type of business you establish determines the types of taxes you will pay. For example, LLC’s are seen as disregarded entities, meaning that the shareholders of the company are not subject to employee taxes as they are seen as business owners/shareholders rather than employees.
It is also essential to document your expenses well. Pay them on time to avoid any issues and penalties. Another way to become more efficient with taxes is by incorporating yourself in your business. Doing so, you will not be subjected to pay self-employment tax as you are self-employed.
4. Get as Much PR as Possible
Networking helps you gain support from other businesses – PR maintains and expands the company’s reputation. Public relations help build you image by getting your word out there. It diverts the attention to your organization which results in an increase in traffic. Having a PR helps strengthen your ties/relations with the community and clients. It enhances your presence in a positive and opportunistic light. They help build your reputation, identify threats, smooth over conflicts, and create a bigger support structure for your business!
If you are interested in business and are thinking of starting one on your own, call us for a free consultation!