“Starting a business can be tremendously thrilling and fun, but also tremendously overwhelming and challenging.”
This was part of the South Florida Business Journal’s recently published an article citing The 8 Tips Every New Business Owner Should Know.
“About 39 percent of entrepreneurs said it was somewhat or extremely easy to start their business, while 38 percent said it was somewhat or extremely difficult. Advisors who counsel and invest in startups said new businesses often struggle with the same issues: growing revenue, adding customers and producing accurate financials,” it went on to say.
The 8 tips are:
- It’s Good to Share: “Top-tier startups are 59 percent more likely to have more than one founder.”
However, if there is more than one owner, manager, or member, then it is that much more important to make sure that your company documents are properly drafted.
- Winging It is For the Birds: “One of the first steps for a significant majority of successful entrepreneurs was creating a formal business plan. Don’t wing it! Creating a business plan is absolutely critical and should be done ahead of anything else.”
Here at Boyer Law Firm, we have assisted many Florida small businesses in drafting their business plans, especially for investor’s visas.
- Take a Word from the Wise: “54 percent of top-tier founders are more likely to hire an accountant, at least part-time.”
CPAs, attorneys, and other professionals may also be needed. Here at Boyer Law Firm, we specialize in assisting Florida small businesses as a quasi “in-house” attorney they cannot find anywhere else.
- Don’t Ignore Modern Marketing: “Marketing is no longer a one-way communications channel. You can (and should) be engaging directly with your customers through the use of social media platforms”
Make sure you are still engaging in a professional fashion.
- It’s A Balancing Act: “the most successful entrepreneurs are 58 percent more likely to make family, friends and personal pursuits a top priority in their lives.”
Happy people are much less likely to become overly stressed.
- Research, research, research: “Conduct a thorough market analysis. Who are your target customers? Your competitors? What trends can you take advantage of? Gather as much information as possible to help you set specific, realistic short- and long-term objectives.”
And then use this information in your business plan to make it more effective and accurate.
- Put Yourself Out There: “Meet people who share your perspective or may show you a new one. Take any opportunity to learn and network.”
This can allow you to both learn and grow your business at the same time
- Rules are Sometimes Meant to Be Broken: “Entrepreneurs often have to forge their own paths. Sometimes it’s necessary to break a rule a two in order to grow and succeed.”
But you should check with your attorney first.
Source: South Florida Business Journal