Tips for Launching A Small Business/Non-Profit
If you're ready to join the group of almost 29 million small business owners, let's look at some tips on how to go about it. The tips could easily be applied to any non-profit startups, as well.
Grab a notebook and take notes as you go through this list.
1. You've got your business, now where do you start? Focus on potential problems, potential employees, needs, other services and products that might be added on at a later date. This will help you look beyond just getting the business up and running.
2. Have you got a business plan? Your local chamber may have a SCORE group of retired business people willing to help you with your business start-up. There may be other resources at your local technical colleges, too If you are looking to obtain money from a lending institution, you will need this.
3. What resources will you need to start with? I'm talking about start-up funding, tools, manpower, space, inventory, etc. All businesses need resources from time to time.
4. Hire an accountant and keep track of your expenses. Understand what expenses are tax deductible and what are not. You might want to have the services of a business lawyer to keep you out of liability situations.
5. What's your marketing plan? Set up your social media account because that is the least expensive and quickest form of marketing. Ask friends and family to likes before you've even opened the doors. Develop a website, business cards, events and be consistent with branding (logos, colors, fonts, etc.) If you have merchandise or are a non-profit, PUT A PAYPAL button on your page. Doesn't cost you anything and could get you additional clients or contributions.
6. What about your finances? Look at your accounts payable, bookkeeping, taxes first. You don't want to have troubles with the IRS before you've even begun. Use a simple form of bookkeeping like Quickbooks. You might want to hire someone with payroll and accounting experience to handle books on a part time basis to make sure you're following tax regulations.
7. Set up your business as a limited liability or an S Corp (depending on what your accountant recommends.
8. First Impressions do count? Remember, whatever you're doing or wherever you are, you represent your business. Be mindful of that and always put your best foot forward. Dress neatly, and look professional. That doesn't mean you can't be in business casual.
9. Don't let the day to day business get the best of you. As the owner, you need to be checking on inventory, social media, employees, human resources, payroll. Make your list daily and stick to it. These little things can "close a business".
10. What are your goals and how are you going to obtain them? You need to set realistic and measurable goals and apply action steps toward accomplishing them. In making continual new goals, when you accomplish old ones, you will be motivated to accomplish more.
11. Ask for feedback from customers, staff and keep a watchful eye on the competition. When given constructive criticism, look at it with an open mind. You would be surprised to see how your business is perceived by others.
12. Seek advice. When starting a business or non-profit, you CAN'T and WON'T know it all. Seek out people you trust to give you good advice.
13. Know your target audience. Who will be your customers, clients, donors or prospects and why? Find out what is important to them and address their needs, not yours.
