Happy Finance Friday! We made it to May, summer is just around the corner!
This week we are celebrating National Small Business Week. Small businesses of the Hudson Valley are a vital and vibrant part of our community. The region is full of businesses that enrich our region; farms, restaurants, breweries, wineries, local shops, lawyers, salons, accountants and so many more. Small businesses not only keep jobs in the region but they also bring in additional revenue to the region by increasing the number of tourists that come to visit.
Have you thought about joining the small business community? Have a great idea you want to turn into a business? Awesome! Today, I thought I would share some tips on what I would do if I was to start my business today.
Starting a business is hard work. No longer can rely on anyone but yourself. As a business owner, you are responsible for all aspects of your company from accounting to marketing to sales and everything in between. The transition from employee to owner requires a transformation of your thought and work processes. No longer can you go to another department for help you must figure it out yourself. Being an entrepreneur is both extremely rewarding and stressful. Being prepared ahead of time will help you make the transition easier.
So, you are ready to start your journey? Here are a few tips based on what I have learned along the way:
Get as much help and advice as possible. There are many programs available to help aspiring entrepreneurs.The Small Business Administration, SCORE and Small Business Development Center all offer support and guidance for small business owners. Even if you are just thinking about it starting a business check out these resources.
Read, learn, and grow your skills. Leading up to the start of your business immerse yourself with as much information as you can. Stay up to date with the latest in your industry, read books and articles related to your business, and increase the skills you need to succeed. Once your business is up and running continue to grow and learn every day.
Do you love networking? No? Well, it’s time to learn to love it.Networking is a huge part of running a successful small business.I always hear the saying, “It’s not what you know, but who you know”, and it is true. People like to do business with people they know and trust. Start getting out into the community before you launch and get your name out there. Don’t just talk business, but build lasting relationships. Later when the people you network with need your services, or know someone who needs them your name will be the first on their mind.
Get everything in order before you launch. You have done your research, talked to experts, named your business and think you are ready. That is great. Before you launch make sure you have your legal structure set up, your bank accounts, website, tax id number, insurance, and anything else you need to do business. This will help save you from headaches done the road.
Go for it! As Nike says ‘Just do it’. When you own your own business there will never be a day that everything is perfect. There will always be something that needs to be worked on, something that needs researching, something that needs your attention. Once you get your ducks in a row, have crossed your T’s and dotted the I’s go ahead and launch.Take the leap of faith and go for it.
Be prepared for failures. Every successful person has failed. Many have failed over and over again before they were successful. When we see ‘successful’ people on TV, in the news, or in the papers we see them now that they have accomplished their goals. We don’t see the years of failures, mistakes, and all the hard work they put into it. Success looks easy when you don’t see the full journey. Failures are only failures if you fail to learn from them. Take the opportunity to learn from what went wrong and implement adjustments needed to improve going forward.
And there you have some of my tips for starting your own business. I hope this helps you on your journey. Being a small business owner has been one of the best things I ever did. I love working with my clients and on my company ever day. If being a small business owner isn’t for you, you can still be part of the small business community. Shop local first whenever possible to support local business owners. This will help our region continue to grow and prosper.
Happy Small Business Week!
See you Next week for more fun in Finance Land.
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