Essential Building Blocks For A Strong Small Business Foundation

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SoftwareSuggest

Senior editor

Parul Saxena

Chief editor

Last updated: April 16, 2019

More American workers are deciding to work harder at making their own business dreams come true than ever before. Startup entrepreneurial businesses make up over 250,000 of new ventures each year. In the past 5 years, small business license applications have gone up by 67%.

Living your dream and working for yourself can be as rewarding as it can be challenging. In many cases, you may have a breakthrough product or the hottest new idea but not a lot of practical business experience. This is where the majority of new business owners struggle the most.

Well before you open your doors, while you are constructing your business plan you want to include all the important building blocks for a successful business. You will need financial advice, help with a solid marketing plan from the pros at BestSEOCompanies, industry software and tools, and most of all, discipline and dedication.

 

Important Points to Boost Your Startup or Small Business Foundation

1. Gather Your Team of Pros

Everyone can use advice from the experts in your niche. If you are newer to the business world it’s your responsibility to surround yourself with people that can help guide you through your startup process.

You should arrange a meeting with a financial or investment advisor before you start looking for business funding. They will be able to give you expert advice about how to finance your business venture and where to look for investors.

When you first start your business you may have fairly limited bookkeeping needs, but when it comes to the end of the year tax filing you may want to hire a professional accountant. Your first year of books will set the bar and should be audited for accuracy.

You may want to consult a business lawyer to help you draw up a professional customer contract, warranty and guarantee issues, incorporation and company policies. A business lawyer can also help you to stay current on all recurring business fees or policy requirements.

2. Bookkeeping Tools

If you have never created or worked with any business accounting you will want to invest in a solid accounting software package. Many of the best bookkeeping programs can walk you through a basic accounting ledger, track payroll and even record taxes. With many programs, you can start out with the basic package and upgrade as your business grows and requires a more detailed book of accounts.

3. Marketing & Advertising

Part of the boom in the small business market has been due to the incredible reach of the internet. The web has been opening up the global retail markets for over a decade. Small businesses can be instantly international through the genius of social media.

If you want the best chance of starting a successful business in today’s digital world, you will need to have a strong online presence. Bring in a quality social media marketing firm to help you set up your webpage, Facebook page, Instagram account, and Twitter. Depending on your niche you should start making your presence known in the open forums online.

Spend some time on the more traditional advertising methods as well. Local businesses want to reach their core customers first. Build a reputation locally by joining business associations and registries, add your business to LinkedIn or local business directories to be seen by customers nearest to you.

4. Discipline & Dedication

“Nothing worth having comes easy.” A sentiment that is never truer than for the small business owner. Your dream can be a thrilling thing to chase with endless ups and downs, and it takes courage and determination to make things work.

If you have been used to being under the thumb of a boss like most people, the initial freedom that you can find when starting your own business can be exhilarating. It can also be the downfall of most people. If you don’t want to do the work, then becoming an entrepreneur probably isn’t for you. Yes, you can often have the luxury of setting your own schedule, however, you will also be the only one responsible for getting everything done. It’s a balance.

It takes a lot of time, money, stress and personal investment to really get a successful business off the ground. If you can go in with a positive “give it all or nothing” attitude then you might have a chance. In the past year, 1 in 6 businesses has not survived past their first year. With those kinds of odds, you will need to really dedicate yourself to your dream to give it a fair chance.

Invest in yourself as strongly as you invest in your business. Profits in the first few years should be heavily invested back into the company. In every new business venture, there is a long learning process where you spend time constructing and expanding your dreams into reality and forming your business.

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