Setting up and running a successful small business is a task like no other and one which will test your limits in a unique way. Working for yourself as a business owner is a dream come true and you will finally be able to do all of the things you always wanted to. You’ll find something you are genuinely passionate about and use this to build the foundation of a great business for yourself in the future.
Today we want to take a look at some of the top tips you should follow as a new business to make the most of your time and ensure that you are able to shine.
1. Set up tax
One of the things you might not immediately think about when you start working for a business is sorting out your taxes. Tax is a stressful thing to arrange and sort and it is important for you to do this sooner rather than later if you are to make the most of your business and reduce some stress later on. Self-assessment tax returns can be a little daunting but they are actually super easy to fill in and, they will allow you to record your taxes and make sure that you are able to pay the right amount of tax instead of overpaying.
2. Separate Your Finances
When you take that leap away from working for others and finally work for yourself it can be a hugely daunting thing. The main change you will see once you start to work for yourself is that your finances will suddenly be comprised of your personal finances and your business finances. In order to make the most of your business and stay on track with your finances, it is important that you separate your personal and business finances from one another and treat them as separate entities. You wouldn’t want to dip into your business budget for decorating, and you don’t want to dip into your personal savings for marketing. It is best to set up a separate bank account when you launch your business and carry out all transactions through that and that alone.
3. Pay for Accounting Software
Accounting as a new business can be difficult and incredibly stressful. It is crucial for you to use helpful software to keep on top of things such as earnings and expenditure to make sure you are always on track with your finances. Paying for an accounting software can save a lot of stress and hassle and will allow you to make the most of your money in the business and use it for the most lucrative purposes.
4. Educate yourself
The moment you step away from a big corporation and decide to go it alone, you are setting yourself up for a big learning curve and there will always be a risk of failure if you aren’t careful. Make sure that from day one, you invest in your own education and take steps to further your skills in all areas of business. As a CEO you have to understand how a business works and how to manage it effectively, as it is important for you to use your skills for the betterment of yourself and your new enterprise. Make sure to educate yourself through free and paid online courses and really get to grips with what it takes to maintain a successful venture.
5. Train New Employees
As well as investing in your own education, when you start a new business you need to make sure that you invest in your employees and allow them to thrive under your care. When you hire a small team of employees to head projects for your business you will want to make sure that they are able to work efficiently and effectively for you. This means that you should always take the time out of your day to have one-to-ones with your employees and make sure that you offer training programs which will suit them and allow them to progress in their chosen career path. Every worker is unique and has some great skills to offer, and you are in a unique position to help them unlock these skills and use them for your benefit.
6. Ignore Your Inbox in the morning
Emails are a staple in the workplace and there is always a temptation to log straight into your emails when you reach the office to gain an update on the world and the business. However, as well as emails being important they are also annoying. Scrolling through emails first thing in the morning can slow down your flow of work and it can dampen your spirit. If you want to avoid completely demotivating yourself in the morning, then avoid your emails until after lunch time. This will ensure that those crucial first hours of the day are as productive as they can be and you don’t get easily distracted by things and ruin your flow.
7. Invest in Marketing
Marketing is a huge part of any business and if you are looking to be successful this year it is important for you to invest in marketing in all of its forms. There are many different ways to market a business effectively including emails, postal flyers, social media and more. Utilise as many of the free tools you can for your marketing and ensure that you are able to make the most of every method to get the word out there.
8. Schedule Meetings With Yourself
We all know the feeling of trying to work on something important and being booked into countless meetings because we have free space on our calendar. However, if you really want to be successful and work efficiently it is important for you to schedule meetings with yourself now and again. Block out the time in your calendar so that other people cannot drag you away from an important piece of work. This is a tactic which can help you hugely with your workflow and, it will ensure that you can always stay on top of any heavy workload that comes your way.
If you can’t do it, outsource it. The most common mistakes new business owners make in those crucial first months is to try and be a Jack of all trades and manage every aspect of a business themselves. But back office outsourcing can be a huge help for you as a fledgling business owner. It will allow you to really make an impact on the business world by hiring professionals to carry out certain tasks. It will free up time for you to spend on other things and will make a big overall impact on your working life and the success of the business as you move forward.
10. Never Multi-Task
We all think of multi-tasking and see ourselves making the most of our time and being super efficient. However, although this can work for some of us, it doesn’t work in a business setting. If you really want to make the most of a working day you need to think about focusing on one task at a time. This will ensure that your focus is always in the right place and that you can give each task full attention. It will improve the quality of work you are able to complete and will allow for a more successful working day.
11. Have an accountant
Unless you are a money expert, you should have an accountant on hand who can help you manage your finances at all times. This is something which can make a huge difference to you and your working day and will also ensure that you save money and make a bigger profit margin whenever you can. An accountant will be able to tell you if you are spending too much and this will ensure that you never waste money on things you don’t need.
12. Leave time free
One of the biggest mistakes you can make as a new business owner is to try and cram too much into the hours of work. It is incredibly important that you never overwhelm yourself with work because it will ultimately leave you facing some real issues. Be sure to leave a decent amount of time free every day in case certain tasks take longer to complete than you thought they would do, or if you face a random issue which needs to be addressed and dealt with in a smart manner.
13. Take a break
After you have been working for a long time without a breather it is always important to step away and think about something else. It can be hard as a business owner to separate home and work life but it is crucial that you do because otherwise you will be in a constant state of stress, and this will impact your ability to work. Have a cuppa and a break now and again and forget about work.