KYB is always here to give our clients that extra boost to be successful and stay on top of their industry's trends. We're giving out small business tips on starting & staying successful as well as creating a killer budget. In this day and age many people are starting their own business; they see a need and want to fill it. But starting a small business isn't just about the thrill of working for yourself. Before you can take that big sigh of relief, a small business owner has to put in a lot of time and energy to make their business successful in an world of why your company and not the other guy's.
B2C.com has some tips for starting your small business:
- Have a Solid Business Plan- This is more than a good idea. Look at competitors & Know what strengths your business will rely on you for and what weaknesses you might need to outsource.
- Separate Your Finances - Keep your business and personal finances separate.
- Get Funding - Find capital to fund your business whether it be loans, personal investments, research grants, etc. There are so many creative ways to fund your business in today's market; you can even have a donation website!
- Handle Licensing - Get your business license and secure an EIN (Employer Identification Number) if you plan on hiring in the future.
- Outsource Services when Possible - Running a business is stressful enough but starting one can be overwhelming. Outsource things that are not your strong suit. Don't worry you'll still have countless items to make decisions about.
- Find your Market - Create a social media presence, hit the streets and build your customer base.
- Secure a Business Space - Whether a home office or a small office space in the heart of your city, set aside an official business space for your company. But don't get carried away in the evolution of remote employees you might not need a big space; at least in the beginning.
One of the major keys to a successful business is to have a great budget! Not knowing where or how to allocate your money can lead to disastrous results.
Dynamic Business has some great tips on creating that killer budget:
- Use a Spreadsheet - Be honest with yourself and find out what ALL your expenses are. Once that is no longer efficient then it's time to transfer to Quickbooks or outsource your accounting.
- Know what Your Spending - Check your budget against your bank accounts to get an accurate idea of what you should be spending and what you are spending.
- Adjust Your Budget Accordingly - Delete any items you can do without. This includes items such as bottled water, soft drinks, eating out (more than 1x per week) etc.
- Set Goals - Know what you want and write it down. This helps keep it on your radar and ultimately track your expenses so that you can reach these goals.
- Credit Cards - Don't use these unless necessary. Also, avoid paying the minimum amount due if you can.