Challenge: Legal and Financial Requirements
Filling the proper work with the government and local authorities, securing starting capital, and ensuring adequate cash flow are the most basic things a business owner needs to have in place before the doors open. Each of these areas can take hours of research and follow-through and can seriously hurt your business if not taken carefully.
Solution: Create a long-term plan and checklist
Creating a long-term plan and checklist ensures that you always know what direction you’re going. It might be wise to sit down with an accountant and attorney to go over your own research and incorporate any hints or tips they might have.
Challenge: Spreading the word about your new business
Just because your business might be unique, or best in the business, doesn’t guarantee that people will find out about you quickly. Making sure that your client base knows you exist isn’t as easy as it sounds.
Solution: Build a marketing plan
According to Small Business Chron, an advertising should be anywhere from 5-15% of your budget. Running campaigns on social media or paid advertising channels are the quickest way to get your business out there. Keep in mind however, that keeping your marketing purely organic/non-paid can decrease the rate at which your business grows by a large amount.
A lot goes into keeping a small business running, and keeping it legal. Accounts payable, employee wages, taxes, and other expenses seem to each have their own roll of paper and by the end of the month you might feel like you’re drowning in paperwork.
Solution: Create good habits
Having things planned out in advance can make your life a lot easier. Set apart times of the day, days of the week, and times of the month for each individual task that requires paperwork. Keeping to a schedule will ensure that you never get that feeling of unending paperwork.