Starting a new business can be a daunting task, but there’s nothing we love more than watching entrepreneurs succeed. That’s why we put together this list of seven tips for new small business owners – to help make your lives just a little bit easier, because we want you to be massive successes. (And you might as well learn from the entrepreneurs that came before you, right? No need to reinvent the wheel.)
And there is no shortage of you. According to the U.S. Census Bureau, 5.4 million new business applications were filed in 2021. This is a major increase, compared to 4.4 million in 2020. But starting a new small business is one thing, keeping it up and running is a completely different story. You’ll need all the help you can get, and we hope our tips will help you on your journey.
So read on for seven great tips for new small business owners! (And if you need help with the process of actually setting up a business in Orange County, or California in general, or anywhere really, check out this in depth blog post on how to setup a new business.)
Keep Personal Affairs Separate from Your Business
Many new small business owners tend to mix things up. For example, they use their personal bank accounts for business. This is definitely something to avoid. You need to keep everything related to your business separate from your personal life. Open credit and bank accounts exclusively for your business. This way, you will be able to easily trace your business transactions and keep organized financial records.
Identify Your Unique Selling Point (USP)
Do you offer a high-quality service or a unique product? What makes your business stand out from the others? How will the customer benefit from your product or service? All these questions can help you identify the USP of your small business. The USP is the essence of any business, large or small. It is what makes your product or service better than others offered by competitors.
Don’t forget why you went into business in the first place. There must have been a passion or personal need that helped you build your business idea. Use this to find your USP and articulate it clearly to your potential customers. Tell them what value your small business will bring to their life. This is how you attract and persuade people to buy your products and services.
Target a Niche Market
As a small business, you probably have limited resources. So, don’t spread your efforts too thin. Focus on a smaller target group to be able to fulfill their specific needs successfully. You probably can’t afford to target large markets, at least in the beginning, so you may benefit from focusing your efforts and resources on a smaller niche market.
For example, instead of targeting the entire food industry, you can specialize in “under 5 mins meals”. This will help you stand out in the market, keep your marketing and branding budget down, and provide a more unique customer experience. Then, over time, you can start expanding your market scope steadily.
When starting a business, you probably dream of it becoming a great success overnight. However, it’s important to keep your plans realistic. Having a successful business requires a lot of time and effort and you need to be patient and persistent.
Be careful, because your business will probably face a lot of ups and downs. So, don’t take success for granted or expand too quickly. Things can easily get out of control, and you’ll find yourself overwhelmed. It’s better to take things slowly. Set regular goals that help your business grow gradually and steadily. Land small customers first, then target larger companies. At each stage, give yourself time to build the required experience and resources for the next phase.
Create a User-Friendly Experience
Do everything you can to simplify and shorten the buying process. Keep in mind that not all customers have the time or patience to fill in long forms or go through multiple steps to purchase a product. So, remove any unnecessary steps. Also, try to offer various payment options to meet different customers’ preferences.
Make sure your website is easy to navigate. Any marketing content you publish must also be clear and simple. In addition, your business must be accessible. The customers should be able to reach you through various methods, like phone, social media, and email.
Sharpen Your Networking Skills
Networking is a crucial part of any successful business, especially if you are just starting out. By attending business networking events, you’ll get to know key players in the field. You’ll also learn about market trends, identify best practices, and open new opportunities.
There is no way to avoid networking events, even if you are an introvert. That’s why you need to work on your business networking skills. Attending these events should not feel like torture. To master networking skills, you can check our top 5 tips here.
Don’t Forget Yourself
Starting your own business requires a lot of time and effort. All the stress and the heavy workload can take a toll on your health and mental wellbeing. That’s why you need to be careful not to lose sight of yourself and your needs.
You are the main asset of your new small business. So, take good care of yourself, just like you are taking good care of the business. Try to get at least 7 to 9 hours of sleep at night. Don’t forget to exercise and eat healthy, nutritious meals. Spend some time doing things you love and do your best to keep a reasonable work-life balance.
There you have it. Our seven tips for new small business owners. Hopefully, this will make your life just a little bit easier, and nudge you along on your road to success. Building a new business isn’t easy, and it’s important to take all the help you can get. Here’s to your success!
The road to a successful small business can be full of challenges and obstacles, but we are here to help. At My OC Bookkeeper, we understand the challenges of starting a new business in the Orange County area and can help you each step of the way. From basic monthly bookkeeping services to sophisticated business consulting, we are here to help. Reach out to us today and let’s do great things together.
Want to learn even more about starting a business? (Especially if you are in Orange County, or somewhere in CA.) Take a look at the video guide below for all of the crucial steps to starting a new business.