There are currently more than 31 million entrepreneurs in the United States, according to research by Babson College. If you are among the many Americans who have started their own business, congratulations! You’ve achieved a major milestone: You are officially your own boss.
But although exciting, entrepreneurship also presents unique challenges.
The Sanger District Chamber of Commerce is dedicated to helping new business owners overcome those hurdles, offering resources and events to encourage entrepreneurial success. Read on for some basic, best-practice guidelines on how to ensure your company thrives.
Select a fitting business entity.
Your choice of business entity impacts everything from tax obligations to state and federal reporting requirements. Selecting a fitting business structure at the start of your entrepreneurial endeavor will save you time and stress. Not sure what model is right for you? LegalNature offers a bird’s eye view describing the differences between a C-corporation, S-corporation, limited liability company, and non-profit.
Set up a company bank account.
A business bank account allows you to easily separate personal and professional finances. This will help streamline your bookkeeping and tax filing processes. It’s also useful if you ever face an Internal Revenue Service audit. The National Law Review reports that the IRS is planning to increase audits following the COVID-19 pandemic, so it’s important to be prepared. Select a high-yield interest business bank account with features that will simplify your business processes. As a rule, a good business bank account will offer integration with payroll software, instant free deposits, fewer fees, and insights on your cash flow.
Establish an organizational system for paperwork.
Small business ownership involves a significant amount of paperwork. You have to complete documentation to establish your business as a legal entity, for example. You will also need to keep track of documentation for payroll, including sensitive details like your employee’s social security numbers. There are also financial documents to track on an ongoing basis, like expenses and invoices, cash flow statements, and more. Budget and the Bees offers tips for organizing your documentation, like investing in file folders and cabinets. You can also scan hard copies and back them up using digital cloud storage.
Incorporate networking into your everyday life.
As a small business owner, networking allows you to make valuable connections that can help your business thrive. You can meet potential business partners, investors, and employees. An entrepreneurs’ personal network can support business growth, so take the time to nurture the contacts you make. Joining the Sanger District Chamber of Commerce is a great way to learn about events for entrepreneurs in the area. For more networking tips, check out this guide from the Kangan Institute. Pointers include leveraging social media and meeting new people via those you already know.
Be bold about promoting your business.
Imposter syndrome can cause insecurity in entrepreneurs and make them shy about promoting their business. Don’t fall prey to this trap. Remember, it’s up to you to acquire clients and ensure your business grows. You need to be proactive. There are a few ways to do this. Establishing a digital presence is a great start. You can use the Google My Business website tool to create a free mobile-optimized site, for example. You should also be promoting yourself, however. The Social Ms explains that thought leadership actions — for example, publishing informative articles about your area of expertise online — are a valuable marketing tool.
The above tips can help you find confidence as an entrepreneur. Follow this guide to best business practices and you will see your business thrive. And if you need more support as an entrepreneur, join the Sanger District Chamber of Commerce. Become a member now.