You’re working to grow your small business - but you still feel like you have a steep learning curve to conquer before you become a confident, skilled entrepreneur. In the early days of doing business, occasional missteps are normal, and it’s best to focus on mastering certain best practices and simply embrace the learning process. For instance, if you’re trying to figure out how to embody your values through your business, you can turn to the Ethical Entrepreneur E-Book which is available on Timeless Values. And if you want to get better at staying on top of your finances, networking, or marketing, these tips can help you along the way!
Form an LLC
Yes, you can technically run a business without formalizing your business structure, but you’ll definitely benefit from going through the business formation process early on! By filing for an LLC, you will be able to save on your taxes and keep your personal assets secure. If you’re not sure how to form an LLC, you can use an affordable online formation service to accelerate the process and get the guidance you need.
Keep Your Finances Organized
When you opened your business, you may have kept track of your income and expenses with pen and paper. But if you want to move your company forward, you need to keep a close eye on your finances and ensure that all of your documents are organized. It’s a good time to invest in bookkeeping software, so check out a few different programs to find one that has all the functions you need to manage your company’s finances. Furthermore, Seattle Business recommends maintaining separate bank accounts for your business and personal finances and setting up a filing cabinet for hard copies of any financial documents.
Stick to Your Ethical Code
You may face tough decisions as a business owner that remind you of the importance of upholding your personal values, even if sacrificing these principles would bring in more revenue. To keep your values at the forefront of your business, you can create a list of principles that you refuse to compromise on. Keep this list in a place where you’ll see it often so that it’s never far from your mind.
Networking can be challenging, especially if you’re an introverted entrepreneur - but if you want to connect with people who can help you learn and grow, it’s absolutely necessary! If you’re ready to get better at networking, it’s important to attend events for people in your industry on a regular basis. You can also join your local Chamber of Commerce! Pulse Marketing Agency states that by becoming a member of your Chamber of Commerce, they can highlight your business in marketing materials, give you access to regular meetings, and help you get in touch with other local entrepreneurs in your field.
Commit to a Marketing Strategy
You might feel shy when it comes to self-promotion. But if you don’t market your business, you’re simply not going to reach enough customers to stay afloat. It’s best to divide your marketing efforts between in-person strategies and online advertising. For instance, you can design print materials like flyers, pamphlets, posters, and postcards to distribute locally, and you can also advertise your business on social media.
When it comes to entrepreneurship, there is no clear roadmap to success that will fit every single business owner, but there are certain practices that are almost universally beneficial
Please have a look at the Ethical Entrepreneur guidelines for how living natural values in how we think, relate to others and act will enable a business to be Ethical & Effective; Principled & Profitable; Conscious & Commercial. Sign up