Every Entrepreneur is a Business Manager, because you are saddled with the major responsibility of managing administrative tasks for your business. your business will require you to design its marketing program, a budget analysis in order to find out ways that the business can cut costs. You should have an astute understanding of accounting, marketing and administrative procedures that are required in order to run a business.
Below are few tips on business management for young entrepreneurs.(Continued)
5. Set Up an LLC (or Some Form of Official Business Entity)
Even if you’re totally self employed, don’t have anyone else working for you, and are 100% self-funded from your own pocket, you need to set up your business as a separate taxable entity from day one.
I’m not saying your business will get into legal trouble—most small businesses never do.
But just in case you accidentally used a name that was copyrighted elsewhere in your state or get a totally horrible client that completely screws you over even though you have a contract… the worst thing that can happen is your business dissolves.
Which would suck, but at least you wouldn’t have to foreclose on your house just to pay off what you’re getting sued for… you know?
– Business financial troubles seeping over into your personal finances
– The IRS breathing down your neck
– Getting sued for everything you own
6. Train New Employees Well
Talking about how when you hire someone, you should actually expect a temporary increase in work instead of immediately being able to offload responsibilities and have the free time you dream of.
That’s because, even if you make the smartest hires in the world, they’re not going to understand and acclimate to your business right away.
Instead, they’re going to need time to learn the ins and outs, to understand your expectations, and to mentally put the puzzle together to see how all the small pieces add up to your larger goals.
They’re not going to hit the ground running on day one, and you shouldn’t expect them to.
Train them well to do their jobs—even if they’ve filled the same role five times before at five different companies and you assume it should all be the same. (It’s not all the same.)
Plus, when someone feels more competent in their job, they feel more empowered and proud of what they do.
– Harsh firing
– High turnover
– No wasted time going back to un-do employee mistakes
7. Invest in Marketing
An “Open for Business” sign on your front door and/or a website that’s finally gone live isn’t enough to get you customers.
It’d be nice, but that’s just not the world we live in.
The world we live in requires small business people like us to force our way in front of people, show them something valuable, and somehow have them listen to our pitch.
Because without that, nobody is going to just be compelled out of the blue to buy from us.
So to invest in marketing properly, you’ll need to do a little research to find out what works best for your business model and your market:
- Renting a booth at a Trade Fair?
- Online Content Marketing?
- Ads in the Newspaper?
- Radio and TV advert?
- Facebook ads?
- Network Marketing and Referrals?
Whatever it is, you’ll want to start doing it from day one.
Or if you are really smart, you will use it to start building hype, loyalty and anticipation before day one.
But whatever you do, do not sit around and twiddle your thumbs and then decide that maybe you should look into marketing when you realize your business is not as profitable as you initially planned.
Do it right away and you will thank yourself later on.
– Sore thumbs from too much twiddling
– Zero cash flow
– Going in debt because of no income
– No funds to pay yourself or your employees
8. Schedule Meetings With Yourself
As the business owner, you’ve got a ton of decisions to make.
You’re the one responsible for your company’s ultimate success or failure, you’re the one all your employees look to for direction, and you’re the one that’s got to see the big branding picture to know what moves to make next.
But because running a business—even a “small” business—requires so much work and such a long intensive to-do list, we often get so caught up in feeling accomplished by getting that work done and those to-do items checked off that we forget to check in with ourselves as business owners.
In fact, we get caught up in acting like an employee to such an extent that we forget to be the boss.
So every week—I schedule mine on Friday mornings—take 30 minutes to an hour to have a meeting with yourself as the chief strategist of your business.
To start off the meeting, acknowledge what your big-picture goals are and then for each of those goals, figure out if what you’re doing right now is aligned with making those things happen.
If it is, great.
If it is not, figure out what you can do to change it.
If it kind of is, but there’s room for improvement, figure out what that improvement needs to be.
When I do this, I often find that the things I’ve let myself get heavily focused on probably need to be set to the side for a week or two while I get something else in order.
And even though I don’t make progress on the thing I set aside for half a month, when I do pick it back up again, the progress is always smarter and faster because of these meetings with myself.
– Getting behind on your goals
– Not keeping up with the market or your competition
– Watching part of your business crumble
James Hilary Chukwuemeka (TeamHilarious)