Paying yourself
Ok, this might be a big one rather than a little one but it does happen. When people are starting out, they tend to get caught up in everything and forget that they need to budget to pay themselves. This can be very tough if you have to pay out a lot of money on equipment and inventory. In the early days of your business, you might not be able to pay yourself a huge salary but try to budget your business so that you can get something to cover your bills.
Have a support team
When you go it alone in the business world, you don’t have to go it completely alone. You might be an expert in your area but that doesn’t make you an expert in other things. Having a support team can include an accountant to balance the books, a web team that you outsource your website to, or just a local group of businesspeople that meet up once a month to discuss how things are going. You might be running your business alone, but that doesn’t mean that you have to do it all alone.
Signage
If you have a store or physical location for your business, you will need to signpost it to let people know where you are. You might find that acrylic is best for shop signs and posters are easy to have made. Your signage needs will depend on your business so don’t be afraid to look around at how your competitors are using signage. But don’t be tempted to blow your budget when you don’t need to.
Your business plan
Once you have your business up and running, your original business plan can be forgotten about pretty quickly. Or, in some cases, some businesses don’t bother making one in the first place. Having a business plan is necessary if you want your business to grow and attract new investors. It can also help you to stay on the right track as you move forward. Don’t be afraid to dig it out and have a look at it or create a new one if you need to.
Dedication
If there is one element that is needed for a business to succeed, it is dedication. You cannot expect a business to grow and create a profit if you do not dedicate yourself to it. Many people find that their business goes under after a few months as they refuse to put any decent amount of time into it. Don’t make the mistake of thinking that your business will grow without any help as this is one of the biggest lies that we tell ourselves. If you don’t have time for your business, you may need to reconsider why you are doing it.