Starting a business can be scary; you’re putting your neck out there with a large possibility of failure. So how do you give yourself the best possible chances of success? To succeed as a new business owner, you need to create a brand that speaks authentically to your customers. However, there are a million other things you have to do if you want your business to succeed financially.
To that end, here are some common problems that new business owners often overlook when they’re just starting out. Instead of learning these lessons the hard way, keep these tips in mind as you grow your new business.
Secure your digital operations
Here’s a disturbing fact: Cybercrime costs are expected to reach $6 trillion annually by 2021. And because small businesses lack the sophisticated databases and security protocols of larger businesses, more cybercriminals are targeting small businesses specifically. You don’t want to put your business at risk of any sort of data breach or hack. A single incident can damage your business, your employees, and your reputation. Invest in cybersecurity right away to keep your information safe.
Get ISO certified
ISO systems are incredibly impactful for many different types of businesses. In fact, nearly 85% of organizations certified with ISO 9001 report an improved company perception, higher demand for products and services, and an increased market share.
Hire an accountant
Unless you’re already a CPA yourself, you’re probably going to need the help of an accountant for your business. Just because you can file your own personal tax return doesn’t mean you have the knowledge to handle business taxes. These filings are incredibly complicated. For example, corporations that have assets of $10 million or more are required to electronically file their 1120/1102S income tax returns, and that might be a regulation you aren’t aware of if you aren’t a professional accountant. Plus, the Department of Finance collects more than $35.8 billion in revenue for New York City alone, and that sheer volume of money is best left to be handled by the professionals.
Figure out your expenses
Once you start to develop your business plan, you need to figure out how much everything is going to cost you. You need to factor in every business expense necessary to launch and operate your business. This includes expenses like rent, supplies, location, marketing, payroll, and more. You don’t want to forget about your personal expenses either. Healthcare, food, gas, rent, and other things you need to live have to be budgeted for, too.
Establish your financial goals
Many people set vague goals, like having a multi-million dollar company. While that’s great, you need to have financial goals that are reachable and measurable. You should set monthly, weekly, or even daily revenue goals so you can stay on track and make the necessary adjustments for growth. Once you hit a milestone, you can give yourself new goals to make sure you continue on your path to success.
Hire the right employees
Finally, you can do all these things and create an amazing company, but if you don’t have the right people working for you, your efforts will be wasted. Look for people with motivation, creativity, and the right kind of personality to fit with your business and thrive in your industry. Once you’ve found the right people, treat them well, engage them, and create an environment where they can thrive and want to stay for years to come.
Your business is your baby, and you want to treat it as such. If you put the right amount of effort in, protect yourself, and surround yourself with the right people, you should be able to achieve your dreams.