The word “entrepreneur” derives from the French language: “entre” meaning to enter and “prendre” meaning to take. In other today’s view, an entrepreneur is someone who takes risks by entering into new business ventures. Sometimes those risks pay off, but sometimes they do not; this is why every entrepreneur should do as much research to gain all the necessary knowledge that they need to succeed in the competitive world of entrepreneurship. Here are six hacks for entrepreneurs who want to be a part of or form a small business.
- Business Plan
Most businesses begin with an idea. That idea can then flourish into a business with enough planning, dedication, and work. The first step in creating a business is the business plan.
Business plans generally outline:
- What the business is and will do
- How the business will be run and managed and by whom
- Market targets
- Market analysis involving similar businesses
- Risks involved v. Success potential
- Financial data including how it will be capitalized and the current financial situation
- A final executive summary stating why the business will be a success and needed in the market
Having an accurate, well-organized, and flawlessly written business plan coupled with the following official documents is one of the most important things that you should search for and complete initially for small businesses. Before officially entering or starting a business venture, make sure that the business plan makes sense. Never assume that the business plan is accurate. Do the math and evaluate for yourself to determine whether the business plan is truthful and precise. There are many templates out there, but every business needs their own for their product or service. You want to have a business plan that is unique and well-assembled. Time must be put into developing a business plan, and entrepreneurs can tell when one was put together last minute, as opposed to one that was completed professionally with effort and thought throughout.
- Business Entity Choice
With so many business entities out there to choose from, it is important that small businesses have the right one for their business. Seeing a business attorney can help advise you which entity your business should be depending on the members’ current and future goals, taxes, and management. You should not take the advice of someone who has had a successful Limited Liability Company (LLC) to assume that it is the right entity choice for you. Because you are a small business (and likely have less than 100 members), you could opt to be taxed as an S-Corporation, as opposed to a C-Corporation. On the other hand, maybe an LLC or sole proprietorship is the best way for your business to go. Each entity has its benefits, but some may be more advantageous to you over others. Therefore, having an accurate and well-organized business plan is the number 1 hack (listed above): you need to have this information down pat before proceeding with anything else because it is the foundation to any business.
A successful marketing strategy is one of the most important hacks that entrepreneurs in small businesses can have. This includes advertising, using social media to reach out to your clients, and posting quality material out on the internet. Adding a blog to your website allows more chances for people to visit the small business’s website via search engine optimization, creating more traffic flow to it. Furthermore, seeing what your competition is doing in a market analysis will allow you to step up your game and keep up with any new trends to set yourself apart from your competition by always having a leg up.
Marketing your business will get more people to know who you are, what your business does, and what you can provide for them. There are skilled web marketing professionals out there that know how to have your business website go from the bottom of a Google search, straight to the top. If this is something that you would like to do, have a conference with a potential web marketing team, and feel free to ask them questions about what they do, how they will promote your business, and see examples of their results.
One of the best ways to bring in new clientele and meeting people is by networking with professionals within your area. Depending on your business, there are several conferences, luncheons, meetings, and guest speaker events to go to that will be relevant and pertain to your business. Going to these events will allow you to meet people with the same interests. Bring your business cards to hand out to people and they will be more likely to recommend you or even use your business themselves over another person or business that they have never met before. Furthermore, you may come across more opportunities and possible collaborations with like-minded people that can help your business.
- Hiring Employees
Hiring the right employees for your business is vital to your business’s success. You need to hire skilled people that will not only care about your business just as much as you but will also put in the time and effort required to help your business succeed. Being meticulous about who you hire is something that you should take seriously because as a small business, you will be working closely and get to know these employees on a more personal level rather than if you were a big corporation. You need to make sure that your team will work with you in addition to your other team members.
A character trait that is within almost every entrepreneur is the sense that they know with risk, can come great reward, but taking risks can also sometimes lead to some failed ventures. The key is to maintain the drive to be a successful entrepreneur if that is your passion. Creativity, enthusiasm, and the ability to pick yourself up will likely lead to new successes. Eventually, it will become even easier to determine what a good risk is as opposed to one that may not be worthy of such a risk. Successful entrepreneurs have now gained a sense of when to step away from an opportunity in addition to when to jump into one that they really believe in. If entrepreneurship is your dream, keep that dream alive and stay dedicated to your future because eventually, you will gain that sense as well.