9 things you should know before starting a small business

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Starting your own business doesn’t just take money and a good idea. 

There are dozens of small things to keep in mind before calling yourself an entrepreneur: Have you found a good accountant? What’s your niche? Who are you bringing onto your project?

Read more: 8 startups helping moms get back to work after having kids

There’s no better place to seek advice on how to launch a startup than from other successful entrepreneurs. Business Insider rounded up eight solid pieces of advice on how to start your own business, according to successful entrepreneurs.

SEE ALSO: 8 startups helping moms get back to work after having kids

Figure out how you’re going to finance the company.

To start a business, you need money for licenses, equipment, software, legal fees, operating expenses, and more. You can consider financing your company from outside investors, says entrepreneur Jayson DeMers. Potential sources include your friends and family, angel investors or venture capitalists, or crowdfunding on Kickstarter.

You can also consider bootstrapping your company, another word for self-funding and not giving up ownership too fast.

“Bootstrapping for as long as possible gives your product or service time to gain traction and catch on,” said entrepreneur Brenton Hayden. “Only when you can demonstrate to investors that a new influx of capital will go towards clearly defined milestones should you look for funding.”

Have a good team.

The importance of building up a team comprised of people smarter than you will help scale the business and transform the company, said Ilir Sela, CEO of Slice.

Ben Anderson, founder of Amino apps, also said gathering input from a diverse range of people leads to higher-quality decisions and a more dynamic organization.

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“You need diverse input from people who have a variety of backgrounds and perspectives who can help you look at issues through a new lens,” Anderson told Business Insider.

 

Find your niche.

Before Maleeka T. Hollaway launched her communications agency The Official Maleeka Group, she built multiple income streams by ghostwriting, editing, coaching freelancers, and pitching herself to brands.

She took a step back and realized all her freelance work indicated she was a skilled communicator: She could sell herself with her writing and coaching. “Everything I did then and that I do now in my business revolves around communicating,” Hollaway wrote in 2018.

Her business now revolves around ways to teach others about her area of expertise. She teaches other small business owners to pitch their experience through workshops, becoming ambassadors for brands, or creating an online course. 

 

Don’t settle for an accountant.

Small-business owner Nicole Rollender said when she first set up her LLC, she hired an affordable virtual accountant. The virtual tool ended up messing up her tax forms, causing her to overpay.

Afterward, she shopped around for a local accountant familiar with her state’s particular forms and regulations, and even helped her get back the money she overpaid.

“Whether or not the firm is local to you, it should understand small businesses and your state’s particular forms and regulations,” Rollender said.

Figure out …read more

Source:: Business Insider

      

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