Below are our top 14 tips for running a small business
For many business owners running a small business can be quite a challenge. Whether you're just starting out with a new business idea or you already have a successful business, there's always something new to learn and strategies to try.
In this post, we'll share some tips on how to run a successful business. We'll cover topics such as marketing strategies, branding, hiring employees, and more!
1. Coming up with your own business idea
The very first thing you need to do is to determine what type of products or services you'll be offering. You can do this by thinking about your strengths and experiences, as well as the things you enjoy doing most. For example, if one of your hobbies is baking cupcakes for friends and family, a small business based on that might be feasible!
Once you've figured out which products or services will best suit your small business needs, it's time to build up brand recognition.
One way to go about this is with social media marketing campaigns using platforms such as Facebook and Instagram. Creating a unique hashtag for customers to use when sharing photos related to your product or service can also help boost awareness in addition to driving sales via word-of-mouth recommendations from satisfied customers!
2. Creating your Business Plan for your new business
A business plan is a document that outlines your business goals, strategies and how you plan on achieving them. A business plan is a great asset to have for small business owners, and it is extremely important when it comes to obtaining financing from lenders or investors.
Most lenders will want to see your business plan to gain a clear understanding of your business idea and what you're trying achieve, and how you plan on succeeding.
3. Hiring Employees for your own business
One of the keys to a successful small business is having the right team in place. When hiring employees, it's important to remember that they will be representing your company so take care in selecting the best possible candidates.
One way to assess whether someone would be a good fit for your organisation is by asking behavioural interview questions. These are questions that ask potential employees about how they handled certain situations in the past.
If a candidate isn't qualified or doesn't work out after being hired, this could hurt your company. It's also important to establish clear expectations and goals with all of your employees, so everyone knows what is expected from them.
4. Financing Your Business Idea
Starting a small business can be expensive, so it's important to have adequate financing to fund your new business idea.
There are many different sources of funding available, from self-funding, friends and family, angel investors and more, so do your research and find one that best suits your business. You may want to consider a small business loan from your bank or use a service such are the funding circle. You can see a list of great lenders on the British banking website.
5. Create A Marketing Plan
One of the most important things you can do for your small business is to create a marketing plan. This will outline your goals and strategies for reaching new customers and growing your business.
Your marketing plan should include both short-term and long-term goals, as well as specific tactics you'll use to achieve them. It's also important to track your progress so you can adjust your plan as needed.
6. Branding is essential for small businesses
Another important step in growing your business is creating a brand. Your small business needs to stand out from the crowd, so you need to create an image that sets it apart.
A strong brand should be recognisable and memorable for customers, which will help them easily identify your company when they see its logo or name elsewhere. This can include things like social media pages, signs outside of your store, advertisements online and more! Many business owners lack in this department, so this is a good way to get ahead of your new businesses competitors.
7. Staying motivated as a business owner
Running a small business can be difficult because there are many ups and downs. It's important to stay motivated and focused on your goals so you can reach success in the long term.
Remember that it takes hard work, dedication, and passion for your small business to be successful!
8. Know your competitors and market conditions
In order to be a successful business, you need to know what your competition is doing and how the market is changing. This information can help you make decisions about your business strategy and the products/services you offer.
You can find this information by conducting market research, which includes surveying customers, analysing industry trends, and more.
9. Registering your company with companies house
When starting a small business, it could be a good idea to register your company with companies house. This will help protect your business name and make it easier to do things like open a bank account or file taxes.
You can find more information on the HMRC website.
10. Get your new business online
In this day and age, it's important for your small business to have a strong online presence. This includes things like a great website, social media pages, and an email marketing campaign. Online tools are a great way to reach new customers and connect with them on a personal level. You can also use them to keep track of your progress and measure the success of your marketing efforts.
11. Stay organised
One of the best ways for new business owners to stay motivated and focused when running a small business is to stay organised. This includes having a system for tracking expenses, recording sales data, and organising your paperwork. Having everything in order will make it easier for you to keep track of your progress and make informed decisions about your business.
12. Use technology
Technology can be a great tool for small businesses. There are many different types of software available that can help you with tasks such as invoicing, payments, bookkeeping and much more. You can also use online tools to help you manage your marketing efforts or track the success of your website.
Be aware that some software may have hidden costs associated with them, so it's important to do research before choosing a solution for your small business needs!
13. How to have a profitable business
It's important to remember that not all businesses are profitable. In order to have a successful and profitable small business, you need to have a clear business plan, be organised, and make well-informed decisions. You also need to market your company effectively and offer products/services that people want!
If you can focus on these things, you'll be well on your way to having a successful and profitable small business!
14. Marketing Strategies
One of the most important aspects of running a small business is marketing your company effectively. There are many different marketing strategies available, so it's important to find one that fits your budget and target audience. Some common marketing strategies include online advertising, social media marketing, content marketing, public relations, and email marketing.
15. Have a great accountant
A great accountant is a huge asset to have for your small business. They can help you with things like filing taxes, bookkeeping, financial forecasting, value-added tax (VAT), Making Tax Digital (MTD) and much more. It's important to find an accountant that understands your industry and the specific challenges you face as a small business owner.
Not all accountants are the same, and we strongly advise that you shop around to find the right one for you and your company. Remember, a qualified accountant would be your best option as they have extensive knowledge, training and qualifications. Your cousin's friend may not be the best option for you here.
At Suretax Chartered Accountants, we help many people set up their new businesses and offer a wide range of services to small businesses. Please don't hesitate to get in touch with us if you need any help or advice!
Now that we've covered some of our top tips for running a small business let's take a look at some bonus tips!
Bonus tips for starting your own business
- Establish your company's goals - What are you trying to achieve? How will this help your business grow?
- Be flexible and willing to adapt - Especially in the early stages of running a small business! You'll likely encounter unexpected challenges along the way, but it's important that you're able to adjust accordingly.
- Have confidence in yourself and what you're doing - If you aren't confident about starting your own company, no one else will be either. Make sure not to let fear get in the way of success!
- Don't give up after encountering failures or setbacks - Everyone encounters these things at some point, so use them as opportunities for growth instead of letting failure determine who you are as an entrepreneur.
- Get involved in your local business community - This can help you build relationships with other entrepreneurs and learn from their experiences. You may also be able to find mentors who can help guide you on your entrepreneurial journey!
- Join or create a local entrepreneur group - This will allow you to connect with other small business owners in your area and share advice and resources.
- Utilise online resources - There are many helpful articles, videos, and podcasts available online that can teach you about starting and running a small business.
- Use social media to your advantage - Platforms like Twitter, LinkedIn, Instagram and Facebook can be great for connecting with potential customers and other entrepreneurs.
- Get creative - Don't be afraid to try new things in order to grow your small business. If something doesn't work, learn from your mistakes and move on.
We hope you found these tips helpful! If you have any other questions about running a small business, don't hesitate to contact us for assistance. We'd be happy to help!