The last decade has seen many individuals start their own businesses in a wide variety of industries, and there are now reported to be as many as 16 million self-employed people throughout the U.S. However, starting and maintaining a business is never easy and entrepreneurs face a whole host of challenges, some of which prevent them from ever getting off the ground, while a further 70% fail to make it to their 10th anniversary.
That said, if you’ve got a great idea for a product or service, and follow the four foundational steps below, there’s no reason why you can’t make your business a success:
- Love what you do
It sounds like a bit of a cliché, but for any business to be a success, you must enjoy being your own boss and be passionate about what you’re selling. Don’t love what you do, and the chances are that others won’t love it either.
- Put your values in order
Determining what your brand stands for and the professional purpose of your business is essential if you’re to provide your audience with a mission statement and list of values that you can both believe in, and adhere to. Having a strong set of values will help you build a strategic business plan and guide you as to the type of clients you want to take on.
- Set clearly defined goals
A certain amount of number crunching is required if you’re to set clearly defined and realistic goals for the future of your business, and many entrepreneurs find it worthwhile to begin working with an accounting professional from the outset. For example, once you’ve accurately determined what you need to bill per month for expenses, you must then think about the customers, clients and sales that you’ll need each month to match those expenses, or better yet, exceed them. It’s also important to budget for your own salary, and then add 10% on top for cushion.
You must be realistic with your calculations if you want to be able to set actionable goals for the future success of your business, and an accounting professional is best placed to help you do this.
- Build your business
Learning from other entrepreneurs by watching tutorials, reading articles and reaching out to individuals is a great way to help you avoid mistakes and build a better business. You could also join an association and participate in a mentorship scheme, or align with a professional franchise.
Going it alone can be immensely rewarding and for those who are successful, the struggles and challenges are almost always worth it. However, never underestimate the power of professional help, and by working with a third party accounting service, you can start your business on the right financial footing, and keep it there.