Things Your Small Business Needs
When it comes to running a successful small business, the truth is a success is relative! It is always essential to think about what your version of success is and try not to compare that with other freelancers or small companies. You are unique, and your selling points are different, and what you need in terms of cash per month is different too.
The next thing that you should be aware of is that there are some things that all businesses need.
The reason that so many small businesses close month on month is that they just can’t manage their money. When a lot comes in, they spend too much on new stock and don’t put enough away. And, this isn’t all about profit either - it is a lot about just merely not having cash to hand when you need it. If you aren't great at cash planning, then you are going to find yourselves closing shop very early. So, invest time in cash flow planning and always put some of your profits into an account to save for a time that you need it.
If the world of social media when kaput tomorrow - what would you have left? Your mailing list. There are many software choices that you can use to manage your mailing list - you should look to find one that you can control with ease. It is always worth remembering that you need to have your address on each newsletter that you send out. If that isn't something you are comfortable with then, you might like to invest in a business address with physical office. So you are protecting your home address but still compliant with the rules.
No person is an island, and some projects are just too big. When you are starting out, it might be helpful, and something that helps in the long run, to think about recruiting some freelancers to help when you take on larger projects. You can use online software like Trello, or Evernote to keep track of who is doing what, and when work has been submitted - and neither of them takes too long to master. This also means that you will be able to work at a much faster rate and produce a more diverse project outcome.
Marketing Maketh The Company
Your marketing should always be driving your message. Who you are, what you do, where you can be found, and how you can help people. And, don’t worry - every business has more than its fair share of marketing faux-pas. You have time to learn how to get it right, and if you really can’t get to grips with it, there are thousands of freelancers and small companies that are fantastic at it.
Peaks and troughs. There will be moments that everything becomes clear, and it feels like smooth sailing, and there will be moments that you feel like you aren’t getting anywhere. Both of those are essential in a small business. And, typically the harder stages are the ones where growth is happening!