Starting a business is a huge undertaking, and even small business owners who have an education in business can forget some important steps. When you’re the owner and just starting out, you’re responsible for everything, and doing the jobs of multiple people leaves room for a lot to slip between the cracks. If you want to make sure you’re launching your business on the right foot, here are some important things you shouldn’t forget.
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Security for a small business means multiple things. It doesn’t matter if you have a physical storefront or you work out of your home, your physical security is important. Having insurance isn’t enough. It’s important to stop potential theft or vandalism before it happens, or you could be dealing with disruptions in cash flow, not to mention risks with your personal safety. Consider installing a security system or at least security cameras on your property.
While a security system may seem obvious to some, many still forget cybersecurity and how a new SASE system can protect your digital assets. Many small businesses have access to valuable consumer data, and a leak can result in lawsuits, not to mention the loss of a good reputation. Once you’ve lost that, it’s difficult to bounce back.
2. Securing Your Name
Many small business owners are so excited about their business idea that they forget to check and see if the name is even available. Sometimes the name is available, but it sounds similar to a completely unrelated business, which means your customers might make connections you don’t want. Once you’ve done the research and you’re absolutely sure of the business name you want, be sure to register the name, get an email account, and create usernames across social media platforms. For ease of use, it’s important that your customers can find you under the same name across websites.
3. Added Fees
A lot of new small business owners make the mistake of thinking that estimates will be the final price. Even if those prices are accurate, there’s almost always hidden fees or other expenses they didn’t consider. When making your budget, remember to include things like taxes, utilities, and insurance, just to name a few. You’ll likely need to consider things like internet and parking fees if you have a storefront. Registering as a small business costs money, and so do equipment rentals and occasional unexpected loss of products.
4. Creating a Brand
It’s easy to get caught up in all the technical business of building a company and neglecting to consider your brand, but your brand is one of the most important elements of your small business. Your brand is your first impression on customers, and it’s what draws them back again and again. An easily recognizable and respected brand is worth it’s weight in gold, so how do you create yours? Many people hire an expert, but you can get started on your own. Think about your company’s values, your purpose, and your goals. How can you bring all of that together into a brand, and how can you communicate this to your customers? When you’re struggling to come up with a promotion or a new product, your brand will be an invaluable guide.
5. Time Is Limited
People tend to forget that it’s impossible to do it all. Your time is limited, and it is valuable, so why waste time doing things that other people can do for you? If you don’t enjoy packing and shipping products, can you hire someone to come in one or two days a week? If you don’t really understand how to best market your company, can you hire a consultant or a contractor?
Running a small business typically involves wearing many different hats, but all of those obligations can mean some things get forgotten or pushed down the list. With a little planning, you can make sure that your company’s needs are met in a timely manner.