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Starting a small business, no matter the industry or service provided can be a risk! Small business start-up is exciting, but risk-taking is almost synonymous with entrepreneurship. When I took the leap and started Capri Bookkeeping Solutions in 2008, I began with a unique idea – to provide reliable and accurate bookkeeping services, always striving for exceptional client service, and a better approach to bookkeeping. I partnered this idea with a business plan and got organized immediately!
Now that my company has been in business for over a decade, I’ve learned that the foundation set during start-up can make all the difference to the success of a business. Today, I’m sharing my top 3 tips for small business start-up success:
#1 – Start with a Plan
Begin with a solid business plan! Determine how much money you need to invest, both your short and long term goals, your overall budget, and plan for marketing. This crucial step should also include research, a financial plan, and projections. There may be challenges along the way to building your business, and the best way to face those challenges is to start with a well-developed plan.
#2 – Partner with Other Business Professionals
An essential part of succeeding in small business is connecting with partners you can trust to help support your business as it grows. Rather than wait until you find yourself in need of a marketing expert, lawyer, accountant, or other small business professionals, start building your network now! You may already have a great business lawyer or arsenal of vendors. Ask your current partners for referrals and start connecting with other local businesses, join networking groups and business organizations to build your network as you go.
#3 – Hire the Right Team
Surrounding yourself with a team of individuals who share your vision, work ethic, and company values are crucial. It takes time and effort to find the right support for your business. Start by outlining the positions you need to fill and follow-up with a list of other important attributes your employees should have. What kind of company culture do you want to foster? What soft skills are essential to your business? These are important questions to ask yourself before you start the interview process. Be sure to keep those in mind during the interview process so you can build a team that is primed for success.
Do you have any tips that helped you when starting your own business?
– Ethan Capri, Founder and CEO, Capri Bookkeeping Solutions