Starting a business can be an exciting period of time especially when you already have established clients. There are plenty of businesses that can be started with a computer and internet connection. The digital age is far different than the past where you needed capital to start any business. First-time entrepreneurs are going to learn lessons the hard way if they do not find a mentor. Finding a mentor is important as it can help immensely when it comes to making tough decisions during the infancy of the business. Setting the business up for success is important by staying proactive instead of being reactive. The following are things that first-time entrepreneurs need to remember.
Taxes and Accounting
During the infancy of a business, there might not be the budget to hire an in-house accountant. Using a Quickbooks ProAdvisor can help you navigate running the books and categorizing certain expenses as well as accounts payable/receivable. You have to put money aside for taxes as you do not want the IRS to start imposing fines due to failure to pay taxes. Experienced accountants can help you save money in ways you wouldn’t know due to a lack of experience in handling business accounting.
Only Hire Qualified Friends With Great Work Ethics
Entrepreneurs understand the trouble that you can get in when you hire family or friends. Hiring friends that are willing to do anything for the business rather than relax due to having a personal relationship is important. You want to foster a culture of hard work rather than nepotism. Bringing on friends for freelance work can be a great way to give them a tryout. Some people simply are not great fits when it comes to positions like that of sales. Hiring is going to be tough so it is important to utilize hiring software. This can help streamline the process and analyze data that might not be seen by the human eye. A number of these types of technology use artificial intelligence to identify patterns in job applicants that have ended up being great hires.
Don’t Hire Too Quickly
Starting a business with a few versatile employees is the best thing that you can do as a first-time entrepreneur. These people can be used in various ways if there simply is not enough work in one position to fill their day. Hiring too many employees can actually inhibit growth due to a lack of cash flow. Freelancers can be used to scale projects during the beginning stages of the business. Make sure that any freelancer produces only quality work as there are so many talented individuals that have taken the freelance route. You can even keep costs low by having a small office space due to giving employees the opportunity to work remotely. Remote work can be seen as a huge perk that can attract top talent to apply for jobs at your new business.
First-time entrepreneurs will make mistakes but make sure decisions are made for the good of the company. Do not let your ego drive decisions as these are rarely the best decisions available.