5 Tips Every Entrepreneur Should Know

You’ve heard it since the economy started hitting rough water — now is the perfect time to start a business. But as any business owner can tell you, it’s one thing to thing to start a business. It’s an entirely different matter to sustain that business and nurture it into a profitable entity. The following are a few tips to make that transition from employee to boss a little less rocky.

Do Your Research - Before you jump down the rabbit hole of entrepreneurship, be sure that you’ve done your homework. How much will it cost to start the business? Do you need any licenses or certifications to get started? Is there a need for your service in your area? Do you qualify for any loans or grants? When you’re gearing up to open up for business make sure you have you t’s and i’s crossed and dotted as much as possible. Going into business is always going to be a trial by fire deal, but you don’t have to get burned by overlooked details.

Documentation – Start keeping track of everything, Receipts, business contacts, business ideas, etc. – if it has anything to do with your budding enterprise, you need to have copies handy at all times. I can tell you from experience, it is absolutely maddening when you’re looking for that specific business card or receipt, emptying drawers and dumping purse only to end up empty-handed with a messy room and a load of frustration. Microsoft Access is a really good way to organize all your info. If you prefer the freestyle form of the whiteboard, check out Microsoft OneNote. Both programs can be shared online with invited collaborators.

Separation of Church & State – Or in this case, personal and business accounts. When you work for yourself, it’s your responsibility to make sure that Uncle Sam gets his cut. While it’s tempting to start burning through your hard-earned cash like Vh-1 burns through cheesy reality shows, you need to show some restraint. Be sure to put enough money aside to cover yourself come tax time. An even better solution is to create a separate business account that you use for all your business expenses. To cut down on the unnecessary paper, make sure to create an online banking account where you can direct the cash flow from your computer or cell phone. If you need help tracking all those expenditures, Mint.com can monitor incoming cash flow as well as your monthly debts.

Set Goals and Achieve Them – So much to do and so little time. That doesn’t mean that you should try to do everything at once. Set reasonable goals and make sure you complete them. To make the journey to successful business owner a little easier, it helps to plot out a game plan. I personally like breaking it out into monthly, quarterly, and yearly set of milestones. To keep yourself honest regarding your progress, write yourself daily and weekly to do lists. A great program to use when trying to effectively manage your time, check out Microsoft Outlook and the included calendar to keep yourself on track.

Call it Quits – I know it seems like everything has to be done today, but burning the candles at both ends doesn’t accomplish anything but creating a frazzled and grumpy you. Know how to walk away and take some time for yourself. A vacation never hurt anyone. Need to find a great place to vacay? Check out Bing for some choice spots.

About the Author
Sherri is a freelance writer that has a love of all things fun and geeky including gadgets, gaming, anime, and comics. When she isn't writing or out on the town living it up, she loves doing 10-12 hour marathon sessions on her Xbox 360 or one of her older consoles. It's not an addiction, it's a way of life!
See all posts by Sherri L. Smith.