Being an entrepreneur means it is time to get your hands dirty. You are not just in charge of the money, or the employees, you are in charge of it all. We are going to discuss some of the tips that any budding businessman should consider when running their business.
One: Know Who You Are and What You Offer
Understanding yourself as an entrepreneur is something many people gloss over. You want to run a business but you forget that you basically are the business. How you run the business will stem from not only who you are as a person but how you have executed a vision. Understand who you are as a person, who you are as a business and what your business aims to do.
A mission statement can be a powerful tool for a business to have. A business statement is almost like a code that all employees strive to achieve. It gives everyone the motivation to achieve a common goal.
Two: There Is No Such Thing As a Gentleman’s Agreement
Handshakes are great! You know what else is great? Legally binding contracts that can be used as proof in the event you are screwed over. Why fix something that does not need fixing? Contracts are designed for a reason, to ensure the safety of both parties in the event something happens to one of the participating parties. We all want to believe that someone will stick to their word but in court, nobody will listen when you say that the accused promised. Promises mean nothing unless they are written down and signed.
Three: Hiring the Right People
I know, easier said than done. Employees are so important to any business. In most cases, they are who the customer interacts with. Do not be afraid to be selective. You would not want to pull someone off the street and hire them just because you need people. Look at their resumes, question them, call references and make the right decision. You want people who are;
• Willing to be a part of a team
If you hold out, you will end up finding the right people that will fit right in with the business and work hard to make the business a success. Look at here if you want to know more about how to hire the right people
Four: Boss and Employee Relations, Draw the Line
You are the boss now, meaning act like one. You need to learn to create boundaries at work with your employees. Be careful to not overstep those boundaries. Being a kind, caring and thoughtful boss is okay but avoid doing things to make employees feel uncomfortable. They are not planning on prying on your personal life so do not pry on theirs.
Five: Never Stop Pushing to Be the Best
Once you have even hit the tiniest bit of success ensure you keep the momentum going. As an entrepreneur, you should be constantly striving to be the best in the business. You should be fitting to have the best service, relationship with customers and the community, and the superior choice. Sometimes competition is there to stay and while it can be difficult to co-exist in close proximity you never stop trying to beat them.
Six: Bills and Taxes, just pay Uncle Sam.
The IRS does not play games. In saying that, avoid testing their patience. Pay your taxes in full and on time. Nothing is worse than fines from the IRS, they can be a massive hit to the company coffers. You could find yourself in trouble beyond just the business, your personal belongings face being repossessed to cover back tax. While you may believe you are smarter than the system in place when that system is the IRS you can go years before all of a sudden you are hit with a call or letter notifying you of massive amounts money owed.
Seven: Lawyer Up
Don’t be a hero, you are an entrepreneur, not an attorney. Hire a professional in order to have someone who guides you through the difficult landscape that is the law. Anything that requires legal advice, assistance or action should be done by a professional.
Well there you have it, those are some tips that you should know when choosing to start your own business.
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