Fledgling Entrepreneurs: Don’t Make These Common Business Mistakes

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New small business owners are always passionate about their businesses. But they often lack the skills to take them to the next level. This is why they often end up making mistakes that cost them plenty of time and money and can turn their dream into a burden.

With these tips from Service Savvy, LLC, you’ll be able to avoid common pitfalls that will help your business succeed!

Take care of legalities. Being a business owner can get messy in more ways than one! Running a business comes with a lot of legal considerations, like making sure you have proper licensing to sell your products and services, and protecting your creative property from being stolen. Look to online formation services to help register your business as an entity with the state. An LLC can be the best choice since it protects your personal assets and makes you eligible for certain tax breaks.

Tech is your friend. Use software to make even the most tedious tasks a breeze, like software for payroll and accounting. You can automate most administrative tasks, such as managing employee benefits, scheduling payroll payments and tax filing, and keeping track of your expenses.

Once you’re familiar with the basics, it will amaze you how much time and stress you can save. And if it’s still not for you, hire someone to help you run it.

Spend as much time on marketing as you do on creating. Maybe not as much, but all of your work means nothing if you don’t get it to the right customers willing to buy it.

Marketing nowadays doesn’t need to be super expensive, and we have the advantage of social media opening up a whole new range of international markets. But to make the most of it, you do need to sit down, design your marketing plan, and decide how to target your dream audience.

Bolster your business sense. While it might seem impossible, going back to school for an advanced business degree can be the perfect way to learn everything you need to know to avoid common business pitfalls.

Not only can you learn more about the day-to-day types of management needs, but you will also learn about best practices for operations, accounting, marketing and even leadership. Online university courses also provide plenty of flexibility for working professionals who need to study at their own pace.

Outsource what you can. Entrepreneurs tend to think that they need to know absolutely everything there is to running a business. But this can be exhausting and take away from the time and energy you should devote to creating your art. If there are tasks that you need to do but add no value to your business, outsource them.

From cleaning to tax filing, cooking, managing your social media, and many more, there are always qualified people willing to do what you are ready to pay for, and many freelancing sites to help you reach them. For example, hire a virtual assistant who can tackle tasks like calendar management, data entry and light bookkeeping. Or connect with social media management services to ensure you’re making the most of Instagram, Facebook and other platforms.

Charge your worth, and go easy on the freebies. Although it can be tempting to constantly be dishing out special discounts to adoring fans or supportive friends, you need to make sure you’re charging what your products or services are worth. Otherwise, you’ll never reap the rewards of your unique talents and hard work.

Make sure you get the proper support in all of the critical areas so that you can have peace of mind that your business is running well, letting you focus on what you do best: creating!

Service Savvy, LLC is here to provide virtual administrative, technical and creative support so entrepreneurs can streamline their businesses and focus on growing their ventures. Reach out today for a free consultation!

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Want to Become a Full-Time Entrepreneur While Recovering From Financial Setbacks? Follow These Strategies to Create a Thriving Business