If you've just started a small business or are well on your way to doing so, congratulations! It takes no small amount of ambition and determination even to have gotten this far. At the same time, there will be plenty of challenges on the horizon in the next several months and even years, and you have to be prepared for them. Getting a startup up and running won't be easy, but it doesn't have to be a Herculean task, either.
"Starting a small business requires dedication, ingenuity and patience."
Let's take a look at some of the best practices you can implement to ensure the early days of your new company go as well as they possibly can. These include communication skills, meticulous planning and smart money management through closely followed budgeting.
Mastering communication in multiple situations
According to Forbes, budding entrepreneurs like yourself need to be able to clearly communicate the problem your product or service aims to solve. Doing so will help you attract the interest of potential partners, staff members and and venture-capital investors. Also, honing communication skills now better prepares you for client dealings and project leadership when you open up shop.
Keep in mind that listening represents a massively important aspect of communication. You can't heed everyone's advice, but there's no harm in hearing it, and when you humble yourself to take counsel from a veteran business owner, you'll better absorb any valuable lessons they may have.
Choose the right co-workers
Every captain needs a lieutenant, and every founder can benefit from the backup of a co-founder - potentially more than one. Writing in Entrepreneur magazine, KISSmetrics co-founder Neil Patel said he'd never have achieved what he did without his co-founder Hiten Shah. Patel also advised that VCs have more confidence investing in companies with a team of leaders.
Early on, you may need to rely on short-term contributions from contractors and remote employees. Choose them as carefully as you picked your co-founder.
Savvy financial management
Your finances are far from infinite early on. Plan your capital expenditure carefully; if possible plot out the entire fiscal year and stick to what you've allotted. If a financial emergency arises, consider seeking loans from an alternative credit lender that offers favorable financing terms and interest rates.