If you’re highly organized, love to support others, and want to work remotely, you may consider starting a business as a virtual assistant. It can be a perfect solution for many entrepreneurs and small businesses: You have the freedom to work from wherever you like, and the businesses you work with get the help they need, when they need it.
Whether you’re considering how to start a virtual assistant business or are looking to learn more about this flexible career path, this guide will break down everything you need to know.
What is a virtual assistant?
A virtual assistant sometimes referred to as a VA or administrative freelancer, is generally a contractor who is hired to complete administrative tasks for a small business. The “virtual” in virtual assistant comes from the fact that virtual assistants work remotely, rather than in-office. This allows them to work from anywhere—whether a different state or even country—and have as many clients as they can effectively manage.
A virtual assistant role is highly customizable, depending on your skills, what services you want to provide, when you want to work, and from where you want to work. This customizability is one of the many reasons that being a virtual assistant is a competitive field.
The best part about starting a virtual assistant business is that you need no prior experience. However, you will want a proven track record of strong organization, project management, communication, and more to stand out in the field. Of course, most of these skills are used by many traditional office workers in their day-to-day routine, meaning you likely won’t need specialized training to start a virtual assistant business.
Services offered by virtual assistants
One of the many benefits of becoming a virtual assistant is the wide variety of services that you can offer or specialize in. Many virtual assistants start out with basic administration tasks and find their niche down the road.
While you can do it all as a virtual assistant, it can be easier to market your skills if you specialize in two to three services or specific business niches.
Many virtual assistants start by offering general administration services. That might include:
Calendar management and scheduling
Customer service over email or phone
Accounting, invoicing, and bookkeeping
Some virtual assistants specialize in business marketing skills, including:
Blog writing and content creation
Drafting and sending email newsletters
Social media management
Updating and maintaining the editorial calendar
Creation of social media graphics
Other branding services
Distributing press releases
Depending on your previous experience and skills, you might be able to offer specialized services as a virtual assistant, such as:
Website design and maintenance
How to start a virtual assistant business in 6 steps
If these skills and services sound like something you’d like to explore, read on for how to start a virtual assistant business of your own.
Step 1: Pick your niche or services offered
One of the first steps you need to complete when starting a virtual assistant business is to decide what type of services you will offer. While it’s possible to do any number of things as a virtual assistant, you should choose a niche based on your specific skills and previous experience.
Most virtual assistants start with basic office and business management skills such as emailing, scheduling, customer support, and website maintenance.
Many virtual assistants will also market themselves to an industry in which they have prior experience. For instance, if you’ve previously worked with construction companies, you may decide to specifically market yourself to these companies and their specific needs as a way to set yourself apart from the competition.
Step 2: Write a business plan
One of the most crucial steps when starting any business is to write a business plan. Taking the time to put together this document will help you uncover what the demand is for this type of business, who your competitors are, what services you’ll offer and what you’ll charge, what kind of capital you’ll need to get started, when you can expect to turn a profit, and more.
Think of it like this: your business plan is a contract with yourself (at minimum—if you plan to seek funding or a business partner down the line, you’ll likely need to share your business plan with them). It’s a place where you can write down your plans, your goals, and even your dreams for your business, but it should also be grounded in research and facts. Your business plan should be used as a tool to check-in with yourself on your progress and to hold yourself accountable to your business.
Your business plan will serve as a sort of roadmap for your business and will help you stay on track during those crucial first months and years. Of course, this isn’t a one-time exercise; you can and should revisit and update your business plan as your goals and plans change.
Step 3: Register and name your business
When naming your business, you want to choose a name that’s personal to you and that describes your business, while also being available to use and easy to pronounce and remember. You can conduct a business name search on your secretary of state’s website to ensure the name you want isn’t already in use.
At this stage, you will also want to choose the business entity that’s right for you. The most common business entity types are sole proprietorship, LLC, and corporation. Each type of business has its benefits and drawbacks, and you’ll want to consider your options carefully, as the business entity you choose will affect how you’re taxed, your degree of personal liability, and more. We recommend consulting with a business attorney at this stage to make sure you’re weighing all of your options and choosing the best one for your virtual assistant business. Once you’ve made this decision, you can register your business in the state where your business will be based.
Step 4: Invest in the tools of the trade
Once you have a good conceptual idea of what your business is going to look like and have created a plan for how you’ll build it, it’s time to get into the actual operations of your business. Luckily, there’s very little needed to start a virtual assistant business.
Essentially, there are only two things you absolutely need to start a business as a virtual assistant: a laptop with calling capabilities and a stable WiFi connection. However, in addition to these things, you may also consider some additional tools, including:
Business management tools
While these tools aren’t necessary for starting your virtual assistant business, they can be useful to add to your arsenal as your business starts to take off.
Time tracking: One of the ways that many virtual assistants charge clients is by the hour. If you’re working with multiple clients and on multiple projects, a time tracking tool can help you keep track of it all so you know what to charge each client.
Invoicing and accounting: Another tool that can be helpful for operating your virtual assistant business efficiently is invoicing and accounting software. This can make tracking your income and expenses easier, as well as billing your clients and tracking when you’ve been paid.
Project management: Project management tools—such as Trello, Asana, Basecamp, and Evernote—can help you keep track of your various clients and the tasks you need to complete for each of them so you can stay on top of your schedule, as well as those of your clients.
Unless you already have clients lined up when you launch your business, you will need to invest in some marketing materials to spread the word about your new business. These marketing tools don’t need to cost a lot, but they can make a serious difference in your business’s success. Here are a few to consider:
Business website: One of the best ways to show that your virtual assistant business is legitimate is to create a professional-looking website. There are many free and inexpensive tools for building a website. Make sure to include your skills, experience, and contact information.
Social media: Another way to present your business as credible is to create a social media presence. The one that makes the most sense for a virtual assistant business is LinkedIn. Create a profile for your business and start sharing industry news, participating in discussions, and more to get your business’s name in front of potential new clients.
Business cards: While a little more old-school, business cards can be a great way to spread the word about your business. You never know when you could meet a potential new client—or someone who knows a potential new client—and having a business card on hand to share is key, whether you’re at a networking event or at your local coffee shop.
Step 5: Choose how to price your services
There are many different ways in which to price your time and services as a virtual assistant, but you should decide on pricing before you start taking on clients, so you both know what to expect before entering into a contract.
If you’re not sure how to price your services, do some research to find out what other virtual assistant businesses charge and set your prices accordingly. Here are some pricing formats to keep in mind. (Keep in mind, the example prices below are not necessarily market rates.)
Hourly rate: As you’re getting started as a virtual assistant, the easiest way to price your product is at an hourly rate. You choose what you would like to be paid per hour of work and then bill accordingly. (This is where time tracking tools can really come in handy.)
Hourly packages: Another way to price your time is to offer hourly packages. If your hourly rate is $100 per hour, you can offer a 10-hour package for a slight discount, say $925. The benefit of offering an hourly package and a discount is that you get the total for those hours upfront.
Service packages: Another way to package your time is through a service package. This can be a more complicated pricing structure for those just starting in the virtual assistant business, as you likely don’t know how long a specific task will take. An example of a service package would be a monthly bookkeeping service that you charge a flat fee of $1,200 for. In this case, the number of hours it takes you to complete this task won’t affect how much you make.
Monthly retainer: A favorite pricing option of virtual assistants is the monthly retainer. A monthly retainer is an upfront payment agreed upon between the virtual assistant and the client. That amount gets paid each month no matter how much work you do. A virtual assistant might receive a monthly retainer of $1,500 per month for calendar scheduling. This gives you a predictable source of income, while also ensuring your client will have the help they need.
One-time flat fee: Sometimes a virtual assistant is hired for a specific task. For this type of work, you’ll provide the client with a bid for a one-time flat fee. An example of this is that you might help them plan a set up and run a webinar for $2,000.
Step 6: Create a contract
Before you start work with a client, you’ll need a contract. This contract is an agreement between you and the client. It clearly defines the scope of work you’re being hired for, including what tasks you’ll perform and for how long; the payment terms, including your pricing structure; your status as a contractor; and more.
You will want to give your client time to review this contract before you sign on to work with them. And make sure both parties have agreed to it and signed before you begin work, so you can ensure you’ll be paid appropriately. You can find many examples of virtual assistant contracts online to get you started. You’ll also want to make sure your client sends you the proper tax forms, as well as any ACH deposit paperwork if that’s your preferred payment method.
Pros and cons of starting a virtual assistant business
If you’re considering how to start a virtual assistant business, evaluating the pros and cons can be a great way to discover if this is the right position for you. As well, you might consider it from the perspective of your clients, there are pros and cons to hiring virtual outsourced labor. Get to know it from both sides to make an informed decision.
Let’s start with the benefits of this line of work.
1. Low overhead costs
A big pro of starting a virtual assistant business is the low startup and overhead costs. A virtual assistant needs only a computer and WiFi, which are two resources most people already have. With that, you’ve got a business.
2. No formal education needed
You don’t need any specialized education to become a virtual assistant. Most of the skills needed to be a virtual assistant are things learned in the day-to-day life of the traditional office employer, or even in daily life.
3. Customizable schedule
One of the best parts about being a virtual assistant is that you get to set your schedule. While many clients might want you to be available during the traditional 9-to-5 workday, you always have the option to find clients in different time zones or with more flexible needs so that you can work the hours you want.
That said, let’s consider the downsides to this business, as well.
1. Finding clients
While this isn’t specifically a con to starting a virtual assistant business, it is a difficulty you will face. Finding the first few clients could be difficult, unless you already have clients lined up from previous jobs. While you’re building your experience and network, you will likely have to hustle to find work. However, once you’ve landed your first few clients—and provided a quality service—it will be easier to find more people to work with.
2. Staying up to date with the latest tech
This may not be a drawback depending on your background and interests, but you will need to stay up to date with the latest operating system and tools. Your clients may all use different email and calendar systems, for instance, and you’ll need to know how to work seamlessly in all of them in order to be an effective virtual assistant.
3. Unsteady income
As is true with any freelance or contract business, you won’t have a reliable paycheck every other week like you would with a salaried job. Even when you have a full client list, your contract may be for only a few weeks or months, and then you’ll need to find something new. To stay on top of this, note in your own calendar when contracts are ending and when you should do outreach to onboard new clients. The good news is, this should be relatively easy since organization is in your blood.
The bottom line
Learning how to start a virtual assistant business is the first step toward a potentially lucrative and flexible career path that allows you to work when you want while pursuing your life’s other passions. Now that you have the knowledge and the resources, the next step is launching your business and finding your first client. Good luck!
This article originally appeared on JustBusiness, a subsidiary of NerdWallet.
How to Grow Your Small Business Startup: 4 Essential Steps
Around 90% of startups fail. And while some of those failures can be attributed to bad luck, many others were the result of poor decisions at the early stages of building the company.
But while that statistic may seem discouraging, it can also provide motivation to those entrepreneurs who are willing to follow the best practices of launching a startup and push through the various challenges that will inevitably come up during the process.
With the help of a few simple (but fundamental) strategies, you can separate yourself from the majority of other startups and give yourself a real shot of making a product that will break through and make a difference.
To help you get started, let’s look at four crucial aspects of launching a startup that you should consider.
Start with the “Why?”
The number one thing you should do when launching a new company is to ask yourself a simple question:
Why is this solution necessary?
There are millions of startups globally, and the majority of them would fail to provide a viable answer. Some just want to break into a hot market because they think that will increase their chances of success. Others believe they have a unique idea without knowing whether there’s any demand for it.
But in most cases, ideas that might seem reasonable at first glance crumble when their purpose is questioned even a little.
So, if you want to avoid pouring your heart and soul into a project only to find out that it was a waste of time, it’s a good idea to spend a fair amount of time thinking about the core purpose of your product and the effort it will take to launch it.
Most of the successful startups you might have heard in recent years started with a very clear idea of the purpose behind the company. It can be a feature that no other product in the market can offer. Or, it might be a unique process for solving a problem that will change the industry forever.
Most of the time, there’s at least a clear answer to why the startup needs to exist in the first place. If you strip away the gimmicks and the additional features, you should still be left with the core idea of what you can offer that no one else can.
Take Care of Your Employees
No matter how you decide to finance your startup, you won’t be able to go forward alone for long. And that means that at some point, you will need to figure out how you’ll take on employees and ensure that they are happy and protected.
Then, there are various state and federal regulations that determine how much paperwork you’ll need to file out, what protections you’ll need to offer, and countless other details that someone outside of the HR world has probably never dealt with.
Because of that, startups can benefit from using HR outsourcing services that can take over the entire process. The team at SnackNation recommends using services like Bambee or Workday, which provide comprehensive solutions for companies of all sizes.
These companies can offer HR consulting, benefits administration, performance management, payroll, bookkeeping, and various other services that can be a hassle to manage on your own when you’re just starting a new company and have a lot on your plate already.
Plus, it ensures that you implement the best HR practices of today and that your employees are taken care of. And that will make attracting the top talent you need for growth that much easier.
Use a Proven Website Platform
Launching a startup is impossible without a strong web presence. And that inevitably starts and ends with your website. But if you don’t have experience with building and designing websites, the entire process can be a bit overwhelming.
The good news is that with a platform like WordPress, you can have a website set up in a matter of days if you want something simple. But at the same time, the platform offers robust customization capabilities and it can get a bit confusing when picking the right ones. That’s why it’s a good idea to curate your own WordPress toolbox that includes a wide variety of powerful themes, plugins, add-ons and WordPress resources that you know would always work for your website.
In the end, you want to find fast hosting, install robust security features, and provide a seamless User Experience (UX) to all of your site’s visitors.
Designing a site from scratch can be appealing. But WordPress can give you enough versatility to get any features you need while remaining user-friendly enough to keep costs down and provide you with a simple way to get started.
As a startup owner, you will probably never run out of avenues you could pursue. Whether it’s the new shiny marketing tool or a promising networking opportunity, there will be times when you’ll want to do everything at once because that’s what could give the company the best chance of success.
But in reality, maintaining focus and clarity in terms of priorities might be the most practical choice for your startup in the long term.
By only focusing on a few things at a time, you will allow yourself to really give them time, tweaking your approach until you find what’s working. Moving on to something else is easy, but then you might miss out on incredible opportunities because you were too quick to dismiss something without giving it a real shot.
So, whether it’s a marketing approach or adding features to your product, always weigh the potential benefit against the resources it would require and against how it would impact what you’re doing right now.
Sure, at some point, you will need to cut your losses with projects that didn’t pan out. But it’s a good idea to stick with them for a bit longer than you might want to, especially if you know that it’s a sound strategy that could deliver big if you would just find the right approach.
Launching a successful startup is a dream that drives millions of entrepreneurs worldwide. But only those that follow sound business principles and are disciplined in their decision-making can expect to see success.
The strategies listed above may not be flashy, but they represent essential parts of running and scaling a startup. And sometimes, taking care of the less flashy details like HR management can set you up for exceptional results in the future.
Starting a new online business during the pandemic: Two COVID-era tales of renewal in Miami
The pandemic forced more than three-quarters of small businesses across the U.S. to temporarily close up shop in the spring of 2020, and thousands have since shut down for good.
But the COVID-19 pandemic also led to a record number of people trying to start their own businesses: 4.5 million filed new business applications in 2020, according to an analysis of U.S. Census Bureau data by the Economic Innovation Group.
And the momentum isn’t slowing. The Census Bureau says 492,000 new business applications were received in January 2021, a 43% jump over the previous month. Many more informal businesses are believed to have been created, often as side hustles, but never registered.
Few cities saw more aspiring entrepreneurs than Miami. Although new business creation was not distributed evenly across racial and socio-economic lines, green shoots of entrepreneurship popped up across the metro area, helping to bring a dose of resilience to the local economy.
[At the same time, untold numbers of existing small businesses — restaurants, neighborhood shops, salons — decided to establish a digital presence, allowing them to find new customers and take orders from beyond their immediate area.
In all, the number of digitally connected microbusinesses in Miami-Dade County rose 6.7% from 2019 to 2020, according to data from GoDaddy’s Venture Forward project, which studies the economic impact of these small online businesses. The Miami metro area, which includes the neighboring cities of Fort Lauderdale and Pompano Beach, has more microbusinesses per 100 people than any other large metro area in the country.
These everyday entrepreneurs make a big impact on their communities, with each new one leading to the creation of two additional jobs, Venture Forward data shows. Additionally, each new microbusiness per 100 people can reduce the unemployment rate by .05 percentage points.
And between 2016 and 2019, every microbusiness per 100 people that’s active online was associated with a $485 increase in a community’s household median income.
Here are the stories of two inspiring women entrepreneurs who took the initiative when the pandemic upended their lives.
Natasha Nails: Rethinking the press-on
It took a painful case of contact dermatitis, a type of allergy, following a visit to a nail salon for Natasha Williams to come up with an online business idea for the future of press-on nails.
The Miami native, who lives in Little Havana, has had her nails done since her teens.
But after her allergic reaction in March 2020, she was forced to switch to press-on nails that used hypoallergenic adhesive pads.
Unhappy with the appearance of what was available — they felt cheap and plasticky — Williams started buying clear nails and hand painting them with her favorite colors and designs.
Around the same time, the pandemic shut down the local economy. A well-known tap dance performer and teacher around Miami, Williams suddenly had a lot of time as lessons and gigs dried up.
By July, buoyed by the admiring comments she got from friends and strangers on the street, she realized there was a market for her creations, so she quickly built an online store and Natasha Nails opened for business.
At first, it was as much a hobby as a career plan. But soon she started asking questions and understanding the opportunity was real.
Why did women tend to apply press-on nails and leave them on and then throw them out? Given how easy they are to remove and reapply, particularly the adhesive-pad type, wouldn’t it be more fun and affordable to have collections of nails so they could match outfits or daily moods, the way they choose which shoes to wear or purse to carry?
“I want people to be able to mix and match, like ‘let’s see what I have in my closet to wear today,’” she says.
If she can popularize this approach, women may one day not feel obliged to suffer the daily inconveniences of wearing long nails.
“Just try typing all day with these things on,” she laughs, showing off long, olive nails. “You really can’t do much. And anyone who tells you differently is lying!”
While her new business doesn’t make enough money for her to quit her teaching, she spends about the same number of hours on both.
That includes 30 minutes each morning tending to her growing Instagram account — where she has amassed more than 5,000 followers who account for most of the orders on her website — and a few hours in the evening painting nails, including custom orders, and packaging up boxes for customers who opt for her monthly subscriptions.
Many challenges remain — particularly how to scale production beyond her ability to hand-paint nails while maintaining the artistic quality. But Williams is definitely a long-term thinker who hopes that, some day, her creations will be featured at major retailers.
“I don’t see obstacles as problems, but as challenges,” she says of the process of building a company. “You just have to follow the steps.”
Read more about Natasha’s story here.
Starting an online charcuterie-to-go
Like so many healthcare workers around the world, Maryam Kheirabi faced new demands when the pandemic hit. An oncology pharmacist with a Miami-area hospital, she suddenly had more hours, more stress and more fears of the unknown.
To deal with the growing pressure, Kheirabi decided she needed a new activity, something that would take her mind off her stressful job and give her a newfound source of fulfillment.
“I’m happiest when I’m extremely busy, and I wanted to create something beautiful for people to share,” she says. “In a way, I think the business got me through the worst days of the pandemic. It gives me hope, and hopefully it gives other people hope, as well.”
The idea came to her soon after the pandemic began, when she saw groups of friends eating from plastic containers full of snacks at a park across the street from her home for socially distanced get-togethers.
“How cool would it be to have a charcuterie box to go,” she remembers thinking. It would give people the option to pre-order a food board that could be delivered just when it was needed.
A native of Queens, N.Y., who moved to Miami with her speech pathologist husband in 2016, Kheirabi grew up being responsible for creating food platters for family gatherings.
“We Persians are very big on hospitality, and I never lost my love for creating beautiful, delicious things,” she says.
Once the first spike in COVID-19 cases began to ease in August, she started doing research, which included the creation of a variety of charcuterie platters for colleagues at the hospital.
A cousin in New Jersey agreed to help her secure a domain name and choose website-building tools.
“The rest was left up to me, but it was mostly dealing with aesthetics, which I love, anyway,” she says.
In early November, Fig & Brie officially launched, with a range of offerings, from a $20 “solo” platter to an $85 “soiree” box.
The seed capital was $2,000 that her husband, Francisco, urged her to take from their savings, with the understanding that they wouldn’t spend any more if the business wasn’t profitable after a month. She ended up spending $1,900 of it in that time, but by early December the business was making money.
Kheirabi’s digital marketing strategy initially was solely based on Instagram, in part because she wanted to grow slowly at first. But sales jumped more quickly than expected over the holidays, as friends and fans spread the word. One local real estate broker ordered platters as gifts to her clients.
It wasn’t easy, but she and her husband managed to keep up with demand while maintaining their jobs in healthcare. It helps that most orders come on Thursdays or Fridays, for delivery on Saturday.
Francisco does everything from taking photos to taste-testing to driving their only car around the city making deliveries. When he once asked what he would be paid for all his work, she quipped, “Sorry, but we pay in cheese.”
Her near-term goal is to have enough demand to hire a driver or two, and then to find a way to ship around the U.S. (That will require some innovation, to either find a way to keep fruits and veggies crunchy and fresh, or to come up with boards that meet her standards without those foods.)
Ultimately, she’d like to open a storefront in Miami and share her business model so women in other places could follow suit.
“I wouldn’t be doing this if it was only for the money,” she says. “That’s just icing on the cake.” The primary reward, other than enriching customers’ lives, is to empower women, including herself.
“We’re living in a time when women are standing up and taking charge of themselves,” she says. She even welcomes the competition from other female-owned online charcuteries in the city. “There’s enough demand to go around,” she says. “Women shouldn’t compete with each other. We should lift each other up.”
The post Starting a new online business during the pandemic: Two COVID-era tales of renewal in Miami appeared first on GoDaddy Blog.
New to Entrepreneurship: Here Are 6 Tips You Can Bank On
Entrepreneurship is not a career, it is a life choice. Many people have mind-blowing business ideas. It’s almost enticing to jump right into starting up your new business. But as fun, as that sounds, the reality of running a successful business is a lot more complicated than that.
Most times opening up a business is usually a learn-as-you-go experience, but it doesn’t have to be this way. Here are essential tips that when implemented well can be the smartest decision you will ever make for your business.
Brand Your Business
What does the term branding mean to you? Most people perceive branding as the logo, colors, and visual component that you associate your business with, but it’s a little more than that. Branding is the entire identity of the business. It is what makes your business stand out in crowds.
In a fast-growing business world, it is important to create a strong brand for your business. This way it outshines your competitors, gets people’s attention, and makes it more recognizable. Branding gives you a chance to get some control over how people perceive your business.
Build a Team
Manpower is a vital part of any successful company. It is significant for ensuring that operations are running smoothly and efficiently. Coming up with a good workforce is the secret ingredient for achieving a good relationship between your company and your customers. They are the face of the company and give an essence of the human touch to your business.
It can not go unmentioned that with improved technology manpower is rapidly being replaced with machines. That said, creating and maintaining a reasonable amount of manpower for your business can be a life-saver hack. Coming up with a team of educated and well-trained individuals will improve productivity, provide innovations, and maintain the relevance of your business in the market, something technology can’t provide.
Buy Raw Materials in Bulk
Depending on what your company’s end product is, consider purchasing the raw materials required at wholesale. Stockpiling the raw materials when they are at their lowest prices is a money-saving hack. Buying raw materials at a low enough wholesale price reduces the cost of production and in the long run, maximizes profits from your retail sales.
Consider finding a reliable wholesale distributor, this makes purchasing more efficient and you are assured of the quality of materials you will be getting. Ensure they supply within your geographical region, have prices you can afford and are trustworthy.
Advertise Your Business.
Promoting your business is a key aspect if you want to outshine your competitors and make your product or service known to your potential customers. Businesses have different ways of promoting their brands; they range from handing out flyers to postcards to brochures to advertisements in newspapers to online marketing.
Using social media platforms to promote your product or service is a no-brainer. It is the best way to get your name out there fast enough, while also providing solutions to about ninety percent of the population online searching for similar products. Some businesses opt to invest in a large indoor LED screen because of its efficiency in displaying stunning images. These types of screens are eye-catching, outstanding, and popular for their diversity in use, hence playing a major role in advertising brands.
As a business owner, take time to research which medium of advertisement will best suit your enterprise and proceed to invest in it.
Invest in Packaging
While most new business owners overlook the need to properly package their product you must seize the chance and stand out. packaging is the first touch that customers will have with your brand.
It is therefore important to create enticing packaging for your consumers that will draw attention to your brand. It is imperative to incorporate eye-catching shapes, colors, quotes, and packaging material that is unique to your brand. This will make the unpacking experience for your customers exciting and unique hence creating loyalty and enhancing customer retention. Keep in mind that with evolving people and markets, your packaging must evolve to keep up.
Be Sure to Keep Records
For any business, accountability is key. Efficient record keeping will help to keep everything in order and help to analyze your company’s financial status, provide insight into what your real profit is, answer tax problems, or keep track of deductible expenses.
Precise record-keeping of finances and expenses throughout a business’s lifespan makes it easier for you to adjust your business plan accordingly to help solicit new business partners or investors.
Even after a business picks up, managers are tempted to focus more on production and profits and overlook record-keeping, so don’t fall into this trap.
Choosing whether to keep the record in soft copy or hard copy is totally dependent on the business owner’s preference.
Let’s be honest, starting a new enterprise can be a little bit hectic because it requires a lot of planning, sacrifice, and money. That said if you have your business idea don’t wait for the right moment because it will never come. Take the leap and trust your instincts. All you need to do is apply the six tips explained above and you are good to go. Good luck setting up your new enterprise.
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