So you have a great idea for starting a small business. Good for you! Small businesses keep the country running, especially at the local level. If you’re running a small business, whether out of a store or your home, have you ensured you’ve met all your business requirements? Sometimes, it’s easy to overlook the basic requirements that help a small company both persist and profit. Here are four things you need to have as a small business and the best way to take advantage of them.
The digital world has a firm grip on businesses these days. Everything is either online or stored away on servers and hard drives. But despite that fact, there’s still a place for paper in your daily dealings. Put up fliers around town to promote products, services, and upcoming events. Send physical letters and thank-you notes to long-time clients who will appreciate the personal touch. Print out and store important documents. Think of your supplier as a collaborator. A paper supplier provides good paper and great ideas on how to use it.
A Separate Bank Account
It might seem like a good idea to have your personal bank account serve as your business’s bank account, but it’s not. It’s all your money, right? Yes and no. It is, but it isn’t really. Sharing an account can get your personal finances jumbled up with your business ones. Keep your life and business expenses separate so that you can chart income and outgo and see how your company is doing as a separate entity. Another aspect is that if you encounter any legal issues, you’ll put your personal assets at risk. Be sure to create a place for everything and have everything in its place, especially company money.
Constant Customer Communication
Here’s the third of our four things you need to have as a small business. Keep an open line of communication between you and your clients. They’re the best source for ideas and input about what you need to do to stay in business. Keep in touch with faithful customers and collect contact information of customers so that you can put them on email and direct mail lists to keep them apprised about what’s happening and what you offer.
If you aren’t online, why not? More local customers will find you after a Google or social media search than you might think. Set up a Google Business Profile. It’s free and will help customers find you more swiftly on Google Search and Maps. Set up a Facebook account for your company and post there at least twice a week. Activity raises your online profile. Don’t neglect Instagram, YouTube, and other social media sites as well. More people than ever are conducting business searches there. Plus, they’re a great way to show your stuff through photos, training videos, and more.