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Troubleshooting tips for small businesses
Starting and operating a small business is a daunting task. There are many things you will need to know and do to get a business up and running, and even more operations tasks once you start making money and generating customers.
The following are some troubleshooting tips for small businesses for some of the most common problems:
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I need a business plan and don't know where to start.
A business plan is necessary for a number of reasons-you will need one to obtain financing, see if your business idea is actually realistic, map out how you are going to run your business, and so forth. There are many different websites that have excellent examples for writing business plans that you can use as a guide.
I don't know what type of licensing I need for my small business.
Licensing requirements vary from state to state and business to business. The best resource to help you know what types of licenses you need for your type of business would be your local branch of the SBA (Small Business Administration). Every state has an office, and they can help you to determine what licenses you need in order to make your small business legal. In addition, it's not a bad idea to talk to other small business owners you may know who have similar businesses-they can help steer you in the right direction as well.
I'm confused with taxes.
Small businesses have many taxes to pay-sales tax, self employment tax, and others, depending on the business-that must be paid to the IRS or else. For this reason, it's a good idea to have an accountant help you with your taxes. You don't have to hire one full time; consider going to an accounting temp firm for temporary help. Set aside the money you need each month in a separate bank account, so you will not be tempted to spend it.
My business marketing isn't bringing in customers.
If you are having trouble with your marketing and aren't attracting enough clients, or any, it's time to take a step back and reevaluate your marketing campaign. Questions to ask yourself include:
- Do I have a niche? Marketing your products and services is much easier when you have a niche market. So if you have a catering business, choose a specialty, such as corporate events or weddings. Then spread the word. Ask your friends, relatives, and neighbors to recommend you for their next corporate event, or market your services at bridal shows.
- Do I take care of my current customers? Your current customers can provide more business than anything else-word of mouth is the one of the most successful ways to get new business.
I need to cut costs and increase cash flow.
If your business isn't generating enough revenue yet and you need to cut costs, there are a number of ways you can do it. One thing you can do is go after customers who have outstanding balances. You can also start charging late fees for customers who have a habit of not paying on time. Little things like cutting down on electricity usage (turning off the lights!) and keeping the temperature at a constant level are also ways to cut costs around the office. You should also be using accounting software to help you track your expenses and keep a budget.
These are just a few troubleshooting tips for small businesses.
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