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5 Incredible Small Business Tips for the Young Entrepreneur

Vallery Henings

January 2, 2020

Blog

Spend too much time looking for small business tips and you could forget about doing the granular work of fleshing out your business.

Or, a good idea, but badly executed.

In the following article, we’ll be discussing some of the best tips for young entrepreneurs. First, however, you’ll need to ask yourself a question and give it some thought before answering.

Why Do You Want to Be in Business?

There are definitely some drawbacks to being in business for yourself. That’s true even if you think it’s the “American Dream” or a “Dream Come True.”

Entrepreneur

See, it’s true all your successes tend to be associated with you when you’re in business for yourself. (Even if you do need some help to grow.)

Unfortunately, the flip side of that is true as well. When you fail, it’s all you.

We’re not going to let that happen, though, are we? Of course not! Instead, we’re going to take the following advice.

1. Start Where You Are

You have two things that will serve you well in the beginning: passion and talent. Make sure your passion can be applied to your talents before going too far with the business idea, though.

In other words, keep your day job until you have some objective momentum. Get a good support unit in place as well.

Some tips for starting a business will tell you this means sourcing the right talent. If it’s just you in the beginning, however, you’ll still need some emotional support and people who understand the time and energy commitment and are supportive of that.

2. Create a Business Plan

You may not be ready for investors yet. That’s okay. It still doesn’t get you out of this exercise.

Create a plan

Create a business plan like you are ready for investors. This requires you to do valuable research, and it will make you sharper at pinpointing the potential hazards along the way. Seriously, the business plan, even without an immediate need, is one of the best business tips you’ll ever receive!

3. Set Up Your Tax Situation for Success

Looking for some advice on starting your own business can be fun until you get to the tax part. Let’s face it. Paying taxes is stressful!

Luckily, it doesn’t have to be. If you start your business holding out between 20 and 30 percent of your gross, then you’ll always have a) enough money to pay your taxes, or b) close to enough money with the rest being much easier to come up with during filing season.

4. Experiment and Learn

Another valuable tip for starting a business is to not be rigid in your thinking. Go into it being fine with the fact that there’s a lot you don’t know and will find out along the way.

Try new things

Experimenting with new business ideas or approaches can be humbling. It can also be what leads you to your next breakthrough.

5. Think Small

Wait, what? Yes, we know everyone is always telling you to think big, but sometimes it’s important to think small. Examples:

  • How can you shrink your expenses?
  • Which pieces of overhead are unnecessary?
  • Are there automation tools that might add expenses but eliminate enough to be worth it, like a software to make paystubs instead of hiring someone in-house?

Think it through. Figure out ways you can go smaller, keep your business manageable, and build on the successes that come as a result.

These Small Business Tips Will Get You Started on the Right Path

Hopefully, these small business tips have resonated with you. Start using them to your advantage today.

Good luck! And for more assistance on this topic, check out some of our other posts.