If you are thinking of launching a new business, you are probably well aware that success is not guaranteed. With the data showing that around 50% of new companies will fail within the first five years, what can you do to ensure your new business endures the test of time? Consider these strategies to help you start out strong and improve your odds for success.
Work From Home
While you may be dreaming of a fancy corner office in the middle of the city, you are better off starting small. Avoid purchasing a property or signing a rental agreement for your business, and instead, launch your company from the safety and comfort of your own home.
Working from home is convenient and saves you time since you don’t have to drive to and from work, but there are economic advantages as well, such as:
- Avoid rent and mortgage payments
- Avoid overhead expenses, such as utilities and building fees
- Claim a home office deduction on your taxes
- Reduce your start-up risks
If you do choose to work from home, it’s advisable to have a private, quiet space for your office. It can be difficult to establish firm boundaries between work and family if you can see and hear everything that’s going on around you. Instead, make it clear to everyone that when you are in your office, you need uninterrupted time to focus on your work. Similarly, at the end of the workday, make an effort to leave your job stress and concerns behind when you rejoin your family.
Don’t Shy Away From Delegation
As an entrepreneur, you may have already realized that it’s impossible to do everything by yourself. If you try to personally complete every task and assignment, you risk being stretched too thin or even burning out.
Thankfully, you can reduce your workload by hiring freelancers for routine administrative tasks such as payroll, answering services, and taxes. Additionally, trained experts can perform specialized tasks for your business that you may not be particularly qualified for. For example, you may want to use a graphic designer to create your website and an accountant to manage your books. Your company benefits from their expertise, and you are freed up to focus on strategy and growth.
Invest in Marketing
When determining which tasks to delegate, you would be wise to consider using outside SEO content writing services to assist you with marketing and drive traffic to your website. Content creators are professional writers who understand how marketing works in the digital world. They provide you with quality SEO articles, blogs, press releases, landing pages, and product descriptions that can help you attract potential customers to your website, and ultimately, generate more sales.
File for LLC Status
When you start a new business, you need to determine the best business structure to choose. For most small start-ups, filing as a limited liability company (LLC) is the best choice.
With the LLC designation, your personal assets are protected from potential liability in the event that the company runs into any legal or financial issues. LLC status also saves you money on your taxes because you can claim business profits as personal income.
Finally, the filing process is simple. You can avoid expensive attorney fees by filing yourself or using a well-priced formation service to assist. Either way, you are allowed to file even if you are the only member of the company, so it’s a great choice for small businesses.
As a new entrepreneur, it’s critical to make strategic choices while your company is still young. With proper planning and wise decisions, you can steer your new business in the right direction and increase your odds for long-term success.
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