How to Get Around Concerns Small Businesses Face Starting Out
Thursday 24 January 2013 | GuestNo Comments
Written by MyCorporation CEO, Deborah Sweeney
Every year, over 500,000 small businesses are started which equals approximately one business starting up every minute. With the start of a new business comes plenty of excitement in working towards becoming a success, but alongside that enthusiasm business owners are taught to proceed with caution. Concerns both big and small will face a small business at some point in their lifespan and it’s important for the owner to know how to get around those issues as quickly and practically as possible while still upholding the brand and mission statement of the company. Below are four common concerns faced by startups with solutions included on how to work it out.
1) Revenue Trouble
The concern: Small businesses often get stuck spending more than they should or have the allotted funding for and don’t keep track of how much money is going out versus the amount coming in.
The solution: Create a budget plan for your business and stick to it! Work alongside a bookkeeper and save all of your receipts to see where the money is going – even smaller expenses like food and coffee runs can really add up!
2) Trademark Infringement
The concern: Businesses need to be able to protect their brand’s identity with a trademark – whether it’s a name, logo, or design that differentiates your business from the rest. The trouble here comes in not filing for a trademark and witnessing another business attempting to use your mark without permission.
The solution: Protect the identity of your business by applying for a trademark. By working with a online filing services company, you can file and submit your trademark to the USPTO and verify that your trademark is unique.
3) Employee Issues
The concern: Late to the office, constantly taking time off of work, complaining, texting when they should be working, not adhering to the dress code… the list could easily go on.
The solution: The business is a team and it takes a strong leader to stay positive and focused and yield profit even when the employees may not be giving 100%. Look to hire motivated employees with great attitudes for your business. Once they’re on board, create an employee handbook that lays out the rules of the workplace and what occurs when they aren’t followed. Have all employees sign a document acknowledging they are aware of this and send it back to you.
The concern: How much should the business be spending? Are you spending too much on what doesn’t work or doesn’t benefit the business? Not enough?
The solution: Focus on where the business is getting the majority of its return back on and balance the budget accordingly. Everything from SEO to paid search to PR and even social media is an expensive endeavor for your business and it needs to be able to show a great return on investment!
Deborah Sweeney is the CEO of MyCorporation.com. MyCorporation is a leader in online legal filing services for entrepreneurs and businesses, providing start-up bundles that include corporation and LLC formation, registered agent, DBA, and trademark & copyright filing services. MyCorporation does all the work, making the business formation and maintenance quick and painless, so business owners can focus on what they do best. Follow her on Google+ and on Twitter @deborahsweeney and @mycorporation.