Did you know there are 28 million small businesses in America with about 543,000 new businesses starting each month? A small business is defined by the U.S. Small Business Administration (SBA) as having 500 or fewer employees. Of those small businesses, 22 million are run by self-employed individuals with no employees. The remaining 6 million businesses are responsible for creating every 2 out of 3 new jobs in the U.S. Each year, the SBA celebrates National Small Business Week from April 30th to May 6th to put the spotlight small biz owners. Additionally, SBA regional offices around the country will hold educational events during the week to help potential startup owners make their dream of owning a business a successful reality.
At Quickbooks, we also love supporting small business owners by offering a suite of easy-to-use tools and software to help them manage their business. Leading up to National Small Business Week, we tapped our business owner friends and colleagues to ask them for their best startup tips to share with fellow budding business owners.
When it comes to identifying how lucrative your business may be, it’s important to do market research and understand who your customers are. Sagan from SaganMorrow.com weighed in on that point by stating, “Who your ideal client is will factor into all other areas of your business. If you want to build a successful business, then identifying your ideal client will enable you to do just that.”
The startup period may be tough for many small business owners while you try to figure out cash flow and wear many hats to complete a myriad of important tasks. But as soon as you can afford outside help, many business owners recommend investing in it. That way, you can get back to leading the strategy direction of your business. Terry from TerryStarbucker.com agrees, “Once you can afford a bookkeeper or an outside accountant — or better still, both — hire them. And get good, well-priced accounting software – my fav is Quickbooks Online.”
Want to hear what our other small business friends had to say? Check out our 26 Startup Tips From Small Business Owners graphic below and let us know what other pieces of advice you’d like to share with future small business owners!