Tips for New Small Business Owners
Updated on December 06, 2019
Being a new small business owner means that you get many exciting opportunities to build foundations for future success. The experience and adventure of entrepreneurship can be rewarding as well as challenging, especially when you are first starting out as a new small business. Learning to prioritize certain goals can help you create a successful small business while staying focused on the big picture.
Continue reading to learn the top 5 tips for your new small business, including advice about impactful marketing, effective employees, and the value of offering small business health insurance.
1. Promote your new small business through marketing
Marketing not only plays a crucial role in increasing awareness about your business; it can also serve as a powerful call to action for your target audience.
- Online reviews – Customer reviews from apps and websites like Yelp and Google reviews can help to position your new small business as the go-to source for your product or service.
- Referrals – People tend to value advice from trusted friends and peers, so getting referrals can be an amazing tool for generating new business at practically no cost to you.
- Digital communications – You can share announcements and updates about offers, discounts, and events with your audience through your website, email newsletters, and social media.
- Networking – Building relationships with other entrepreneurs is another excellent form of business development that allows you to stay on the pulse on current trends in your industry.
Memorable and effective marketing can turn out to be a worthwhile ROI (return on investment) by adding credibility to your new small business while also creating a growing community of satisfied customers and clients.
2. Create a budget for your new small business
New small business owners can face a variety of expenses, and getting organized early on by creating a comprehensive budget can help you stay on track to achieve your goals as a successful business.
Here are key expenses to prioritize and keep in mind:
- Location expenses include the cost of rent, permits, licenses, related taxes, and maintenance.
- Resource expenses include supplies, materials, equipment, and technology.
- Administrative expenses include inventory, accounting services, and legal counsel.
You should also leave a significant amount of room in the budget for unanticipated costs which may be part of any new small business undertaking. This can help save you from financial headaches later on.
3. Focus on your niche by outlining clear goals
Starting a new small business can seem overwhelming at times, which is why you shouldn’t try to do everything at once. By taking the time to outline realistic quarterly, short-term, and long-term goals, you can better steer the course of your new small business by concentrating on what matters most.
Blocking out clear objectives can also help you focus on your specialization as a new small business, especially in terms of clarifying the value of the primary solution, product, or service you provide:
- Value – By understanding the one key area that your new small business does really well in, you can better organize your resources to deliver the best quality experience for your customers.
- Simplicity – By keeping your idea for a small business simple and straightforward, you can avoid unnecessary costs and complications that might hinder the growth of your new small business.
4. Give your employees the opportunity to succeed
Thinking you can do it all alone is one of the common mistakes small business owners should avoid. Although you might feel the need to manage all aspects of your new small business, you may not have the time or energy to meet all of the competing demands or unexpected challenges you may face.
This is where your employees come in. Transferring responsibilities to your employees can give your new small business the structure and autonomy it needs to flourish. Be sure to consider:
- Training – Investing the time in training your employees well at the beginning will better position both your workers and your new business for future success.
- Delegation – Delegating responsibilities as much as possible to employees will allow you as the new small business owner to stay focused on the big picture while minimizing distractions.
- Motivation – Understanding what motivates your employees can help enhance their productivity and improve their performance as they help your business grow over time.
5. Offering health insurance can help you get quality employees
Health insurance is one of the top benefits most valued by employees, and the availability of health plan benefits could even make or break a prospective hire’s decision to join your new small business.
Providing employer-sponsored group health insurance coverage in a total compensation package often serves as a compelling incentive to potential employees. Many small business owners decide to offer small business health insurance coverage because it helps them to recruit and retain the best workers, as well as promote healthy practices, such as going to annual checkups.
Overall, offering small business health insurance can be an effective hiring strategy, allowing you to find the top talent available to help your business thrive, grow, and succeed.
The next steps for new small business owners
Starting a new small business isn’t easy, but the effort involved is often worthwhile. eHealth is here to support your journey as a new small business owner, and we can help you find an affordable small business health insurance plan that works best for you and your employees.