Running a Small Business – What it Entails

Running a Small Business – What it Entails

Picture of Daven Michaels

Daven Michaels

New York Times Bestselling Author, 30-year business veteran, and Executive Chairman of CurrentC Group.

Owning and running a small business comes with challenges, as well as opportunities. The challenges would include raising finance for the business, selling logistics, delivery, management, as well as expanding and growing the business.

The good news is that you can outsource some of these challenges/tasks to cut back stress. The opportunities would include attracting investors and increasing your income base when you groom the business to be profitable.

So, when thinking of starting and running your own business, here are some steps you need to embark on;

Step #1: Obtain Your License

To legalize your business, it is necessary for you to register it and get a license in the specific industry that your business belongs. This way, your business will be both legal and conducted in line with industry regulations.

And, when you do your business registration, ensure the permits you obtain are relevant to specific services you offer – an example is home repair, which means obtaining a certification is needful in addition to getting a business license.

However, some businesses do not require licenses. Therefore, make sure you verify with your local small business agency or administration so that you can find out the requirements for your type of business.

Step #2: Employ the Right People

Depending on the size of your business and its nature, you would need to employ people to help you in running the business. It’s always good to look out for prospects with certifications and experiences that are relevant to your business.

Whether you choose to outsource most of the tasks (and save more costs/time) or hire full-time employees, always insist on getting the most qualified for the tasks in terms of experience and expertise.

Step #3: Be Organized

One of the ways to ensure your business is up and running in a successful manner is to get organized. The organization extends to different aspects of your business – finances, employees, time, inventory, workspace, records and so on.

You should take advantage of apps that can help you achieve a robust organization. Typical examples of such apps include the spreadsheet. And, it is not enough organizing things, you also need to make out time to review the contents of your spreadsheet and see if they are well attended to.

Tip #4: Delegate Tasks

Don’t even try to do everything alone or you will break down. So, learn to delegate tasks and responsibilities to those who are more qualified and experienced to handle them. Consider breaking up tasks into smaller units and assign people to supervise or handle each segment.

Finally, be fully involved in the running of your business. Delegating tasks does not mean you should entirely hand over your business to your workers. You also need to closely supervise and ensure things are running as they should.

Daven Michaels is a New York Times Best Selling Author and CEO of premiere global outsourcing company, 123Employee. The company employs hundreds of young bright individuals on three continents. His International event, Beyond Marketing Live! inspires entrepreneurs to build & grow their business with revolutionary new theories and systems allowing them to design the business and personal lifestyle of their dreams.

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