Small Business Management Tips for Growth-Minded Entrepreneurs

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Maintaining a growth mindset is essential for transforming your one-person startup into a thriving business. Focusing on the growth of your business will help you land more customers, expand your market, and optimize your business model to better align with your audience. But finding the time to grow your business can be challenging. There’s just so much to get done every day! Keep reading to learn how you can free up your time and save yourself from a few headaches as you scale your business.

First, make sure you understand the legal implications of making changes to your business. If you change your business address, name, or structure, you will need to report this in your annual report. Don’t neglect this step! Failing to file your annual report could leave you open to state fees or penalties.

Get Comfortable Outsourcing and Delegating

Knowing when to outsource and delegate work is one of the most important business skills you can have. By handing some of your responsibilities off to someone else, you will have more time for business projects that set that stage for growth. Delegation doesn’t have to be expensive. Zapier recommends delegating within your team before you outsource to freelancers. Using automation software can also help you save time without hiring new employees or paying experts to take on your work.

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The 5-Step Career Change Roadmap

Maybe you don’t feel truly fulfilled in your current job, or maybe you don’t think that you’ll have more chances for upward advancement in your field. Perhaps you’re even wondering if you would be happier as a business owner than an employee.

Embarking on a career change for the sake of pursuing your passion can be exciting! Starting your own business can go smoothly with guidance from Oasis Consulting Group, and whether you want to become an entrepreneur or find a job in a new industry, these tips will help you chart a course for your career change.

Schedule Informational Interviews

Are you looking to make a career transition into a new field? To figure out which skills you’ll need to master or certifications you’ll have to earn, you can schedule informational interviews with professionals who already work in your target industry. Indeed recommends coming up with a list of in-depth questions before the interview and rehearsing them in advance. Make sure to thank your interviewee after your conversation!

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Exciting Business Opportunities Created by the Pandemic

Have you always wanted to launch a business? If you’re waiting out the pandemic before moving forward, you’re not alone. It’s true that fewer businesses are started during periods of economic uncertainty, but postponing the launch of your business could mean missing out on certain advantages, including low interest rates, affordable equipment, access to a large pool of talented job seekers, and increased consumer demand for innovation. Some of the most iconic businesses were launched during recessions! As it turns out, the pandemic is a great opportunity for prospective entrepreneurs.

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Launching a Business: Resources for Getting Your Ideas off the Ground

If you’ve got a great business idea, but the thought of putting it into action is overwhelming, you’re not alone. Starting a business does take a lot of work, which is why many would-be entrepreneurs and small business owners never get past the planning phase. You don’t have to let that happen to your idea. Using the resources below can help lay the groundwork for your business and turn your dreams into a reality. 

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How Women Can Become Successful Entrepreneurs

 

The number of female-led businesses has increased by almost 60 percent in over a decade. Altogether, these women have earned $3.1 trillion in revenue. Clearly, female entrepreneurship is a force to be reckoned with. If you’re looking to hop on the bandwagon, follow these tips for success:

Selling Your Own Product

While women-owned businesses only make up about 30 percent of all U.S. companies, 86 percent of Etsy sellers are women. Online marketplaces like Etsy offer many women the ability to monetize their talents with flexible hours and an easy way to set up shop. Women are selling everything from photography and clothes to soaps and stationery.

Although some women start with online marketplaces to earn extra cash, some turn their hobby into a business. For example, one Etsy seller started to sell hoops for hoop dancing in 2009. Since then, she quit her job at an interior landscaping company, and her shop is now a full-time job. In fact, 30 percent of sellers on Etsy say their shop is their sole occupation.

Direct Sales

 Direct sales consultants can purchase a starter pack of products from a company, and then market and sell the product on their own schedule, essentially running their own business. This industry has evolved, as more and more different products and services are being sold to customers—from essential oils to bakeware.

The idea of running a business using direct sales is not new. Avon has been using the model for more than 130 years. There is a perception that direct sales are in decline, but that is not true; in fact, direct selling has actually been on the rise in the U.S.

Affiliate Marketing

 According to Black Enterprise, those working in affiliate marketing earn commission “through either the promotion of another brand or company’s products, tools or services, or shared revenue generated from selling products and services to joint customers and audiences.” The obvious benefit of affiliate marketing is that it generates passive revenue. However, there is a second benefit: By recommending beneficial tools, services, and products, you are establishing trust and authority with clients and customers.

Many affiliate sites take their marketing efforts to social media. This is a powerful way to generate revenue and form connections. The key is to create engaging, attractive, and informative content. The Wire Cutter, Gear Patrol, and Nerd Wallet are just a few examples of businesses that have found success with social media marketing.

Other Sources of Business

Instead of starting your own business from scratch, you can invest in startups. You can either directly invest with the company, or you can leverage investing platforms as more of a low-risk option for yourself. Although there are obvious risks to investing, it can be a smart financial move that generates hefty returns. Consider choosing a company that’s involved in something you understand and in which you can potentially add value. Also, it’s a good idea to invest in multiple deals, which will help to expand your portfolio.

Where to Operate

You might be thinking about setting up your business in an actual office, but do consider the alternative: working from home. A home office allows for more flexibility in your schedule, and you won’t have to pay as much for overhead costs. Working at the dining table isn’t ideal, though; opt for designing an office complete with a custom desk, ergonomic chair, places to store papers, and anything else you require to work efficiently.

Instead of buying your desk at a furniture store, consider hiring a handyman to create a desk tailored just for you. It can include any features you wish, like shelves, cabinets, and a cord organizer. If you live in Miami, you can expect to pay between $168 and $579 for handyman services.

Entrepreneurship was once considered a man’s domain, but with more women-owned businesses than ever, the times are changing. Whether you turn your hobby into a career, monetize your cooking blog through affiliate marketing, or become a direct sales consultant, there is a way to turn your dream of entrepreneurship into reality and success.