Running a small business

Tips for running a small business

Here at Bargain Bunny, we help our readers to save money every single day. It’s something we’re really passionate about and we genuinely get a kick out of helping you guys out! But when all is said and done, we are running a small business here, so we need to stay up to date with the requirements of doing that alongside regularly finding and posting great deals. So we thought we’d share a few tips for running a small business based on what we’ve learnt so far.

Make time for your accounts admin

When you first start out, you’re inevitably going to be focused primarily on making sales and bringing money into the business, and that’s exactly what you need to be doing. But as your business grows, you’re going to need to set some time aside specifically for managing your accounts. It’s possibly one of the most boring and unfulfilling tasks you will do, but it’s vital for your business.

Depending on the size of your business, you may need to do a regular sales tax audit and keep up to date records.

Maybe set aside one day or half a day each month for accounts admin initially and see how you get on.

Know the tax laws in your area

Tax laws vary dramatically from country to country and even from one state to another, so you need to be clear on the exact sales tax regulations and requirements for your specific area. If you’re based in the USA, then this list of economic nexus laws by state is really handy.

Tax may be dull, but it’s something that we all need to deal with if we want to stay on the right side of the law! Using the economic nexus list is a great way to get to grips with it.

Consider getting the professionals in

Managing sales figures and tax repayments can be pretty daunting stuff if it’s all completely new to you. Consider getting the help of an accountant early on to make sure you’re doing things properly.

Do your research

Whatever business you’re in, it’s so important to do your research!

You need to know what your customers want and what they expect when they buy from you or use a service you provide. You could use feedback forms to gather information from your existing customers to figure out what areas you need to work on to really make your business work well for them. Repeat customers and word of mouth are exactly what you need in order for your business to grow!

You also need to know the competition you’re up against. What do they offer? How much do they charge? What could you offer that might make you stand one step ahead of them?

You need to know your business inside out, so make time to do your research.

Love what you do

If you’re planning on running your own business, then it’s likely to take up a huge chunk of your time for the foreseeable future. If you don’t enjoy what you do then it’s likely to be an uphill struggle! Loving what you do is half the battle when it comes to making a success of a new business venture.

*This is a collaborative post.

 

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