Have you heard of the term ‘pandemic entrepreneurs’? 4.4 million new entrepreneurs started businesses in 2020, which was a 24.3% increase from the previous year! 

There’s a reason why Americans are starting a business in droves recently. It gives you the utmost autonomy over your time and earning ability, and it allows you to be creative and make money from your passion.

There are many advantages of running a business. But just because you are ambitious enough or motivated enough to start a business, doesn’t mean that you will be successful at running said business. Read on for some tips that will ensure you start a business that is successful and profitable.

Always Have a Business Plan and Goals To Start With

“If you don’t know where you are going and how you will get there, any road will take you there.” This quote might be overused, but there’s a reason why it comes up over and over again especially in business settings.

Do not go into business without a well-written business plan and do not run willy-nilly into taking on projects without knowing your business’ why. 

The more you do this, the more diluted your efforts will be, and the easier it will be to get off track and lose focus in your business. That’s a small step away from hating your business or getting burnt out because you are doing things you don’t like doing or things that you didn’t get into business to do.

Hire Good People (And Delegate as Much as Possible)

“No man is an island.” No matter if you are a solopreneur or a mompreneur, it will be impossible for you to do it all yourself. 

It’s a great idea to become good at delegation from the beginning. This is especially true if you are a type-A personality who has a hard time giving up control and letting others take on tasks. 

If you think no one can do it as well as you can (maybe they can’t but that’s not the point), then you need to get over that mindset, because your business can only grow as far as how comfortable you get with delegation. It would also help a lot if you provide your employees with the right tool, for example, a tomato machine would be a crucial addition for a restaurant. Start small and go from there and your future business self will thank you!

Don’t Forget To Take Time Out for Self-care and Family

“You can sleep when you are dead.” If you are of the mindset that sleep and rest are for losers or ‘lazy’ people, then you have another thing coming. 

Too many entrepreneurs burn themselves out by working 18-20 hours days, 7 days a week. Yes, you have a lot on your plate, especially since you are new to running a small business and learning so many new things (that’s why delegation is so important).

But this doesn’t mean that you can’t take an evening or two off (or even a full day, gasp!) to hang out with family, go for a run or walk, meditate, or do some other self-care activity.

You will be doing your business no good at all if you get too exhausted to work on it. You are a human, not a robot, so stop behaving that way. Stop using exhaustion as a status symbol and laud balanced living as the right way to go.

Slow and Steady Wins the Race

“Drip by drip, even water can wear down the strongest rock.” Yes, you’ve set stringent and high-reaching goals for yourself. That’s a great thing.

But you need to think of reasonable timelines for reaching such sky-high goals. Just like a toddler can’t hurry into becoming a teenager, neither can you will your business into a multi-million dollar corporation overnight.

It takes years (or decades) to get there so you need to give yourself the time and space to come up with new ideas and make your business bigger and better.

Don’t Overextend Yourself Financially 

“Don’t borrow trouble from tomorrow.” Just like this quote from an unknown source says, do not borrow from your future self too heavily. It’s easy to believe that your business will make all of it back and more. 

But is it truly possible? Don’t idealize your situation and think clearly.

The cost of running a business can be high, depending on how much inventory you hold or if you have a retail location. But you shouldn’t start getting deep into debt to pay for these costs.

Also, do not remortgage your home to pay for your business expenses. Keep your home and business apart as much as possible with separate accounts, credit cards, and insurances. 

Get Expert Help With Taxes 

“In this world, nothing is certain except death and taxes.” If you already shudder at the thought of doing your yearly taxes, don’t think that business taxes will be any easier. It will probably be ten times harder.

That’s why contacting a tax service like https://www.taxfyle.com/tax-preparation-outsourcing is a great idea. They can take care of all your small business tax needs for you, so you can focus your efforts on what you are good at – drumming up new business and taking care of customers.

Running a Business Can Be the Panacea You Seek

Why are people enamored with the idea of running a business? Well, there are very few ways in which you can truly be autonomous and independent. 

If you are sick and tired of answering to some higher authority and wish you could take back control of your schedule and your finances, then it’s time for you to learn how to run a business. Use the tips above and become that small business owner you’ve always dreamed of becoming.

Don’t forget to check out our business section for many more articles on running a small business.