8 Entrepreneurship Tips for Tiny and Small Businesses
Over the weekend, I participated in the 3rd Annual Haitian American Small Business Expo and Job Fair where I lead a workshop for entrepreneurs. Here are some takeaways:
1. Formation is Key. When it comes to starting a business, it’s important to build it on a solid foundation, and to understand your options, risks, and advantages for each type of business entity.
2. Get it in Writing. If you’ve got a business, you need contracts that clearly represent the nature of the relationship between you and your customers.
3. Secure the Bag. Always make it easy for people to pay you for your goods and services. Platforms like Square, Stripe, PayPal, or even Venmo make it easy for you to take payments on the go.
4. Don’t Quit Your Day Job. Entrepreneurship doesn’t have to be all or nothing. Unless your side gig conflicts with or isn’t allowed by your day job, it’s ok to keep a 9-5 until your side gig grows, or forever if you’re not about that full-time entrepreneur life.
5. Track Your Income and Expenses. Whether you’re using a good old-fashioned Excel spreadsheet or an online platform like QuickBooks or Xero, make sure you’ve got a record of your income so you can pay quarterly taxes, and your expenses so you can deduct the applicable ones.
6. Go Where Your People Are. If your ideal customer lives on Instagram, then you need to live there, too. Bring your brand to the people until they start to come to you on their own.
7. Be Social on Social Media. People buy from people, not companies. Infuse your personality into your brand to make your company relatable enough to get people to want to work with you and buy from you.
8. Done is Better than Perfect. Don’t stress over making something perfect before launching it. Just do it, and continue to iterate.
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