Tips to Ponder BEFORE Starting a Small Business

Knowing that many small businesses fail, entrepreneurs must have their business model, and goals and objectives very carefully organized and decided before venturing into the world of small business.

No matter how passionate you might be, very often the cards can be stacked against you. That is why it is imperative to leave your ego at the door. Sit down with yourself or your business partners and very honestly discuss each others’ strengths and weaknesses.

For example, if you function best in the stock room, state that. Allow someone else with better social skills the opportunity to take a leadership role with customers.

Ask some really serious questions

  • What are your goals for the first year? What about your five-year plan? Where do you see yourself ten years from the start of the business?
  • How many employees are necessary?
  • What’s the plan for finding and securing trustworthy employees who will commit to your business?
  • Is it important to you to eventually offer benefits and health care?  If so, what will it take to reach that goal?

Many small business owners make the mistake of trying to do everything. And before they know it, things are a mess. So if you are considering a small business or perhaps you are already in the midst of trying to keep every boat afloat in your business, pay attention to the following tips:

  • Some small business owners start out like gang busters and put all of their energy into the customers they are currently serving. Remember that to stay in business, you have to continuously take on new customers while keeping the current ones happy.
  • Sales and marketing is important all the time. It is a constant goal, even if your door is being knocked down right now with new business, it doesn’t mean that will last forever.
  • Product development and inventory are equally as important as customer service

If you are not well versed in the constantly changing world of tax law, especially in the area of payroll taxes, where the cost of non-compliance can be a nightmare, make time to visit The Payroll Department, Inc. It’s best to reach out to us before you’re actually drowning in questions about federal, state and local payroll taxes.

You don’t have to have all the answers when you step into the role of entrepreneur. You just have to be aware of all the resources available to you and your small business. The reason we call our business The Payroll Department is because we can help you with all payroll-related HR needs. We work like we are a department in your business – available when you need us and reliable for follow-through and professionalism – just what you want for your small business!

-Sherri of The Payroll Department Blog Team

Posted in: Operating a Small Business, Payroll, Payroll Processing, Payroll Taxes

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