By Aurora M.
Starting a new business is an exciting, yet stressful, venture. Months, and sometimes years, of work can go into the launch of your business. It’s almost like it’s your child, you put all of your sweat, love, and tears, into making it and hope it’s as successful as all of the hopes and dreams that you have for it. Unlike a child, you have total control over the success of your new business. It can be really hard to look past all of the stress leading up to the opening of your business, as well as the stress of waiting for your business to gain momentum once you are officially open. Here are a few tips to help starting a new business be a little easier and smoother.
Start at home
Opening a business comes with a lot of expenses, often more expenses than you’re able to anticipate or plan for. Unfortunately, there isn’t really a great way to plan for these. Supplies will end up costing more, or maybe you didn’t factor shipping costs into your budget. Setting up your website, maintaining your website traffic, and hiring an accountant are all expenses that you often don’t anticipate, and have to spend money on anyway. Because these unexpected expenses are inevitable, it’s a good idea to try and cut costs in other areas preemptively. One of the biggest business costs is paying rent for a business office space. Unless it’s absolutely necessary, it’s a good idea to run the business from your home. If you don’t have an office space or a guest room, you can convert your garage into a working space. An added bonus to working from your home is that you can claim that space on your tax, and get a credit or deduction on your mortgage or rent for converting some of your home for office use.
Warehouse space alternatives
If your business involves moving a large quantity of product, such as clothing or any other sort of physical good, a warehouse can be inevitable. Keeping it out of your home for as long as possible is a smart idea, to save money. But eventually, your business will grow and it won’t fit inside your home anymore. This is a good problem to have! If you don’t feel like you can justify the cost of a warehouse or rented office space, though, a less expensive alternative is to rent out a storage unit instead. As long as you maintain a level of organization, this should be sufficient until your business is making a high enough revenue for you to move this business into an actual warehouse or storefront.
Business gets messy quickly. Even if things are almost entirely conducted online, things can get confusing and spread out. One great way to set yourself up for success, is to make sure that your business space is well organized. You want to keep your expenses low, as earlier mentioned, but make sure that you give yourself the tools to stay organized. If your working space is organized and designed to help you be more productive, you’ll be able to optimize your working time and be more successful. Make sure that you have a desk and any necessary organizational tools. File cabinets, folders, binders, shelving, clothing racks, etc., and then make sure you have a set way to keep these things organized so it’s easier to maintain.
Make sure you do the math, and then do it again
Entering the new world of owning a business is liberating while also confusing. Make sure that you keep your business expenses separate from your personal expenses. One of the best ways to do this is to get a separate bank account for your business expenses. Not only does this keep things organized now, but it makes it easier when it comes time to pay your taxes. As you spend money, and as you earn it, keep track of it. Store receipts in a convenient location, and make sure to track all spending and income. Whether this is in an accounting software, spreadsheet, or an app on your phone, make sure you have an organized way to keep track of your business finances.