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21 Nuggets of Wisdom for Launching Your Own Successful Small Business

21 Nuggets of Wisdom for Launching Your Own Successful Small Business

The last decade has proven to be volatile and filled with uncertainty. Unemployment rates remain high while federal, state and local support services diminish. It’s no wonder people of all ages are seeking to become entrepreneurs and solopreneurs. In some cases, it’s the only option available. Small business owners enjoy a genuine sense of accomplishment and contentment. Operating a business necessitates having entrepreneurial spirit, initiative, persistence, tenacity and business insight.

Here are 21 Wisdom Nuggets for Launching Your Own Successful Small Business. They’re some of the fundamental steps for living the life of your dreams.

1. Identify Your Small Business and Products or Services

Select an emerging market niche where demand exceeds supply, one that exhibits long-term growth and strong profit margins. Offer a new problem solver venture, something innovative; secure your trade secrets. Perform your due diligence, and validate that the products and services you have chosen are what people need, want, and are willing to pay for. Determine what it costs to make your product or service, and then set a price. Be certain the business will contend robustly with your competitors. Maintain a competitive edge. Pick a relevant, definitive business name, and follow local procedures to assure it’s available (not trademarked or already popular).

2. Access Your Clients / Customers

Determine who your customers are, how you will locate them, and what their motivations for purchasing your products and/or services will be. Ascertain how you will reach out to them and scrutinize their business needs. Thoroughly inquire of their problems and perceived solutions. Display a genuine interest in them and their successfulness. Make well thought out offers to service their needs at reasonable prices. More than meet client expectations. Keep abreast of new technologies, techniques and standards. Share them with your staff, your partners and with your clients. If you keep your promises and perform with excellence, they’ll be around for a long time.

3. Determine Your Start-up Resources

Use Small Business Development Centers or Women’s Business Centers for business assistance, free training and counseling services, especially if you don’t have a business coach. Check out local, state and federal programs that assist new business startups. Save money by utilizing government surplus items from the Small Business Association (SBA), such as commercial real estate, vehicles, furniture, computers and office equipment. Utilize as much of your own money as possible. Obtain business licenses, permits and certifications as required for your specific business industry. An Employer Identification Number (EIN) may be needed.

4. Determine the Legal Structure of Your Business

The business structure you select affects your business identity, income tax filing status, tax liability, funding status, and even your client’s receptiveness.

Decide methodically which legal configuration best suits your small business: sole proprietorship, partnership, limited liability company (LLC), corporation, S corporation, nonprofit, etc. However, don’t turn the decision process into a major project. As your business grows, change will occur. As your company evolves, so will your legal structure.

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5. Prepare a Business Plan

The recommended business plan is simple, realistic, adjustable, and manageable. It provides focus, direction, clear financial objectives, data for loan requirements and it navigates your business success. It helps you to get well-acquainted with your profit numbers, determine projected start-up costs and marketing strategies.

A formal business plan is needed to incorporate your business or to operate as a partnership. Components for a good business plan include: cash flow projection, break-even analysis, budget, profit & loss forecast; business objectives; marketing plan; description of your target audience (customer-clients).

6. Ascertain Your Business Location

Decide where you want to locate your office, i.e., at home, in a shared office facility, a private office, or a retail area. (Home office space MUST be used solely and frequently for your business activities.)

Establish where you will meet with your client-customers. Be sure your office site complements the type of business you will be conducting. Choose a customer-friendly location, properly equipped, set-up and in compliance with zone restrictions. Retail office space should be in a good area accessible by major streets and public transportation.

7. Register Your Business Name and Domain Name

If you decided to operate as a sole proprietor, register your business name with either your state or county clerk. If you chose an LLC or corporation as your legal business structure, registering your business name when the formation paperwork is filed is generally acceptable.

Pick a domain name reflective of your company name, product and/or service. Register both your business name and your domain name with the state government. Apply for tax identification numbers as required by the Internal Revenue Service and your state revenue organization.

8. Protect Yourself and Your Business

Purchase small business insurance (fire, liability, business interruption, automobile and theft insurance, etc.) to shield yourself as well as your company against adversity and lawsuits. With a sole proprietorship or partnership, your personal assets can be confiscated by creditors, lien holders, and plaintiffs for settlements of claims and remunerations. Consider forming an LLC or corporation for greater personal asset protection; otherwise, creditors could take your vehicle, home, investments, etc. If a client or customer falls or gets hurt otherwise on your property, he can sue and cause you to lose everything.

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Another key to self-protection is that you learn from your inevitable mistakes. Your success depends on it.

9. Create an Accounting System

This task is best delegated to a certified public accountant.

Nevertheless, for the health and survival of your business, maintain an excellent understanding of your accounting system. Remain well-informed, constantly aware of how your small business is operating. The accounting system is the structure for financial statements, performance reporting, cash flow transactions, capital expenditure plans, budget variances, the establishment of fees and rates, and income tax preparations. Open up a bank account in your business name. Keep all of your documents well organized.

10. Monitor Your Finances Often

Watch the business funds – your company’s life-blood – frequently and consistently. Control your cash flow expertly and resourcefully. Review company bank statements and invoices. Put checks and balances in place; have audits conducted. Communicate with your vendors and creditors; keep a good rapport with them. As you prepare your initial budget, try to build in enough savings to cover six to twelve months of business operations, as well as an emergency fund. Exercise prudence and double-audit each expenditure. It is wise for you to share in your company’s money management.

11. Preserve Your Good Credit

Make it a point to pay your obligations on time, preferably early. This includes income taxes and especially payroll taxes from employee paycheck withholdings. Preclude being held personally responsible for paying back payroll taxes. The Internal Revenue Service is known for issuing harsh fines and penalties. Timely bill payments stimulate good business relationships and trust. Keeping a positive credit profile supplies a built-in safety net for meeting challenges and attaining financial backing when needed. Good credit is essential for profitable business transactions and sustainable cash flow.

12. Start Small

Endeavor not to over spend or spread yourself too thinly, limiting both your effectiveness and productivity. Try to do one or two tasks flawlessly.

Beth Laurence, J.D. in her article, Ten Tips for New Small Businesses, says, “Think small. Don’t rent premises if you can work somewhere else, and don’t hire employees until you can keep them busy. People who start their small business on the cheap …and create their first goods or services with more sweat than cash, have the luxury of making their inevitable rookie mistakes on a small scale. And precisely because their early screw-ups don’t bury them in debt, they are usually able to learn and recover from them. (Plus, running your business from home can save you tax dollars, too.)”

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13. Prepare Your Elevator Pitch

This tactical, 30-second speech is given to your prospective client-customers highlighting their needs. Always be ready to deliver it. Personalized as necessary, the elevator pitch simply vocalizes your identity, product or service and business objectives. In the first 15 seconds tell your client-customers who are you, what do you do, and what problems you can help them solve. Use the next 15 seconds to add details about your unique selling proposition, special skills and specific ways you can support them. This technique helps convince your targeted audience that you have the experience, astuteness and expertise to furnish what they need.

14. Get and Stay Connected

Do not wait for business perfection, begin networking and recruiting suitable clients. Get actively involved with community activities, associations and meet-ups relative to your client base. Attend town meetings, join civic groups and the local Chamber of Commerce. Network with like-minded individuals; persons with whom you share common interests and mutual business goals. This will help you develop into a sought after business expert. Make frequent contacts with everyone who is supporting, purchasing and promoting your product and/or service.

15. Market and Promote Your Small Business

Eric Holtzclaw in his article 10 Simple Marketing Tips for Small Businesses says, “Marketing doesn’t have to be hard or expensive. Sometimes the simplest ideas are the most effective…Start a podcast …and interview other business owners. People love to tell their story, and by highlighting them on a podcast you make an instant and meaningful connection.”

Place ads in your local newspaper, in trade magazines and publications. Send out brochures, flyers and postcards to prospective clienteles already motivated to purchase your product/service. Accept a leadership role in an organization, host an event, offer discounts, help with a good cause; support other small businesses. Request an interview on a local radio or talk show. Launch an email campaign.

16. Give Away Some Freebies

One of the greatest ways to attract customers, prove a genuine interest in them and add value to your business activities is to give away free stuff.

Your customers must see usefulness in it, however. For instance, offer sample products or free services like a webinar on how to attract and maintain customer loyalty, a free massage, or a free hour of consulting. Another great idea is to write a marketing book that tells your story and why the product or service you offer is the best resolution for their problems.

17. Get Every Commitment in Writing

Well-written and well-documented contracts make good business sense and are enforceable. They protect your health, your sanity and your business.

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Although oral contractual agreements may be valid, they can be very difficult to validate and impose. They are indeed hazardous to the long-term survival of your small business. Make it a general business rule to give and receive receipts for all business transactions. Even if not legally required, get every contract, commitment, offer letter, purchase order, lease, agreement and procedure in writing.

18. Hire and Partner With the Right People

Employ like-minded professionals, workers with similar goals, personalities and complementary skill sets. Avoid business sabotage and frivolous lawsuits by interviewing potential employees and independent contractors conscientiously. Evaluate their capabilities, work ethic, employment history, credit (where appropriate) and referrals. Establish ground rules and expectations along with clear consequences for violations. Publish these guidelines and procedures in handbooks, and ensure they are read. Administer the rules fairly at all levels and without partiality.

19. Document the Legal Status of your Workers

When you hire workers as independent contractors, make sure they shouldn’t really be taxed as employees. The IRS can impose substantial penalties against you for not withholding and paying taxes for a worker who is really an employee. Preclude this problem by having the worker sign a written service contract, or independent contractor agreement. When hiring an at-will employee, have the employee sign an offer letter that makes it clear the employment relationship is at will.

20. Get adequate rest and relaxation

Small business isn’t for the faint of heart. It’s for the brave, the patient and the persistent. It’s for the overcomer.
– Unknown

Operating a successful business can be tough and demanding at times. To remain alert, energized and cognizant, you need to exercise, get ample sleep and rest each day. Consume the proper diet and nutrition. It takes a lot to keep pressing ahead while maintaining realistic expectations all along the way. Time-out and tranquility are a must for triumph.

21. Know When to Close the Shop

Sometimes no matter how well qualified you are, or how diligently you work, your plans do not materialize as intended. In those cases, you need to cut your losses and move on without delay. Consider where the flaw occurred and how you might have responded differently. Retrieve the lessons learned, rise above the challenge and move on to your next endeavor much more experienced and astute.

When you have implemented these 21 Wisdom Nuggets for Launching Your Own Successful Small Business, you will have accomplished the essential business liftoff actions. Just remember that operating a thriving small business is an expedition, not a sprint. Efficiently manage your income producing, administrative and operational activities. Take great care of your employees and clients.

They will reciprocate to your delight.

Featured photo credit: Take the Plunge and Start Your Own Business – It’s Definitely Worth It! via google.com

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Published on January 17, 2020

How to Eat Healthy on a Budget (The Definitive Guide)

How to Eat Healthy on a Budget (The Definitive Guide)

Have you ever looked at health gurus and wondered how on earth they can afford all that health food? Or maybe you’ve tried multiple times to start eating healthy only to find the $600 monthly budget overwhelming?

If you’re anything like me, you know exactly what I’m talking about! I absolutely understand the sinking feeling of looking back over a grocery budget and finding you went way over what you intended. And besides that, it can be hard to justify buying a tiny $5 bag of carrot chips while a $1 mound of potato chips is sitting right next door.

My husband and I recently ran into that struggle. We got married this past year and soon found ourselves trying to balance 12 hour work-days with keeping our relationship strong and trying to keep our personal businesses afloat. Granted, our budget was the one thing that took a hit! After we started tracking our spending, we were shocked to see we were spending over $1000 a month just on food! A little planning cleared that right up.

So, how to eat healthy on a budget?

Here’re the top tips I learned that helped us shave over $600 monthly off of our food budget so we could reinvest that in the areas that really mattered to us![1]

1. Meal Plan

You’ve probably heard the saying “Fail to Plan, Plan to Fail” right? Well, this saying couldn’t be any more true than in the area of healthy budgeting! The fact is, most healthy foods don’t actually cost that much… the pre-made time saving ones do!

If you go about creating a healthy meal plan within your budget, you could easily cut costs down to around the same price you are paying for junk food.

Meal planning is as simple as working in foods you already have in your fridge/freezer, adding in several meals with simple ingredients and seasonal veggies, and breaking it down into a shopping list.

Often, finding a few meals to make in big batches will save you the most money in the long run, which leads me to my next point.

2. Cook in Bulk

Not only will cooking in bulk save you a whole lot of time, it will save you a whole lot of money too! Believe it or not, if you find meals to make with similar ingredients, you can easily save more money than when you were eating unhealthy.

Don’t believe me? Just look at a $4 frozen pasta dinner. Now, sub that with a veggie pasta dinner. 5 zuchinni ($3), Pasta sauce ($2.50), and chicken ($5) could last you a full 5 meals which adds up to a whopping total of just over $1 per meal!

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That’s not even digging in to all the money you will save from fast-food. Trust me, a little $10 spent here and there add up! You’ll be saving a whopping amount from all the meal prep you will do!

3. Cook all Your Meals in One Day

The science behind this is 2-fold.

Number one, if you have lots of meals to grab and go, you will be far less likely to binge on pricier food when you get hungry. Let’s be real, you’re not going to spend 1 hour cooking when hub-n’-grub is at your bekon-call!

Number 2, meal prepping ahead of time will help you stick to your meal plan better when you’re not in the mood. Let’s face it, we’re all going to have days when protein and veggies doesn’t exactly sound appealing. But, if you have a full meal that’s quick to grab in the fridge, it will be easier for you to fill up on the good stuff rather than spending money on what you don’t really need.

4. Cut Back on Snacks and Specialty Items

I can almost hear you from across the screen. “But, I thought snacks were good for me!” Here’s the deal: Snacks are expensive! And healthy snacks, oh my goodness, say goodbye to your paycheck!

Look, I’m definitely not saying that healthy snacks are bad. Quite frankly, I would much rather you chow down on Halo Top than a triple-butterfinger-fudge sundae. It’s just that… healthy snacks are why eating healthy gets a bad rap for being expensive.

Look at it this way: You could either buy a week’s worth of groceries full of chicken, fish, beans, veggies, and fruits for $30. Or, you can spend that $30 on six snacks that will leave you hungry for more.

What’s more, the ingredients for gluten-free baked goods, sugar free substitutes, or protein powders alone will add up to you eating a full week’s budget in one sitting. By all means, if you want to work some yummy items into your budget, do it! But don’t confuse that extra monthly $300 of delicacies as a necessity. Your body and budget will thank you!

5. Satisfy Yourself with Your Favorite Subs

We all have an emotional tie to food. Maybe pasta reminds you of home! Or maybe a fresh-baked pizza is what gives you a feeling of comfort. Whatever you favorite food, find a way to work it into your budget in the best way.

We’re only human, and depriving ourselves of what we love will never end well. More often than not actually, it ends in take-out or a pricey-premade substitute.

Instead of finding yourself in this situation, find a way to make your favorite foods fit your budget. Zuchinni noodle pasta might just give you that feeling of home without breaking the bank. Or maybe you could google a healthy pizza alternative you would like that you could make at home. Often, something similar to your craving will be enough to give you a sense of satisfaction.

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Or, just buy your cheat meal and save it for a special day. That’s okay too!

6. Stick to the Cheaper Proteins

Okay, I know we all love steak. Unfortunately, buying pre-cooked or expensive cuts of meat are one of the easiest ways to drain a budget.

Instead of purchasing those, try buying frozen chicken or eggs. A 5 lb bag of frozen chicken can be as cheap as $5, and you can buy a whole weeks worth of eggs for just over $1. You could even try going vegetarian for a few meals if you really want to cut down on costs!

7. Buy Frozen Fruits and Veggies

I know, we all love our fresh fruits and veggies! However, sometimes frozen might be the way to go if you’re looking to cut costs!

Fruits and veggies are easiest to ship when frozen, making them a much cheaper option. Contrary to popular belief, scientists have actually found that frozen might be better for you too![2]

The reason is, frozen produce is picked at its prime and shipped immediately. Fresh fruit tends to be picked much earlier so it will ripen while being shipped. Not only does this make it less nutrient dense, but sometimes the fruits are actually pumped with artificial flavors to make up for the lack of real nutrients.

While I’m all for fresh fruits and veggies, don’t feel guilty if you opt for frozen foods due to a budget.

8. Bump up the Calories with Rice and Beans

The problem some people find when trying to eat healthy is that it can be hard to get the amount of calories you need without relying on expensive “specialty” items. Instead of stocking up on pricey gluten-free breads and pasta, I say stick to simple rice and beans as the bulk of your meals.

Brown Rice is very cheap and easy to use as a base for bowls and dishes. Likewise, beans can add a bit of fiber making you feel full and satisfied without having to spend a lot of money.

If you are trying to cut on body fat, use extra veggies as the bulk of your meal and add in rice and beans as a filler.

9. Try Acai Bowls

Acai Bowls can be a really cheap and satisfying meal as long as you do it right.

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You can find cheap fruits at most stores or just freeze your fresh fruits before it goes bad.

Making your own granola can save you a lot of money as well. The total cost for this delicious meal should only add up to a few dollars compared to triple that price if you were to buy one pre-made.

10. Make Your Own Meal Kits

Do you like your meals freshly cooked? Sending meal kits to your doorstep is an easy way to drain your budget. Instead, try making your meal kit at home! Not only is it fun, you will easily get a delicious taste.

Simply find a few simple meal cards or print some out and fill a ziplock with the ingredients for each specific day. Don’t know what recipe to make? Another option is to order one month of meal kits and recycle the recipe into ingredients for the upcoming months with ingredients you picked up from the store.

11. Don’t Drink Your Calories

A few dollars spent here and there can really add up! Just as with specialty items, healthy drinks can be a blackhole for you. An energy drink and kombucha and coffee each day could easily have you spending and extra $300 each month!

I you really need a special drink fix, try making your favorites at home. Bring a coffee in, make kombucha, or even try making lemonade with stevia or a healthy soda. You’ll be surprised w hat a big difference such a small change can make on your budget!

12. Buy Cheap Online

Just like anything else, it pays to be prepared. Buying foods from online retailers can be a really affordable way to save money as long as you’re prepared.

Plan ahead for those more expensive specialty items you can’t live without. It will save you tons of money compared to having to buy food from a specialty store.

13. Don’t Fret about the Clean Fifteen

One of the huge things that can mess with a person’s budget is eating organic. For the record, I am 110% all for eating organic whenever you can. However, for some people, it can be hard to make organic food fit into a budget.

Instead of scratching healthy eating for a smaller budget, try to buy meat and the dirty dozen organic, and don’t go crazy about the rest. The clean fifteen are the fifteen safest foods to buy that aren’t organic! Meanwhile, the dirty dozen is the most worthwhile avoiding. According to Produce Retailer, these are the dirty dozens:[3]

  1. Strawberries
  2. Spinach
  3. Kale
  4. Nectarines
  5. Apples
  6. Grapes
  7. Peaches
  8. Cherries
  9. Pears
  10. Tomatoes
  11. Celery
  12. Potatoes

14. Pay Attention to Storage

Keeping the food you have is just as important as how much food is in the first place. Try to stay on top of how much produce you can actually use before it goes bad. It might not be a bad idea to pencil an extra shopping trip in the middle of the week to keep food fresh.

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Investing in good food storage containers could go a long way in saving you in the long run as well.

15. Freeze Food Before it Goes Bad

Instead of getting mad at yourself at the end of the week for all the wilted produce you need to throw out, try freezing it before you get to that point.

Most frozen veggies will taste delicious in stir fries and soups. You can freeze fruits to make sorbet or smoothies. Frozen greens can be chopped up and tossed into just about anything for a nutrient boost!

16. Consider Ditching Most Supplements and Powders

I have nothing against superfood powders and supplements. However, if your budget is tight, it can be hard to fit supplements and powders in.

Instead of adding in powders, add extra nutrients to you food. Add lots of greens and veggies to all your meals to meet your nutrient needs. If you need a specific supplement, you can find great deals online as well!

17. Use Budget App

There are so many great apps you can download for free. One of my current favorite is HoneyDue because you can track your budget easily with your spouse. There are many options available, just find the one that you’re most likely to use. The ones that download your spendings automatically are often the easiest and will give you a more accurate number.

My husband and I use the same app, but have a separate budget for each of our weekly food plan and for our additional snacks. Keeping things separate can often be helpful to know exactly where your money is going. Plus, it can help hold you accountable if you have a significant other you are sharing money with.

18. Use What you Have

Most people have unused protein powders lying around in their cabinets. Instead of letting that go to waste, work them into your meal plan. Protein powders can make amazing doughnuts, pastries, or pancakes!

19. Enjoy the Process!

Finding ways to enjoy your new lifestyle will be helpful in sticking to it long term. Find fun in seeing how much you can save each month. Make a competition with someone to see who can stick to the lowest budget and create something fun to do for the winner with some of the money saved! Blast some music in the kitchen while cooking your new recipes.

Budgeting and health doesn’t have to be a drag. Make it fun and you’ll enjoy your new lifestyle long-term!

Featured photo credit: kevin laminto via unsplash.com

Reference

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