Small business owners reflect on what they’ve learned, and offer advice to other new and aspiring business owners on best tips for startups.
Owning your own business comes with a host of challenges, and that’s putting it mildly.
You have a huge responsibility to both yourself and your employees to make sure that things run smoothly, and it can be especially frustrating if it’s your first venture. One thing’s for certain: mistakes will likely be made, and you better be willing to learn from them.
Who better to ask for advice than those who have been through it and come out successfully on the other side? We love speaking with small business owners from across the country for our Spotlight on Small Business Owners series, and appreciate how this community supports one another with insight and advice.
We caught up with several small business owners recently to get their candid advice for those in the early days of starting their own enterprise, and learned how FINSYNC has helped make running a small business a little bit easier.
What advice do you have for other small business owners, or those who are looking to start their own business?
Tara Rhodes, Owner, Hello Lovely Hair, Skin & Nails
I would definitely ask other business owners what has worked and what hasn’t, and then really do your research about reputable companies that are going to take care of you. I think the advice of other business owners is priceless, but also just do your research about who provides what and who’s really going to make that happen. FINSYNC has helped with that for sure.
Pay close attention to what is and is not working for your business and promptly adjust as needed, whether it’s technology or hiring a contractor or just getting support. Don’t let the thing that isn’t working linger.
From the very beginning I would say get all your ducks in a row about how you’re going to do your accounting and invoicing. Make sure whatever you do, you get something in place from the very beginning. I feel like the money we spend with FINSYNC per month is a steal. Save yourself a couple of cases a beer a month and get this type of instrument that can help you with your business right now.
Strongly consider the profit first method to ensure your most valuable employee gets paid. That’s you, the entrepreneur. You can’t do that without good financial planning. FINSYNC helps with that.
I would advise them against doing what I did for the first couple of years, which was winging it. Software like FINSYNC is as affordable as you want to make it. I think we first signed up for their base package, which was a great value when I saw it was really equivalent to 3 or 4 pieces of software in one.
At first, I made the mistake of trying to manage everything through a spreadsheet and cutting checks manually. Plus, I fell victim to what is considered “easy” by immediately running payroll through one of the larger companies out there, but it cost an arm and a leg and still required a lot of my time. Tools like FINSYNC ensure that you don’t have to do it yourself, at a fraction of the cost.
It really helps manage your business smarter, and you end up saving quite a bit of money from an opportunity cost perspective. You can assign an hourly rate to what your time’s worth.
When I was just starting out, I would balk at a piece of software that may cost $50 or $100 dollars a month, without realizing that the software would save me five hours a month. So effectively I was losing money by not buying the software. It’s an investment that will absolutely help you scale your business better.