New Entrepreneurs: Practical Small Business Tips to Use in Any Industry

Being an entrepreneur means that you are used to dealing with uncertainties and figuring out solutions to problems. If you’re new to entrepreneurship or business ownership, then it’s essential to have a set of consistent practices and habits that you can turn to throughout your journey. Below, we have listed some practical tips for entrepreneurs and business owners in any industry:
 
Building Your Reputation
Much of your success or failure will be determined by the reputation you establish for yourself and your brand. Here are a few ways to make sure people associate your business with good things!

• Continue to deepen your knowledge and expand your skillset within your industry so that you can establish yourself as an expert. Going back to school for a master’s degree or new certification could be just what you need!
• Develop a unique brand that accurately represents your company values and offerings.
• Invest time, energy, and capital into creating a professional website, and promote your brand relentlessly through SEO and social media.
• Conduct thorough research to determine how you can best engage with your target audience through your content, products, services, and support.

 
Growing Your Network
The more helpful people you have access to, the better your chances of navigating challenges and growing as an entrepreneur!

• Develop relationships with other professionals in your field to learn valuable knowledge and form beneficial partnerships.
• Figure out which tasks and projects you are best at, and hire qualified, dedicated team members to do the rest.
• Seize every opportunity to build your network. Engaging with other professionals online, attending industry conferences and seminars, and joining your local chamber are just a few steps you can take!
• Be yourself when networking. Entrepreneurs and business owners are generally drawn to authenticity when it comes to working with others. 

 
Keeping a Solid Footing
Finally, maintain a firm foundation for your business by staying organized, compliant, and financially sound.

• Invest in up-to-date tools that can help you keep your individual projects and long-term strategies organized.
• Make sure you understand any laws and regulations pertaining to your business, and set up a legal structure that complies with your state.
• Use accounting software to manage your business finances and stay on track with your goals. Hiring a CPA with small business experience can also make a big difference!
• Connect with organizations like us if you need additional startup capital or utilize Women’s Business Center of Utah’s KIVA Program.

 
Part of entrepreneurship is that you will always meet new challenges and have to adjust your strategies. By implementing solid practices and habits, you can position yourself to thrive in any environment. Along with considering the tips above, never stop looking for other ways that you can set yourself up for long-term success!
 
If you would like to learn more about how we support entrepreneurs and small business owners in our community, visit UtahMicroloanFund.org today!

Article by guest writer Carleen Moore.