3 Helpful Tips for Current or Prospective Small Business Owners

1. Patience Is Key

Slow business growth is common. In fact, many entrepreneurs do not see the fruit of their labor until they have consistently dedicated time, thought, and effort into their business venture. However, it is still helpful to review your business operation and efficiency periodically, taking a look at how your business could run more smoothly. There is always room to improve aspects of your business, which could take time to implement effectively.

Rather than becoming frustrated or fixating on the speed of your growth, practice patience and make an honest effort to provide the best service or product you can, along with great customer service and a well-thought-out business strategy. Remember that entrepreneurship is a journey unique to oneself; No two startup stories are the same.

2. Legitimize Your Entire Operation

As the head of your own business, you must be legally accountable for the company. This includes registering your business, pursuing the appropriate licenses (i.e. health permits and liquor licenses), and keeping a record of employee/employer obligations.

Having dedicated time and effort into your own venture, you cannot afford to let any of these factors slip through the cracks. Doing so could result in tax ramifications as well as internal disputes among personnel.

3. It is Not Necessary to do Everything Yourself

Chances are, every small business owner will become overwhelmed at one point or another. While this is absolutely normal, the life of an entrepreneur does not need to be a constant crisis. It is important to consider delegating some work to others who are capable and trustworthy of covering the tasks you need completed. It is advisable to assess your workload and distribute tasks accordingly. For example, payroll and certain administrative tasks can be assigned to an employee or remote worker.

In addition to completing day-to-day tasks, (prospective) entrepreneurs must also recognize when they need assistance venturing into uncharted territory. Questions or issues regarding business formation, contracts, and formal business registration can raise additional frustration. Do not hesitate to seek help from a business professional when necessary. On top of the time, effort, and passion you put in your business, a helping hand can make all the difference.

For assistance with Maryland business formation or with your existing business endeavor, we invite you to contact the Law Offices of Elsa W. Smith, LLC at 410-995-7719.