Running your own business is an amazing way to reach financial independence, and more and more women are taking this path every day. However, this process can be pretty intimidating, especially at the very start. It’s difficult to tell which choices will be the best for your business and keep you on the path toward success.
Often, the answers to these questions will depend greatly on your business and your needs. That’s where having a financial advisor like KG Meyer can come in handy. When you need advice tailored to your situation, having a pro you can turn to can make a world of difference.
That said, there are some best practices that will broadly apply to nearly any business. Here’s a look at a few of the basic things you can keep in mind while getting your company up and running:
Pick the Right Bank
A fairly common first-time business owner mistake is choosing the wrong bank account for their business. Going with the bank you use for your personal finances is an understandable choice, but that doesn’t make it the best one. You need a bank account that has features geared toward small businesses, and the bank you use for personal banking isn’t necessarily going to offer that.
The best online business checking account will make your money work for you. Hunt for an option that offers a high-yield interest rate and doesn’t make you pay for services like instant deposits. You also want an account that directly links to your payroll software so your day-to-day financial operations are a breeze.
Refine Your Hiring Process
Unless you’re running a solopreneurship, at some point you’re going to bring employees on to join your team. Even seasoned businesses can struggle to hire effectively, so it’s no wonder this is a major hurdle for many new business owners. Being aware of the most common pitfalls, however, can do wonders for helping you avoid them.
For example, many people make the mistake of getting too hung up on making sure candidates hit each and every one of your ideal attributes or experience descriptors. Remember, when you write a job listing, you’re posting about an imaginary person who may or may not exist, and the best candidate might not fit the description perfectly. It’s okay — and often wise — to value an interest in the field, passion for the work, and interpersonal connection over a rote checklist of skills and experience. If you connect well with a candidate and their experience suggests a capacity to learn and grow, odds are they’ll be a great fit.
Give Yourself Downtime
Another extremely good skill to have as a business owner is the ability to give yourself downtime. Business owners, in general, tend to work far more hours than the average person. That’s part of the job, and people know that going in. However, this means you need to treat your time off the clock with reverence. If you don’t give yourself the proper time to rest and recover, you’re going to wind up burning out.
Consider scheduling time for self-care — as in, literally write it into your schedule. After all, most business owners are motivated by their to-do list. Use that to your advantage to give yourself opportunities to relax and recharge. Not only will this help you feel better, but it will also give you the creative energy you need to make your business a success.
Getting started in the business world is a lot of work, but the tips in this article can help you establish a strong, sustainable foundation. Creating good business habits — for your company and yourself — early in your ownership process will set you up for long-term success!
Need personalized financial advice for your business? Contact KG Meyer today!
Gloria Martinez loves sharing her business expertise and hopes to inspire other women to start their own businesses and seek promotions in the workplace. She created https://www.WomenLed.org to spotlight and celebrate women’s achievements.
