Last Updated on November 26, 2019 by Jessica Adams
Whether you like it or not, running your own business revolves largely around the money it will take to do just that. Of course, you should never start a small business if getting rich is your only goal but that doesn’t mean that making money isn’t important. Without cash, you simply wouldn’t be able to stay afloat and would have to close up shop.
So it makes sense why so many entrepreneurs try so hard to cut costs wherever they can in their new solo venture. Despite this, some investments are absolutely vital and worth every penny you will need to spend. Here are four areas that need your focus on your new business.
4 Areas That Need Your Focus
In Your New Business
Your Online Presence
These days, a healthy online presence is essential for a successful business. So you might want to consider enlisting professional help with designing and maintaining your website and social media.
A User Experience (specific) design agency like PRWD can also help you design a site that is entirely focused on your customers, thus boosting your traffic. A social media manager will regularly update your pages with interesting content, to increase your number of followers and their engagement with you.
This is also a service that we offer here at Alegria’s Muse, Social Media Management and Pinterest Management. Why are they different you ask? Because Pinterest is NOT a social media platform, it’s actually a visual search engine!
Effective Social Media & General Marketing
When business owners need to save some cash, most of them start off by cutting back on their marketing. This move is, ironically, the exact opposite of what they should be doing.
If you want to widen your market and boost sales, then you need to be investing more money in marketing and advertising. These are the very things that will get your name out there and eventually bring in clients and paid projects to your business.
You don’t have to go for anything too big or extravagant, in fact, most businesses can handle plenty of their initial marketing of themselves, online for an absolutely free! At the end of the day, you do need to be doing something in the way of effectively marketing yourself and your business.
Extensive Insurance
When your business is running smoothly and it seems like nothing could ever go wrong, insurance can totally seem like a waste of money. However, that doesn’t mean that you should start cutting corners and skimping on your coverage. After all, disasters can strike at any time.
The last thing that you want is for something to hit you when your coverage has dwindled. This could potentially ruin your entire business and your reputation by extension. It makes so much more sense to spend a little bit extra for extensive insurance so that you’re completely protected.
Professional Accounting
I don’t know about you but my personal strengths as an entrepreneur have nothing to do with mathematics. And if you want to save some money, sometimes you need to spend a little, which is where a professional accountant comes in.
If you hire a great accountant, they will help you to manage your money properly, which will save you a lot of money and make your life a whole lot easier. They will also deal with tedious and oftentimes, confusing money management-related things so that you don’t have to do it yourself and risk making costly mistakes.
A professional accountant will help you figure out what you and your business can (and cannot) write off on your tax forms. Chances are you’ve heard that you can write off lunches and even gas in your car BUT these write-offs need to be legitimate!
When you run a business, saving money is vital but it’s just as important to spend money on the things that matter. Remember to keep in mind these four areas that need your focus in your new business. You’ll be covering your major bases and building a solid foundation around them in the process.
Edited by Jessica Rose Adams
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