Starting your own small business is going to be challenging. Small business veterans though, are used to challenges. You faced them most days while serving your country. So, we know you can handle any challenge that comes your way while running your own business. Today, we are going to share our favorite small business tips for veteran entrepreneurs. Not every tip will apply to your business. At least not now. However, you can tuck those tips away for the future when they may be applicable.
Small Business Tips for Veteran Entrepreneurs
- Always hire a professional when you need one. You may be tempted to struggle with every task to save money. But honestly, you will save more money by hiring a person to complete the task the right way the first time.
Need tips for hiring a remote team? Read our post, “How to Build a Successful Remote Team”. It is full of information every entrepreneur needs to know for the hiring process.
- One of the biggest tips we will be sharing with you is in regard to contracts. Years ago, a handshake was all that was needed to seal the deal.
That is no longer the case. In today’s world, you need all your contracts in writing. A lawyer can help make sure your contracts are all iron-clad.
- Understanding you need to have systems in place for all your tasks is key to running a business. Getting those systems in place and using them will take your business to the next level. Think of this tip as a guaranteed way to improve your efficiency and your bottom line.
- Delegate, delegate, and delegate. As an entrepreneur, you are going to have the mindset that you need to do it all, especially in the beginning. This is where we will refer to you tip #1.
Once you have a team in place, it is important to delegate specific tasks. Delegating will remove items from your to-do list. And it will free up your time, so you can work on the more important elements of your business.
- Networking is one of the best things you can do as a veteran entrepreneur. Attending events will allow you to meet colleagues, who may become your mentors. These events will also allow you to spread the word about your company, which can eventually increase sales.
- Keeping a low overhead can help you create a higher profit margin for your business. You may think you need a physical location for your business. However, you may be better off hiring a remote team and continue using your home office.
The same holds true for purchasing equipment and paying for subscriptions. Taking advantage of what you truly need and avoiding the rest can help your bottom line.
- Keep your business and personal expenses separate. Trust us, you will thank us for this tip come tax time!
It is extremely important to keep track of all your business expenses and income. Open a business checking and savings account. We even recommend creating a budget for your business, so you know exactly where your money is going.
- Building a referral program is just as important as networking. Consider offering your clients, or customers, a small token of appreciation when they refer someone to you.
- Always provide value to your audience. You can do this through blog posts and social media. People are always willing to return to a business they have received helpful information from. They aren’t willing to re-visit businesses that are constantly advertising.
- Creating a media kit to have on hand is an easy way to share your business with other professionals. Your kit should include a fact-sheet about your company, a professional photo of yourself, and other relevant information.
We recommend having a media kit available online, as well as a hard copy. This will ensure you can share whichever one will be most helpful at the time.
These are our favorite small business tips for veteran entrepreneurs. As you get more established within your industry, you may discover other tips that you will then pass on to future entrepreneurs. If you need assistance implementing anything we mentioned, or simply need help growing your business, contact us today. Our team is ready to help in numerous areas.
