There are many things to consider when you’re getting started in the business world. Regardless of if you’re launching a youth activity center or a hair salon, the factors you must consider as a new business owner are critical to your success. And if we’re being honest, they can be pretty overwhelming.
That’s why having a plan to juggle the parts of running a business are key in your success as a new business owners. Here are a few tips for managing the anxiety created from juggling the ‘start up’ of your business in the New Year.
11 tips to help you juggle the parts of running a business
Effectively manage cash flow
Managing cash flow in an effective way is challenging for lots of new business owners. Cash flow management can present issues in the early years of operations and put you behind the 8-ball immediately.
Depending on your personal skills, you may be better off paying someone to manage your money. Remember: your expertise is your art or sport. It’s OK if you’re not also a business operations or money management expert.
If you do feel you have the skills to manage your money, make sure it is a priority focus for you and not something that you only pay attention to now and then.
It’s critical as the owner of a small and growing business, to delegate. If you haven’t mastered the skill of delegating business tasks, it’s okay, the skill can be learned. And it must be learned.
It’s no surprise that most business owners are very proud and very protective of their business, and find turning any part of that over to someone else is quite a test. But don’t let that fear of handing responsibilities over to someone cripple you with fear.
To be successful at delegating owner must:
Hire good people. Most owners have the intuition to know when the time is right to delegate. They know they can’t do everything themselves, but they do know they can hire people who are specialized in business areas where they are not. Hiring the right people to take over business tasks that aren’t your forte will allow you the time to focus on other business priorities, such as planning a growth strategy.
Trust the people you hire. Why hire good people if you’re not going to trust them with the responsibilities of running your facility? In addition to spreading yourself thin by not delegating tasks to the people you hire, you’re making an expensive mistake by doing the job of your staff member who you’re already paying.
It’s like a parent leaving their child with a babysitter for the first time: they hired that person because they trust their babysitting skills – but now that they’re ready to walk out the door, they have last minute doubts. Don’t be that parent.
Trust their instincts. When the time comes to hand some areas of their business operations off, owners shouldn’t hesitate. Without immediate action, owners can miss out on the opportunity to:
- enhance and expand their business, or
- leverage the skills of valued team members.
Just delegate. When you start a business you commit to heading down a path. No looking back. When an owner begins to delegate, they’re taking another leap of faith in the people they’ve hired.
Leverage your email marketing technology
Email is one of the most important marketing channels for small businesses. Understanding why email marketing is important and what it can do for your organization is the first step in becoming acquainted with this marketing channel.
There are several standalone technologies out there for email marketing, but why pay for something else when Jackrabbit gives you many emailing options? And Jackrabbit Class has emailing options built into the class management software you need for many other tasks.
One of the best ways to get organized and stay organized in the New Year is to set goals. Goals are important for every type and size of business, not just dance studios, swim school or gymnastics gyms.
Getting organized and setting goals go hand in hand. In starting a business – especially if it is the first time for you – there may be details that don’t come naturally to you. Setting goals can help you properly establish milestones and these milestones will help keep you organized and help you work in the newly developing business side of your brain.
The first year, in fact, is a critical time for establishing base metrics that future years will be compared to. Failing to track such details will leave you wishing you had been more diligent.
Goals also give you a reference point for success and any hope for plotting a course from the beginning of your journey to its culmination points.
5. Build internal links
One strategy that is essential for optimizing your website for search engines and making the most of your business’s early efforts is internal link building. You want to use your website to attract and convert an increasing number of visitors so it’s important to rank high in search engine results. You may have some other goals as well, but these two are the most basic.
Following valuable guidelines to internal linking makes this tool even more powerful in reaching all the goals you have for your website. The devil is truly in the details here so be sure you make note of what they entail.
Use photography in social media
Strong visuals capture people’s attention and set you apart. Since social media is (or should be) an important part of your marketing strategy, be sure you know the value that including quality photography adds.
Instagram is an increasingly popular marketing platform for your business because of its more than 1 billion member user base. It’s simple: photography is a necessity for using Instagram.
What’s the saying? A picture is worth a thousand words. Well, a picture plus a well-written caption is worth lots more since this combo can sell almost anything.
Create a compelling corporate identity
Even if you’re still searching for exactly what your ‘corporate identity’ is – which is perfectly natural for your first year – be intentional about articulating ‘who’ your business is and be consistent with it. This is the basis for how you will differentiate yourself from your competition.
Unfortunately, many think corporate identity is all visual. Don’t make that mistake! Your core values, culture and community presence are huge and can have greater reach than your logo.
Use a business system
There is a plethora of technology out there so one of the most important steps you must take is identifying which software will help you the most.
You may need:
- Class management software
- Employee time tracking software
- Skill tracking software
- Communication software
- Ticketing software
- Payroll software
- Website or application development software
- ePayments partners
How can your streamline all of this? There is no way you can purchase software for everything. The best plan is to look at software that is designed specifically for the needs of your specialized business.
Class management software, for example, is designed for any businesses that offer scheduled, paid classes to students. The leader in cloud-based class management software offers everything owners need for operating their businesses and it’s accessible with a single login. Cloud-based class management software maximizes the productivity of everyone in the organization. Of course,the best in the business offers a free trial. Don’t miss out. Get your free trial here.
Improve critical thinking skills
Running a business takes vast problem-solving skills. Using critical thinking is essential – yet not all who start a business come to the battle armed. It’s OK to admit this too! If only you knew how, right?
There are helpful professional development resources that can help you improve skills like analyzing a situation, communicating with others, thinking outside the box, keeping your options open and solving problems.
Consider partners working with your class management software
When it comes to designing an app for parents or employees to use, putting a good payroll or ticketing software in place or integrating a transaction processor into the payment system of your software, Jackrabbit’s preferred partners provide solutions to fill specific business needs and are designed with you – the youth activity center owner – in mind.
Reduce your business expenses
Since you’re not likely to have tons of cash to work with when you’re first starting out, you will need to keep expenses as low as possible.
There are 6 key things that you can do to ensure this:
- Right-size your space – as a small business, paying for lots of empty space just doesn’t make good sense.
- Take care of your electronics – with the cost of maintenance being lower than the cost of replacement, be sure you’re properly caring for your equipment.
- Consult a business accountant – this person will help you get the most from the cash flow you have.
- Use experienced contractors instead of employees when possible – expertise is often as high or higher and cost lower than employing.
- Look for ways to reduce overhead – take a close look at all expenditures to make sure they are your best options.
- Deploy proven time management practices – take advantage of the lessons learned of others to get the most from every minute.
Success isn’t created in a bubble. The success of your business will happen more quickly and be even greater if you leverage resources available to you. So don’t assume the beginning of 2020 will be a juggling act, keeping these 11 balls in the air. Use these suggestions to ensure that you’re starting your year off in a way that ensures success for the entire New Year!