(Newswire.net — February 26, 2021) — New business applications in the U.S. surged at the end of 2020, with experts pinpointing the rise as a response to COVID-19 instability.
Whether you’re an entrepreneur launching a product or service out post-COVID or a reputable Kansas small business that survived the turmoil of the past year, a fresh look at how to find small business success won’t go amiss.
Are you wondering how to be successful as a small business in Kansas? Read on for a useful set of steps.
1. A Business Plan Is Essential
The ability to develop a solid business plan is a skill every entrepreneur needs in their playbook. Without a plan, your business is likely to fall flat at the first sign of a crisis.
At a minimum, your small business plan should include:
- Market and competitive analysis
- A management plan
- An operating plan
- A financial plan
If you’re unsure where to start with your business plan, consider joining an organization like the Kansas branch of the SBA. They offer resources and networking events to get you on your feet fast.
2. Hire Someone To Do the Paperwork
No matter what your small business in Kansas is, having a firm grip on your stock levels, revenues, profits, and sales and marketing trends is essential for success.
But all this analysis and bookkeeping requires time. And as a new business owner, it might be time you don’t have. We know the scenario.
You’re burning the midnight oil at the office. Again. All that paper-pushing isn’t why you started your own business, right? If you’re bogged down with everything from accounting to analytics, take the (small amount of) time to find out more about how you can get your evenings back.
3. Kansas Small Business Owners: Invest in Yourself
Over the next few decades, experts predict that over half of the workers worldwide will need to upskill to keep up with workplace changes.
Do you lack confidence when it comes to managing staff? Hire a coach to teach you coping strategies.
Are you unsure how to get engagement on your social media accounts? Take a course in social media marketing.
Don’t be afraid to dish out the dosh when improving soft or hard small business tricks and skills. The investment will pay off in the long run when your advanced skills leave your competitors in the dust.
4. Watch for Burnout
Researchers estimate that workplace burnout costs the American economy over $500 billion a year. And you’re looking at over 500 million workdays lost to time off work and lack of productivity.
Entrepreneurs are particularly vulnerable to burnout, particularly when they are first starting a business. In the beginning, it’s typical for a small business owner to lack income, experience, or staff, leaving them struggling to do it all.
So what’s the solution?
Make a plan to delegate out duties you dislike or don’t have time for. Build time out from work into your weekly schedule. Stop comparing the trajectory of your business to that of others in your niche.
Focus on What Makes You Special
When it comes to small business tips, it’s reassuring to remember that every business is unique.
Even if it’s in a competitive space, find out what makes your customers tick and your products or services one-of-a-kind and focus on that. You’ll be on your way to Kansas small business success in no time!
For more entrepreneur and start-up advice, browse the other business articles on our website.