Small Business Tips for Beginners

How can a small business owner be successful? This is a question that I am asked a lot, and while I wish I had the exact formula, I do have a very streamlines strategy that has worked for me. In 2012, I left my big corporate job to pursue my dream of becoming an entrepreneur. It was super scary, and I must admit, I really had no clue what I was doing, but 10 years later, I have tried every strategy that has presented itself and while its a 50/50 on what has worked and what has not, the successes have propelled me onto this wildly exciting and successful entrepreneurial journey. In this post, I am sharing the secrets that have worked for me and my top tips for getting it right early on.

5 Things You MUST Do When Launching a Successful Business

1. Build Your Website

Ten years ago, this would have been a very costly endeavor, but due to technological advances and the ability to purchase user-friendly website themes you don’t need to hire a website developer to get your initial website launched. I absolutely LOVE Empress Themes. This blog is actually an Empress Theme template.

First you will need to purchase a URL and set up a WordPress account as WordPress will be your website host. Then, you will need to purchase an Empress Theme. While Empress Themes was originally developed for blog websites, they have created several WordPress shop plugins that convert their website themes into online shops.

Obviously, websites need professional images and if you are just now launching your business, you probably do not have professional imagery readily available. I use Styled Stock Society when I need beautiful, professional images for a social or blog post. Styled Stock Society also provides a plethora of additional tools to help you with your small business marketing needs.

2. Secure Affordable Small Business Health Insurance

This is often the number one reason that aspiring entrepreneurs won’t pursue their dream full time. Embarking on the entrepreneurial journey, whether you’re an established sole proprietor or dreaming of starting your own business, demands attention to your well-being. It can be a scary situation to be without some of the benefits, such as health insurance, that a corporation provides, that’s why I love HBG Solo.

HBG Solo has the most affordable self-employed healthcare options for small business owners. The quote I received from HGB Solo was almost equal to the price I paid for insurance at my previous corporate job. HBG Solo can save you over $45,000 over 5 years compared to ACA plans! I love their convenient health insurance calculator that has empowered me to make financially smart and majorly impactful decisions about my health coverage costs. Click here to get your instant health insurance quote. If you decide to purchase HBG Solo insurance, be sure to use my code ALEXANDRAHBG23 at checkout to enter to win an additional $250 Visa Gift Card!

READ MORE: A Guide to Affordable Healthcare Coverage for Sole Proprietors

3. Use Small Business Tax Credits to Maximize Your Tax Refund

Another very scary part of venturing into the land of entrepreneurism is annual tax time. Not only will you need a little guidance to file correctly, but there a tons of tax credits available to entrepreneurs that many business owners never take advantage of because they aren’t aware of them. These self employment tax credits are a game-changer for sole proprietors, freelancers, gig workers, and independent business owners.

For example, in December 2020, and a pivotal moment occurred when Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act. This legislation broadened the scope of the FFCRA to encompass self-employed individuals, freelancers, independent contractors, and gig workers. This expansion opened the door for me to be eligible for “immediate refund” tax credits! You can get up to $32,000 from the IRS for your business through this credit. I use TaxPrep Advocates for keeping me educated on the tax laws that are passed which will benefit me and for getting my taxes filed.

4. Open a Small Business Geared Bank Account

Do not use your personal bank account for business transactions! Mixing your personal and business transactions makes it exceptionally hard when it comes to tax time and can also throw off your financial reports, therefore you must set up a separate bank account before launching your business. With so many banks vying for the attention of small business owners, it can be hard to know which bank is the best option. I have found that a bank that not only helps with day to day transactions, but that offers smart bookkeeping for small business is the way to go!

I recommend the financial technology company, Lili, that has banking services provided by Choice Financial Group, Member  FDIC. With Lili, you will get one platform for your all of your business finances.

Through Lili’s free plan you will get:

• Advanced Business Checking Account
• Visa® Business Pro debit card with Cash Back Rewards
• Fee-free ATM withdrawals at 38K locations
• Get paid up to 2 days early
• Receive domestic wire transfers
• Automatic Tax Savings
• Fee-free Overdraft up to $2004
• 4.15% APY on Savings
• A “tax bucket” feature that helps you automatically save throughout the year for tax season so you have money allocated to pay taxes

I recommend signing up for the lili Smart Plan, because it :

• Smart bookkeeping that instantly sorts income and expense transactions into tax categories. (This is really great for tax season and helps pre-fill tax forms!) 
• You can attach receipts to your expenses & add notes about what they are
• Financial reports (profit & loss + cash flow statements)
• Unlimited invoices and payments
• Tax reports
• It is only $20 a month. For small business accounting software alone, you will pay over $25 a month. Most small business banks also charge a monthly fee of at least $10 if you do not keep a creating amount of money in the bank. For $20 you can have both!
• USE CODE: SmallBiz50 to get 30 days of the Smart Plan free + 50% off Lili’s Smart plan fee for 3 months

5. Set up an Email Platform

One of the most over looked aspects when it comes to marketing a business is the focus on building an email database and launching a beautifully branded, consistent newsletter. So many small business owners use their social platforms to communicate with their audience, largely because they don’t understand the power behind an email newsletter list.

Email newsletters are very important because they allow you to directly reach your audience’s inbox, which is a highly personal and frequently checked space for most people. This direct line of communication can help build a more personal connection with your subscribers. While you can reach your subscribers on social media, unlike your subscriber list, you own your email list. If Instagram decided to shut down your profile today, your audience disappears in an instant. If you have an email list, you always have direct access to your audience, so long as they stay subscribed. Over the years I have used several different email newsletter platforms.

I highly recommend Flodesk as the most affordable platform with the best email template designs. Exclusively for my readers only, you can get 50% off your Flodesk account for a limited time only. Click here to sign up to Flodesk and the discount will be applied at checkout.

READ MORE: The Best Email Newsletter Strategy

I hope my 5 tips have been very helpful and welcome any further small business questions in the comments below. Also, if you would like more detailed small business strategy, check out my book below!

Please Note: I always strive to provide accurate and helpful information, but just a quick heads-up—I’m a blogger, not a doctor, lawyer, CPA, or any other kind of certified professional. I’m here to share my experiences and insights, but please make sure to use your own judgment and consult the right professionals when needed.  

Also, I accept monetary compensation through affiliate links, advertising, guest posts, and sponsored partnerships on this site, however I am very particular about the products I endorse and only do so when I am truly a fan of the quality and result of the product.