Friday, December 3, 2021

5 Things to Learn Before Launching a Small Business

July 28, 2021  
Filed under Smart & Savvy

Learning on a laptop

By Amber Ramsey —

While it’s true that you don’t need special schooling to become an entrepreneur, a formal business education can give you a head start. As a first-time entrepreneur, furthering your education will help you develop the business skills you need to launch a strong startup and grow your venture into a thriving small business. Now is the perfect time to go back to school and learn a few business skills.

Business Structure Basics

Have you thought about how you’re going to structure your new business? Take the time to learn about your options so you can choose a structure that works the best for your business. After all, this is one of the most important decisions you will make when getting your business off the ground! Your business structure will determine how much you pay in taxes, the amount of paperwork you will have to do, whether or not you are personally responsible for your company’s liabilities, and your ability to raise money. 

A sole proprietorship is the most common business entity, but there are many good reasons to launch your small business as an LLC instead. Forming an LLC will establish your business as a separate legal entity, limiting your personal liability without all the paperwork, taxation, and management requirements facing corporations. To skip the lawyer fees and learn how to form an LLC yourself.

 

Research and Analysis

Good research and analysis skills are vital to the success of any business. Before you launch, it’s important to research your business idea, target audience, and competitors. First and foremost, this will help you determine whether or not there is a market for your idea. If you find other businesses offering a similar product or service, your research will help you identify gaps you can fill by carving out a niche in your industry or solving problems that your target audience still continues to struggle with. Taking business courses is a great way to learn how to conduct effective market research. 

 

Business Ethics

Every entrepreneur should be familiar with business ethics. SmallBusinessify.com explains that business ethics make up the system of morals that guide how you run your business and how you make decisions for your company. Establishing an ethical code sets a standard for you and everyone else who joins your team, now and in the future. Business ethics are a core facet of business education, so if you decide to pursue a business degree, you will be well-versed in this important topic!

 

Knowing When to Delegate

While delegation sounds like a simple skill, it can take years to master. Many new entrepreneurs find it extremely difficult to hand off tasks to someone else. But the truth is that you just can’t do everything on your own! Learning how to delegate effectively will help you get more done, boost the quality of your work-related projects, and empower your team members to connect with your business on a deeper level. 

 

How to Manage a Team

Delegation is just one of the many skills involved in managing a team of employees. As a new business owner, it can be very overwhelming to realize that a bunch of people rely on you to lead projects, make big decisions, and provide them with all the tools and information they need to produce great work. Pursuing a business education is a great way to learn about management and team collaboration. Not only will your coursework teach you how to be an effective manager but working with your peers at school will give you first-hand experience building communication and collaboration skills.

With the right skills, anyone can launch and grow a successful business. The best part? You don’t have to be born with great entrepreneurial skills to conduct effective market research, lead a productive team, or make impactful business decisions. You can learn everything you need by pursuing a business education! 

 

About the Contributor
Amber is a career woman. She’s fierce, confident, and has the “can do” attitude we all strive for. Like most of us, she started out in the corporate world, but she found that her fire, spirit, and creativity were better suited to the entrepreneurial lifestyle. Amber has been on both sides of the desk, as an employee and the boss, so she has plenty of career advice to share.

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