One of the reasons many of our students come to the Dyer Appliance Academy is to be able to start their own small business. Yes, many of our graduates do go to work for other companies, but we also have people that start a second career and venture into the small business pool. That being the case, we are posting small business tips to help guide them through the process of owning a business and learning about the “other” aspects over and above fixing appliances.
Keeping Money Separate
This is the first aspect of the business that you need to learn and far too many people confuse. You taxes can become quite complicated if you are mixing bills between business and personal. Open up a business checking account as well as designating a credit card specifically for business use. If you are able, open up a credit card account under the business name. Do NOT mix business and personal expenses because it can create a nightmare for you in April.
Another big mistake I see from business owners is that they often take shots at their competition rather than bringing their value to the customer. There is a big difference in telling a client why your competition is weak rather than telling them why you are better. You need to find your value, and present that to the customer as the way to lure them in. What exactly is that you possess or are capable of doing that makes people want to pay you their hard-earned money?
Don’t Go Crazy Out of the Gate
By this I mean spend your money on what is most important. We see far too many people blowing their budget on a new logo and website before focusing on building up their sales. Start out basic to keep those types of costs to a minimum and concentrate more on getting business and generating reviews to help improve your online presence. You can always redo that website down the road when you have a bigger budget and are more successful.
Land Clients BEFORE Starting Your Business
This is yet another mistake I have seen time and again with new business owners. They have a dream, start a business, but have not even tried to test the waters before jumping in with both feet. You are going to need income and you need to ensure the market you are about to enter can generate a living. If you can line up a few clients before your launch, you stand a much better chance of success.