There are two ways to run a business: formally and informally. When starting out and when you are building a customer base and finding your feet, it makes sense to run your business informally. You could use word of mouth, WhatsApp, family and friends to keep the business afloat.
Once you know that your business works and that customers are willing to pay for your products and services, it makes sense to start running your business formally. That means that you need to register your business and get formal company documents as well as open a business bank account. This builds credibility with your customer base and shows them you mean business.
Keeping record of all your expenses, sales and taxes and being able to send quotes and invoices on demand can feel overwhelming. Here are some tools and techniques you can use to make this really easy and get you focused on building your business instead of all the admin and paperwork, which can get messy without a plan.
Let’s get you started, you pro!
- Learn how to formalize your business
Describe how your business works and how to create value that customers are willing to pay for.
- Handle the financial aspect of your business and record keeping
Identify who your customers are and who your main paying customer is. Who makes up your target market?
- Learn a tool to quote and invoice customers in a fast and professional manner
Describe your business concept in a clear and simple way. Highlight what makes your product or service unique and what you can do better than your competitors.