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Take the Guesswork Out of Entrepreneurship with These 4 Tips

 In Business Advice, Business Operations

Guest post by Chelsea Lamb

 

As thrilling as it is to approach entrepreneurship with a million and one great ideas, it can also feel stressful. Taking the guesswork out of your new venture requires a bit of research—and some smart tips. Read on for advice on how to get started on the path toward entrepreneurship with the lowest stress level possible.

Start Smart with Your Technology

As an entrepreneur or solopreneur, you’ll be relying heavily on technology to manage your workload.

From the best laptop for your needs to the internet speed that’s most productive—without being too pricey—there’s a lot to consider. And, if you wind up hiring remote team members, remote working tools can help support those relationships (and project deadlines).

Before you go on a shopping spree, consider these basics that all entrepreneurs need:

No matter what tech tools you employ, however, there’s one more step to preparing for your new career path. You need to become familiar with the ins and outs of digital security. Understanding the basic tenets of cybersecurity—including online safety and ways to defend against identity theft—will help your business flourish.

Select a Business Structure

When you establish your entrepreneurship, you’ll need to make decisions about your business structure. What you decide will impact how you pay taxes, what your liability is in the business, and how you’ll need to keep records.

Overall, entrepreneurs have five choices when it comes to business structure:

If you work alone, a sole proprietorship allows you to file business and personal taxes together. You’ll pay self-employment tax based on estimated income throughout the year.

As a corporation, you will invest more up-front, but you’ll have protection against business losses and litigation. Tax requirements and regulations are stricter, but this way, you can protect your personal assets if your business is somehow high-risk.

An S Corporation offers some protection from liability, and approved accounting methods are simpler. You’ll need to follow special corporate rules, however, and taxes may be higher than other options.

By establishing an LLC, or limited liability company, you receive liability protection like a corporation—but without double taxation, notes Entrepreneur. You can file a personal tax return and include all your business profit and loss on the same document.

This brief overview can help you determine what might be the best option. Then, you can research more in-depth before filing the necessary paperwork.

Create an Ideal Office Space

There’s no easier way to burnout than working from your living room couch. Get into the entrepreneurial mindset with a dedicated office space. Whether you deck out a home office or seek a co-workspace, having a specialized spot to work can help you focus.

Be sure to prioritize ergonomics, lighting, and peace and quiet when designating your office space. A co-working space should have a good atmosphere, strong ergonomics, and comfort and privacy features like light-blocking blinds.

Working outside your home can also be a benefit, especially if you find yourself mixing personal and professional pursuits. Burnout is a significant risk for entrepreneurs, notes Inc., so balancing work and home life is essential.

Learn from Industry Experts

Learning everything you can from experts in the industry is a must when you’re a new entrepreneur. Reading up on expert advice on business and entrepreneurial financing is smart, but seeking mentorship is an excellent way to get real-time advice and feedback on your ventures.

Entrepreneurial mentorship can offer a competitive advantage for mentees. And, it might be worth exploring if you’re feeling particularly anxious about your new path. Mentors can provide stability and direction as you navigate the path your business takes, and a sounding board who has been-there-and-done-that through it all.

Your best bet might be to engage the experts at Solomon Bruce Consulting LLC to ensure you’re on the right track. Their trustworthy guidance can point you toward solutions that make sense with your goals, and that ensure your business prospers in all ways.

Setting out as an entrepreneur may involve plenty of pitfalls. But it’s a worthwhile path for many successful professionals—and it’s not as daunting as you might expect. With these tips on how to get started, you can stress less and start forging ahead.

Photo via Rawpixel

 

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