At Declare, we know that a number of our readers are active business owners. Whether you work in podcasting, writing, social media marketing, speaking, or another creative position, you have a lot to contribute to the world as a Christian woman entrepreneur.
Making consistent improvements to your business is critical to its long-term sustainability. Taking steps like exploring new marketing avenues, monitoring your finances, and asking for help from outsiders will ensure your business will stand the test of time. Here are a few actionable tips to get you started!
Choose the Right Business Structure
Make sure your business is set up correctly right out of the gate. As the U.S. Small Business Administration explains, operating under an ill-fitting business structure can limit your funding options, hurt you at tax time, and leave your personal assets vulnerable.
If your business is currently structured as a sole proprietorship (the default entity), consider forming an LLC. Besides personal liability protection, an LLC will offer tax advantages and greater membership flexibility. At the same time, LLCs don’t have to deal with corporate taxes or the demanding recordkeeping and reporting requirements of corporations. You can use an online formation service to restructure your business as an LLC. Just make sure you understand the specific steps involved for your particular state!
Keep Track of Cash Flow
Cash flow is the single most important indicator of the success or failure of your small business. You might be making money on paper, but if you don’t have cash in hand to pay your bills, you’re going to run into trouble. It’s important to understand that cash flow differs from revenue and profits. Cash flow is the actual money moving in and out of your business. Cash comes in when you receive money from customers. Cash goes out when you pay bills, employees, loan payments, taxes, and other expenses.
There are a number of effective ways to manage your cash flow effectively:
- Stay on top of your bookkeeping.
- Use your accounting software to generate cash flow statements.
- Evaluate your cash flow statements so you understand how money is flowing through your business.
- Look for signs that you need to improve your cash flow, like using credit to pay your bills.
- Cutting spending is the easiest way to improve cash flow.
- You can also increase cash flow by speeding up your accounts receivable.
Monitor Industry Trends
If you work as a Christian influencer, monitor industry trends so you can stay on top of consumer behaviors. Monitoring is an essential element of any good digital marketing strategy. Not only will monitoring trends help you better connect with your target audience, but it’s a great way to unlock creative ideas and stay one step ahead of your competitors.
You can use a number of helpful tools to keep an eye on industry trends. For example, SocialMediaToday suggests apps like Keyhole, Hootsuite, and Sprout Social to monitor social media for the use of specific keywords, topics, usernames, and hashtags.
Find Your Community
Building a community is critical to the success of any brand, especially those in the creative industry. Building a community around your brand will help foster trust from consumers, enhance brand awareness, generate new ideas, network with helpful people, and encourage team members to work hard for you.
Your community will also serve as an invaluable source of support when it comes to tackling tasks outside your area of expertise. This will give you more time to do what you do best while propelling your business forward. At the same time, engaging with your community is a great opportunity to share what you know and pay it forward to other budding entrepreneurs.
Growing a successful business requires a lot of hard work. The good news is that there are countless resources out there to point you in the right direction and help you overcome obstacles along the way. From structuring your business to monitoring social media trends, a little research will help you learn everything you need to know.
This article was written for Declare by Ethel at Legacy Based Living. Ethel Lair understands that it’s easy to live the life of your dreams when you know what you want to leave behind for future generations. She created legacybasedliving.com to help her site visitors create financial plans that allow them to leave a legacy of support and love for their families and communities.
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