6 practical tips for entrepreneurs

Starting a business is not something you do in a blink of an eye. There are some practical things involved that you may initially overlook. It is important that you avoid certain pitfalls that come your way. A small overview of what you should pay attention to as a starting entrepreneur. These 6 practical tips can help you a long way.

#1. Make sure you prepare well

Well begun is half done, the saying goes. This rule of thumb also applies when starting up a business. Extensive thinking in advance is necessary if you want to start a business. It determines the strategy to find out how to plan the future of your company. The following items must in any case be considered: the legal form of the company, the financial and business plan, opening a business bank account and setting up a proper financial administration section. By setting up the right foundations, you as a starting business manager can immediately sleep on both ears.

#2. Make enough time to speak to customers

Every profitable business obviously needs potential customers. Networks and an extensive customer base are the beating heart of a company. Especially in the initial phase, you will have to focus on a growing customer base. You decide how you approach customer acquisition. This can range from online channels to a more personal approach as is often the case in the catering industry. Today, there are many options to attract customers: you can set up an online advertising campaign, use social media or send out a digital newsletter. The most ideal showcase for a company is its own website.

#3. Develop your own corporate identity

Recognizability of a company plays a major factor. If you have to make an initial quotation, it is important that you give the layout of your company an authentic look thanks to a certain corporate identity. Hire a design agency that will design your logo, invoices and any flyers according to your own personal concept. Keep in mind that a professional approach creates a lot of trust and brand awareness among customers.

#4. Attaches a lot of importance to your administration

For an entrepreneur who is just starting out, a good overview of the company's financial structure is more than an important lifeline and a finger on the pulse to be able to monitor the financial situation at any time. This way you always get a status of income and expenditure. A good advice. Do not leave the VAT receipts lying around the office until the eve of the mandatory VAT return, but try to arrange them as soon as possible. This way you never have your back against the wall financially.

#5. Get your debtor management in order from day 1

Cash flow is crucial for any aspiring entrepreneur. Who doesn't want to have their invoices paid as quickly as possible? Professional debtor management is therefore the ideal ally and tool. Make sure you make well-defined, clear agreements in advance with your customers about payment terms. Follow up on outstanding invoices immediately and write a payment reminder immediately. A small practical hint to keep accounts receivable management under control: automation is the message.

#6. Inform yourself sufficiently about deductions

A common mistake among starting entrepreneurs is that they are not sufficiently aware of possible deductions. Of course you have the self-employed deduction, but what is sometimes lost sight of is the starter's deduction. With this tax scheme you can deduct an extra amount from the profit margin as a starting entrepreneur, so you pay less taxes on your income.