Over 627,000 new businesses open each year, according to SBA estimates. If you’re one of the over half a million people in the US looking to start a business in 2022, we definitely understand why. Getting to be your own boss is quite an attractive idea, right? You set your own hours, make the rules, and decide who you work with, when, and where.
However, you’ll quickly find that being your own boss isn’t as easy as it sounds. From small business payroll accounting to ensuring that you’re compliant with your state’s retirement requirements for your employees, there’s a lot to consider when you start your own business.
Whether you've been side hustling for a while or are completely new to the big, bad world of entrepreneurship; it's possible to be your own boss and be successful. Here’s how.
Be a better boss by offering the right kinds of retirement solutions to your employees. If you think that’s not affordable for you then check out our managed IRA plans, which start out at just $49/month plus $8/employee.
How to Be Your Own Boss (Successfully)
1. Attract top talent
Workers want more out of their jobs post-pandemic, and that’s understandable. We’ve all been through a lot of trauma these past two years, and employees are worn out and still struggling. This means that in order to attract top talent, you’ll have to offer them perks that others don’t.
What are the top perks that employees are looking for in 2022? Namely, more flexibility and remote working benefits along with financial wellness benefits. Best Money Moves reported that a recent survey by SHRM found that wellness packages not only help to focus workers, but improve their overall well-being, increase employee retention and can attract new hires.
2. Take care of your employees
This one goes hand in hand with the previous tip on how to be your own boss (and a good one at that). But, how do you take care of your employees after you’ve already hired them? Well, you start with paying them fair wages and respecting their boundaries. After that, though, it’s important to invest in their future.
You can do this by offering them simple retirement solutions that will help them grow their wealth.
Don’t think it’s that important? Think again.
- 92% of employees at small to mid-sized companies ranked “workplace savings and retirement plans” as an important factor in remaining with their employer.
- 40% of employees working for small businesses say that they would leave their current company for another that offers a 401(k) plan.
- On top of that, a survey by Willis Tower Watson showed that 75% of new hires at a company offering a 401(k) say that a retirement plan provides a compelling reason to stay.
Aside from offering retirement solutions as a way to take care of your employees, it’s actually a requirement in certain states depending on how large your business is! Read more about that here.
3. Analyze the competition
You’ve decided to take on the world and be your own boss, so it's time for some research. Start by researching companies similar to yours and their stories of struggle or success, whatever resonates with you most at this moment in your journey!
Then, analyze their strengths and weaknesses; see where there may be holes within the market that they're missing out on. You can win big when catering specifically towards these needs and wants instead of spreading yourself thin trying to do everything. Make sure you understand your customers’ pain points and offer something that helps alleviate them.
4. Use the right tools
From marketing and productivity software like Excel or Google Drive; accounting solutions such as Quickbooks Pro (which will give the most accurate financial reports possible while also allowing tracking expenses using real time data entry features)—to equipment such as office furniture, you need to have the right tools.
There is nothing worse than starting off strong only to find yourself spending hours each week trying to get things done because all this cutback has left you without any type of organization or help. If you’re just getting started, we recommend finding a great software or tool for each of the following:
- Time tracking
- Marketing (emails, website, social media)
- Payroll and accounting
- Rest and mindfulness
5. Keep detailed records (of everything)
Sure, you need to keep track of receipts, of course. However, it’s also important to keep detailed records of things like important conversations, emails with employees, and any sort of training, course, or guide you access or download. Why?
You know what they say...if you don't write it down, then the moment is probably over. An easy way to do this? Invest extra time into creating records from the start by either keeping track electronically through different devices like external hard drives (Google Drive works too) and laptops.
6. Focus on the value
To be successful as a business owner, your business itself has to be successful. And, while it’s hard to fully predict with certainty whether a business will succeed or not, there’s one indicator of success that can almost always predict your future as your own boss: Do you offer something of value?
Focus on creating a product or offering a service that solves a real problem. And when you’re feeling bogged down in this or that, take a step back. It's okay to ask yourself, "Does this affect the value I offer my customers?" If not (and it doesn't add any real substance) don't worry about it!
7. Invest in yourself
Want to be your own boss and succeed? Never stop investing in yourself! This means investing in your health, wellness, education, and, yes, even your finances. Wealth Stack can help you, whether you’re interested in investing in stocks for yourself or investing in retirement plans for you and your employees.
Wealth Stack has plenty of tools at your disposal, including providing access to financial counselors who will walk alongside you and your workers as they educate themselves about all aspects necessary when investing in their retirement portfolios.
With a library of over 100 videos and articles on everything from investing to retirement planning and personal finance tips, we’re your one-stop-shop for all financial-related questions. Welcome to your path to financial freedom.
Click here to learn more about the Wealth Stack Retirement Pack and to schedule your free consultation with a professional today.