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Although we are almost a month into 2025, this is about the time when most people give up on their resolutions. According to U.S. News & World Report, 80% of New Year resolutions fail by February. Are you still on track with your business resolutions? If so, keep it up! Especially those who want to pursue their passion for being a business owner and launch a small business this year. Most entrepreneurs set the bar high with their own performance expectations, and the fear of failing is the main culprit for hesitation. If you’re ready to take the leap, check out our tips below on how to start a small business and get your venture off to a strong start!
Understand your industry
The first step in starting any small business is understanding the industry you’re entering. Whether it’s a competitive space or a unique niche, knowing your field inside and out will help you stand out. Here are some simple ways to become an expert:
- Attend conferences, seminars, and events to learn from others in the industry.
- Ask questions and get advice from experienced professionals.
- Subscribe to online publications to stay updated on the latest trends.
- Listen to podcasts to hear firsthand experiences.
- Network with local experts to exchange ideas and knowledge.
Once you’ve gained some industry knowledge, don’t keep it to yourself—share it! Use your website, blog, and social media to offer helpful tips and advice. People today are looking for brands they can trust, and by offering your expertise, you’ll build that trust and naturally attract more customers.
Invest in technology
Technology can streamline communication, make processes more efficient, and even improve cash flow. Many small business owners hesitate to adopt new tech because of upfront costs or fears about adapting to something new. But if you’re not investing in the right technology, you could be falling behind.
While purchasing new tech might seem expensive at first, the investment pays off in the long run. For example, with Forwardly, you can easily manage your accounts payable and receivable, which can save you both time and money. From automating bill payments to getting paid on time with instant payments, Forwardly is designed to help you stay on top of your finances and ensure smooth operations. The right technology will make your life easier.
So, don’t shy away from investing in tools that can help you grow. Whether it’s accounting software, automation software, or marketing platforms, tech can boost your efficiency and put your business on the fast track to success.
Open a business bank account
Opening a business bank account might sound basic, but it’s a crucial step in keeping your financials in order. The most important rule here? Keep your personal and business finances separate. If you don’t, you risk legal issues and could make tax time a nightmare.
When choosing a bank, don’t just settle for the one you already use for personal banking. Do some research to find the best option for your business. If you’re looking for convenience, online banking is a great option, offering features like:
- Mobile check deposits
- Easy payments
- Dedicated tax accounts
- Transaction history
- Team access for bookkeepers or accountants
Opening a separate business account will give you a solid foundation and keep your financials organized right from the start.
Set up a marketing plan
Marketing is one of the most important things you can do to get your business off the ground. A lot of small business owners think they can take it on themselves or that it’s just an unnecessary expense. But here’s the thing: marketing is like your business’s megaphone, and getting expert help is like turning that megaphone up to 11.
Before you jump into marketing your product or service, take a moment to put together a solid plan. First, understand your target audience, what do they need, and what makes them hit “buy”? A quick survey (email or social media) is a great way to find out. Pay attention to things like age, location, and interests so you can tailor your marketing to what they actually care about.
Also, take a good look at your competition. Knowing where you stand compared to them will help you highlight your unique edge.
Seek expert advice
Running a small business is a lot of work, and as an owner, you’ll wear many hats. While it’s tempting to take on every task yourself, there will come a time when you’ll need expert advice. Whether it’s a financial advisor, business consultant, or mentor, the right advice can make all the difference in helping you avoid costly mistakes and make better decisions.
A financial advisor can help you manage your budget and keep an eye on your cash flow. A business consultant can offer guidance on everything from marketing to human resources. Don’t be afraid to lean on the pros for advice—they’ve been where you are, and their expertise can guide you toward success.
Get set started
Starting a small business in 2025 doesn’t have to be overwhelming. With the right strategies in place, you’ll be on your way to success. Take the leap, stay positive, and keep pushing forward. The future of your business starts today. Ready to take control of your business finances? Sign up for Forwardly for free today to simplify your accounts payable and receivable processes, and start seeing the difference in your cash flow!
