Becoming successful in business does not require a college degree, but there are certain skills and practices that every entrepreneur needs to develop in order to succeed. The St. Charles Area Chamber of Commerce has compiled this essential list of tips for those who have no formal training but are interested in becoming a business owner.
Give Your Company an LLC Designation
One of the first steps when starting your own business is deciding on the type of legal entity you want it to be. An LLC (limited liability company) designation provides protection against personal liabilities and can increase the credibility of your business. Additionally, it is relatively easy to set up an LLC compared to other forms of business entities, like corporations and partnerships.
Create a Professional Development Plan
When you’re a new entrepreneur, it’s important to create a professional development plan. Take time to reflect on what skills you possess that can help you move forward in your professional career and what areas need more development. Then create goals for yourself so that you have something tangible to work toward. Set deadlines and make sure you are holding yourself accountable for reaching those goals.
Prioritize Networking
Networking is key when it comes to growing any business. Entrepreneurs must prioritize networking opportunities so they can connect with potential customers and partners who may be interested in their products or services. Connecting with new people also allows entrepreneurs to share knowledge, expand their network, and build relationships with other like-minded individuals in the same field or industry.
Learn Through Online Courses
It’s possible to learn various skills without enrolling in college courses by taking advantage of online courses offered through websites like Udemy, Skillshare, and EdX. Taking these courses can help develop necessary skills that may otherwise be hard or impossible to learn through books alone, especially when it comes to topics like web design, digital marketing, and programming languages.
Take Initiative
Coming up with creative solutions and taking initiative is essential for any successful entrepreneur. Taking initiative means identifying problems within the organization or industry at large and then coming up with solutions rather than waiting for someone else to come up with them. This shows leadership qualities that many employers seek out in potential candidates, which gives entrepreneurs an edge.
Utilize File Organization and PDF Tools
Organization can mean the difference between success and failure. Make sure all of your important business files — including your bank account information, cash flow records, and investor and vendor agreements — are digitized and organized neatly on your hard drive so they are easy to find when you need them. You can use Adobe’s PDF tools to make managing these documents much easier. With tools like PDF editors, form fillers, and compressors, you’ll help ensure you’re always organized and can access the documents you need no matter where you are.
Learn Strong Accounting Practices
One of the most important parts of running a business is learning strong accounting practices from day one as well as using the right tools. This includes creating detailed invoices for clients promptly upon completion of projects, tracking income and expenses each month, understanding different tax laws you’re subject to, filing your taxes correctly and on time, and setting aside funds for future investments and growth opportunities. These practices will ensure your business runs smoothly at all times.
Starting a business without having attended college can be intimidating, but with the right tools in place, you can ensure that your goals are within reach. From an array of PDF tools offered by Adobe to networking sites, there are plenty of online resources that can help. Don’t forget to also make good use of the resources available at the St. Charles Area Chamber of Commerce!
