Tips for Running A Service-Based Business

Tips for Running A Service-Based Business

July 26, 2022
Share |

Congratulations on your decision to start a service-based business. If you’re a photographer, nail artist, or social media guru, you’re operating a “service-based business.” Running a service-based business takes more than an IG page with “DM to book”' in the bio. 

Before you do anything else, you should create a business plan and think of it as a pilot checklist. “How am I going to bring in cash, and how am I going to sell to customers? Who are my customers? And operationally, how am I going to manage the business? Break down high-level thoughts in each category.

Once you’ve done your research and have a thorough understanding of what you want your business to be, follow this checklist:

  • Register your business. Most small businesses can be registered as a DBA or an LLC online. This step is necessary for filing taxes and setting up business bank accounts.
  • Get a DUNS number. Data Universal Numbering System (DUNS) number is a unique identifier for small businesses to file taxes and establish credit.
  • Establish business banking accounts. These should be separate from your personal accounts.
  • Hire an accountant and get bookkeeping software. Meet with an accountant because they’ll set you up the right way. Consult with organizations like Score and the Small Business Association (SBA) if you’re not sure where to start.
  • Buy business insurance. It's important  to distance your personal liability from your business liability re: personal injury claims or expensive equipment.
  • Apply for business licenses.  Research and look up what type of business licenses you may need to legally operate.
  • Set up a website with a domain and a CRM.  Set up automated follow-ups with clients so they may become repeat clients. “Having this kind of system in place frees up time for larger projects.
  • Invest in digital marketing and ad tools. Stop being on every social media outlet. If you are a family photographer, there’s really no way for you to use LinkedIn. But it’s useful for a headshot photographer. So know which platforms your clients use.
  • Start an emergency fund. Challenges come up, especially in this economy with supply chain issues and a pending recession.

Once you’ve established your business and have built a client base, be sure to maintain relationships. Send thank-you notes during the holidays, offer discounts for referrals, and follow up with clients. Though it may take time and a little elbow grease, you’ll get there!

Let's talk about your financial goals. 

We help your money live as long as you do. We make financial advice more accessible and more affordable. 

To schedule a free, 30 minute consultation, click on the link below:

https://calendly.com/gowdyfinancialgroup/30-minute-consultation

Let us design a custom "Financial Freedom" plan to help you reach your financial goals. To get started, click on the link below:

https://www.gowdyfinancialgroup.net/financial-coaching-profile

To Your Success!