to<\/em> do,\u201d said Tunaitis. <\/p>\n\n\n\nFor some entrepreneurs, they\u2019ll overestimate how much they are going to earn and underestimate their expenses and that ultimately leads to a failed plan. Getting over those shock factors is a step in the right direction though. <\/p>\n\n\n\n
Here\u2019s his takeaway when it comes to crafting a plan for yourself: \u201cThe number one piece of advice I would give to aspiring business owners would be to formulate as solid of a business plan as you possibly can. Include your expenses, your costs, what you feel your income’s going to be, and then subtract 20 percent from whatever you think you\u2019re going to make. Then, double all of what you think your costs are going to be, and if it still seems like it’s a good idea, that would probably be the way to go.\u201d<\/p>\n\n\n\n
Well said.<\/p>\n\n\n\n
2. Advertise your small business – carefully.<\/h3>\n\n\n\n
The advertising space for small businesses has become quite an arms race now. It\u2019s necessary. It\u2019s competitive. It\u2019s expensive.<\/p>\n\n\n\n
As Tunaitis puts it: \u201cYelp has cut into a lot of pay-to-play advertising and some of the other places, so it’s kind of difficult and a little overwhelming to figure out where you’re going to put your money, especially because it’s tougher and tougher to run a small business nowadays. You just have to keep your eyes open. If you see a big trend, you can try to follow it, but for the most part, you just have to go week to week to see what’s working and what’s not.\u201d<\/p>\n\n\n\n
Not every platform and every new trend is going to work for your company and your niche, so don\u2019t get frustrated if something isn\u2019t working. Test and test again to figure out what\u2019s going to really provide the best value for your company. If you have the budget for it, outsourcing your social media and advertising strategy is always a good option as well. The bottom line is, in this day and age, if you want business, you\u2019ve got to put a significant amount of energy in making yourself seen.<\/p>\n\n\n\n
3. Treat your staff well.<\/h3>\n\n\n\n
Treat your staff well. What a basic concept, right? Then why is it that small business owners overlook the importance of it?<\/p>\n\n\n\n
In the tattoo industry, Tunaitis explained a reason for oversaturation in the market is because oftentimes, shop owners don\u2019t treat their employees very well. So after a couple years of having to come up with their own supply costs, getting their own type of insurance, etc., fed-up artists break off and open their own shop.<\/p>\n\n\n\n
\u201cI\u2019ve found that the more opportunities I give my staff and the better I treat them, the more they want to stay,\u201d said Tunaitis.<\/p>\n\n\n\n
There are plenty of ways to treat your staff the way they deserve to be treated\u2026even on a small business budget. Things like asking for their input on certain projects and ideas and providing genuine feedback are intangible motivators that prove your vested interest in your employees. A little goes a long way.<\/p>\n\n\n\n
4. Break barriers.<\/h3>\n\n\n\n
Tunaitis explained that there\u2019s this antiquated stigma around opening a tattoo shop and the crowd that it will attract. Mix that with state regulations, government stipulations, and real estate expenses – and the fact that Tunaitis was able to open a second successful location for his shop is a true feat in itself.<\/p>\n\n\n\n
\u201cReal estate is actually getting harder and harder, more and more expensive to try to rent. So, if you could find a place that’s not literally a few thousand dollars a month for a small location, you’re really lucky at this point,\u201d said Tunaitis.<\/p>\n\n\n\n
Fact: You\u2019re always going to encounter barriers no matter what stage you\u2019re at in your business journey. But your ability to overcome and the attitude you have about it is what will carry you to your path to success.<\/p>\n\n\n\n
5. All businesses are somewhat equal when it comes to compliance.<\/h3>\n\n\n\n
Just because you have five employees (not 500) doesn\u2019t mean that you can slide under the radar when it comes to state, local or federal regulations. Take labor law posters for example.<\/p>\n\n\n\n
\u201cWe’ve gotten calls from poster law services where you have to have public postings for any of your employees. They have to know what their rights are as far as employees go. We still pay the same thing for those posters as somebody who owns a McDonald’s would, and they’re really expensive. I guess that’s how the game is played, but it’s frustrating especially when that cuts into what your overhead is and what your profit margin is going to be,\u201d he explained.<\/p>\n\n\n\n
How can you get help with these regulations? *Insert shameless plug.*<\/em><\/strong><\/p>\n\n\n\nYou pair up with a payroll company that can help you out and take a lot of the burden off your plate!<\/p>\n\n\n\n
\u201cThe customer service at PrimePay is great and they make the entire process really easy for me. I first signed up for just payroll, but once we got a little bigger, it became a one-stop shop with things like 401(k) administration, holiday deductions, taxes \u2013 they do everything for me,\u201d explained Tunaitis.<\/p>\n","protected":false},"featured_media":1762,"parent":0,"template":"","meta":{"_acf_changed":true,"content-type":""},"client-type":[83],"class_list":["post-1761","client-story","type-client-story","status-publish","has-post-thumbnail","hentry","client-type-small"],"acf":[],"_links":{"self":[{"href":"https:\/\/primepay.com\/wp-json\/wp\/v2\/client-story\/1761","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/primepay.com\/wp-json\/wp\/v2\/client-story"}],"about":[{"href":"https:\/\/primepay.com\/wp-json\/wp\/v2\/types\/client-story"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/primepay.com\/wp-json\/wp\/v2\/media\/1762"}],"wp:attachment":[{"href":"https:\/\/primepay.com\/wp-json\/wp\/v2\/media?parent=1761"}],"wp:term":[{"taxonomy":"client-type","embeddable":true,"href":"https:\/\/primepay.com\/wp-json\/wp\/v2\/client-type?post=1761"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}