Nobody should begin a business venture without consultation. To prepare yourself for the giant strides you intend to make in your professional life it’s a good idea to canvas opinion and act accordingly from all the knowledge and wisdom you have coalesced. There are plenty of business tips and everything you ought to do when starting one could fill a thousand libraries but we’ve tried to narrow it down to five. You know, because we know you’re busy.
Count your Costs
There’s a lot to be said for pinching pennies. Technically all businesses principal function is to make money. Good then, that you know about every drop you’re pouring in. When doing your expenses some good ones to consider are petty cash, subscriptions, bank fees, marketing, staff replacement costs, unpaid invoices and repairs/maintenance. I’m sure anyone thinking of starting their own business has their personal finances in order so simply put; treat your business as you would your household.
Weave a Safety Net
Picturing yourself living with your parents or working another job on the fly seems like the opposite of what owning a business is supposed to be. Within five years you’ll be drunk on your success with a fleet of carbon-free hovercraft and a holiday home in Saint Tropez. Well, actually, in that time frame it’s more than likely your business will go under as 75% of start-ups do within that time. When you begin you won’t be making any money, but you do need to have some to live so picking up a side hustle or wrangling an easier living arrangement is necessary.
Talk about your Business
Being meek will get you nowhere. Initially, there might be some hesitation to talk about this new business that you have begun because you are scared of failing, however, what with your business needing to make money through customers, you really aren’t going to get any if no one but your immediate family knows it exists. Get on social media, get your friends, ex-colleagues, students, teachers, extended family, and neighbours, and get everybody talking about this new thing. Out of 100 people you reach one might try it but one is better than zero. Rome wasn’t built in a day.
Do the Legal Stuff
There’s a singular excitement that comes with starting your own business, the sense of autonomy and potential is electric. Something which doesn’t quite have the same buzz is ensuring you follow government regulations. Laws are there to protect you and while it can be a drag crossing your Ts and dotting your Is, it’s far better than a penalty being slapped on your before you’re even in profit.
Don’t Make Excuses.
Just do it. If you were to count the reasons why you shouldn’t have a crack at your own business and weigh them up against reasons why you should, the former will largely outweigh the latter. This doesn’t mean its not at least worth a go. If you don’t try you’ll never know and even if it does end in failure, you can always try again. And fail better.