Tips You Need to Know, Before Starting a Business.
Do something you love
The reason a lot of people start their own business is to have more freedom and control over their life. If you’ve left a job to start doing something you aren’t passionate about… doesn’t that defeat the purpose? The hard work that goes into getting a business off the ground simply won’t happen if you don’t love what you’re doing. Remember if you are successful, you’ll still be doing this job for years to come. Do you see yourself in the industry for that long? And do you love it enough to stick with it through incredibly stressful times?
Don’t listen to the statistics
If you start a business telling yourself 95% of businesses fail within the first year, you aren’t setting yourself up for success. It’s an excuse to make you feel more comfortable with failure. At the end of the day if you’re excellent at what you do, get the right advice, learn how to manage money properly and put in the hard yards, your chances are far higher than that statistic (if it’s even accurate).
Don’t quit your job too soon
It’s a fine line between making the financially smart decision and then taking the leap to give it all up for your business. If you’re honest with yourself, how many more hours could you be spending on your business if you put down the TV remote? You can sustain a full time job whilst being able to get a business rolling for a reasonable period of time, dependant on how fast you grow of course. Don’t jump the gun too early but at the same time, know when you’re ready to quit and give all your energy to the business. Your accountant can help you make this call.
There is a fine line between dedicated and obsessed
There’s obsessed and then there’s obsessed. You might love what you do to the point of obsession and that can be great for your drive, motivation and ultimately your business success. There does come a point where you need to take a step back sometimes and take note of how the rest of your life is travelling. It’s also important to realise that your business won’t be perfect; it’s a constant work in progress. Don’t get stuck on small details that you can’t seem to nail. There’s time for that and it will come with experience.
Learn from those who’ve done it before
Get all the free advice you possibly can. Get referrals for amazing people to partner with such as accountants, marketers and lawyers. Ask anyone you know who owns a business what his or her biggest mistake has been? What hard lessons have they learned? Be smart about it and ask for help. The road is far less painful if you’re willing to admit what you don’t know and where you weaknesses lie, then find people to help you work on them.
Your family and your health matter more than your business
In our books, this is the most important point to keep in mind. That obsession we mentioned earlier becomes detrimental if you start prioritising business over your loved ones.
Starting a business will be the most challenging but potentially most rewarding ride you’ll ever go on in your life. It can be gruelling but unbelievably satisfying. Our ears are open for any start up questions you may have. That advice we mentioned above is right here waiting for you! Interested? Then feel free to get in touch with us HERE and Check our Business Packages for Startups, Entrepreneurs, Growing and Tax and Accounting Tips and Blogs.