If you asked what is one of my top frequently asked questions... It is definitely this from aspiring entrepreneurs.
Here it goes...
When starting your business, the following things are important to know:
1. Many people that you thought would support you will not support.
Focus only on your existing and prospective clients. Follow the money.
2. Start a business based on a need. Do not open a business solely because it looks like
good money can be made. While you are in business to make money, this should not be
your be all, end all.
3. Build a unique customer service experience.
4. Treat your employees kind.
5. Build a solid foundation of business processes and controls.
6. Open a business bank account
7. Plan before you take action - When I left my job, my plans were in motion more than 2
years prior to my departure.
8. If you are currently on a 9-5:
A. You need to have everything in place prior to your last day. If you leave on Friday, you
should be able to hit the ground running on Monday.
B. If you are receiving pension or other payouts from your job, you should be reinvesting
this into a new retirement plan.
9. If you are unable to manage your personal finances, you will be unable to manage the business finances. This does not preclude you from dreaming of business ownership. You can own a business and relinquish its management to experienced personnel. This goes back to point #5. Do what you love to do. If that's not marketing and operations, then find
someone who has the requisite experience.
10. You may be able to start the business tracking sales using excel but as your business
grows, it is imperative that you respond to growth accordingly.
11. Engage a business advisor/professional to discuss your financial and business goals so
that you can plan and develop an action plan that will help to keep you structured.
12. Think about how you want your brand to be perceived in the market.
13. Think generational and perfect one thing and then build on that solid foundation. Do not
attempt to do so many things that you become a jack of all trades but a master of none.
14. Develop a business savings and investment portfolio.
15. Give it your best and accept the fact that you do not know it all and you will always be a
student because you are constantly learning! OHHH! Also, please note that you may not
make profits in your first year of business... This is common. You have initial one time
fees in there among those expenses that are a result of the learning curve - there are
things that you will not do in Year 2.
I hope that you find these tips useful.
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