Few Things To Do When Starting A Business
So you decided to start your own business? Well, we’re certain you already know it’s not gonna be easy. Expect long hours, long days, stressful, sleepless nights, and in general lots and lots of hard work. However, the benefits are great too – you answer to no one, your destiny is in your hands, and you can move the business in any direction you want. And let’s not beat around the bus here – the amount of money you can make can be a great deal above what you would otherwise make working a regular nine to five job.
Now, with all that being said, you need to have the right plan, the right guide, if you want things to go right. For this reason, we have written this short little guide on how to do just that. Read on below to find out.
This may be the most important rule for starting your business. Namely, you can have the best plan, the most appropriate financing and funding, but it won’t matter if you can’t make that first, most important move. We support making plans and strategizing, but there comes a point where you simply have to start.
Understand that, first of all, there is no perfect plan, and there is no perfect time to start. Somewhat paradoxical for an article that deals with thing you need to keep in mind when starting a business, but here us out. We’re not saying jump right into it, starting your business is not an easy thing, and it carries many responsibilities. What we are saying is that you should be aware that procrastination for something as serious as this is very common and very real. So if you’re prolonging the actual starting of your business by another month, actually sit down and think about what you’re doing.
Keep things simple
Similar to the previous point, there comes a point where thinking too much will just mess with your success. You should have plans, a budget, and a good strategy in place. But understand that running a business carries with it too many issues and logistical nightmares already. If you complicate things even more, you will just end up with something that may collapse under its own weight.
Overcomplicated planning, overdeveloped supply and delivery systems, and worst of all, a service or product that requires a specialized manual to use (while not being marketed to a specialist public).
There are two issues here that you actually need to keep in mind. First, overcomplicating things can be a symptom of procrastination and being afraid to start (see above). Second, understand that this will water down your products and services. It will lead you to spending too much time on logistics and organisation, and not enough time on production and service provision
Do your homework
Before you open your business, do your homework. Depending on your line of work, you will need a variety of certificates and licences in order to operate. If you don’t get the right documentation, expect serious fines and penalties set up by the relevant authorities and officials. These can severely hinder your business, can saddle you with serious financial difficulties, and may even lead you to closing shop.
The other aspect is knowing the appropriate laws and regulations. Operating outside the confines of the law will most obviously get you in serious trouble. So, we advise you get your homework done, and maybe contact a good law firm, Chedid Storey Lawyers for example, and let them advise you. Having a lawyer on call at all times is useful if you get in any kind of trouble or simply to get advice on running your company.
Think twice about your budget
There is a very good chance that during the beginnings of your company, you won’t be making that much money, if any at all, for some time. Even if you start making a profit immediately, your savings will most likely be gone, and you may have even incurred some debt. You need to remember this when making a budget.
We want you to imagine something – imagine you’re are completely broke, while still running a business. Getting near bankruptcy is a real danger. Getting a “worst outcome” plan is necessary. Maybe moving in with your parents, selling your car, things of that nature.
This also means making the right modifications to your budget. So, yes, you need money for your equipment, office, rent, utilities, certificates… However, what about your general quality of life? How much money do you need to live the kind of lifestyle you want? Of course, get rid of some luxuries and pointless elements, but understand that sacrificing too much will drive you crazy and will kill your motivation. And even if you personally can bear the right sacrifices, what about your kids, or your spouse? Remember to include your minimal quality of life into your budget as well.
In order to start your business, you need to keep a couple of things in mind. First, fight the need to procrastinate and avoid starting. Understand that planning is good and useful, but that you need to make a choice at one point and just start. Remember that you will most likely be broke at the beginning, and that you will need to have a contingency plan if push comes to shove. Finally, do your homework, figure out what licences and certificates you need, unless you want to deal with fines and penalties.