What to Know before starting your business

Things to Know Before Starting Your Own Business

 

When we open a new business, it can be a pretty freeing and happy moment.  Some of the perks are being our own boss, working towards financial freedom, and claiming our time.  However, there are things most people don’t talk about, such as time invested, money spent, and working on all fronts.  Knowing these can help you be more successful later.

Start Up Costs

All new ventures are going to cost money to startup.  You will need a lot of things to help you start your new business.  If you decide to quit your day job to take the plunge, save up enough money to pay rent, utilities, and other expenses you will need to live on.  Having enough cash saved up before you start out will help in keeping financial stress to a minimum.

This isn’t a 9-5 Job

You will most likely be starting out on your own, and wearing a lot of hats in your company.  Don’t be worried if you find working hours go from 40 a week at a desk job to 80 at your new business.  Any new beginning that you are passionate about will take much blood, sweat, and tears….  and time.  Make sure to take the time to find what works best for you.  We recommend reading startup blogs to help you find the right amount of hours to work at your startup for you.

Admit When You Need Help

We all excel in one talent or another when it comes to business.  However, we all have a weakness too.  It could be designing, bookkeeping, or marketing.  If you notice you have a weakness in one area, search out for help or hire someone who is proficient.  Not only will this save you time and spare you stress, it will also save you money in the long run.

Most of Your Time Will Be Spent On….

…Administrative duties. The majority of your time will be doing invoices, placing orders, setting meetings, calling clients, and customer service.  You’ll be surprised how much time you dedicate to administrative tasks, which can be almost 240 days per year.  If you are finding you are focusing too much on admin, it’s time to hire someone to do it for you.  Your time is precious, so don’t waste it!

Things Don’t Go According to Plan

No matter how much time and effort we put into an amazing business plan, there will always be something that will divert us away.  Remember to revisit your plans every quarter.  Something that worked last quarter may not be as strong now.  Trends and target audiences change, so don’t be afraid to evolve and adapt to where it is needed.

With every new beginning, there will be challenges along the way.  When you have the right information, you can feel more confident in working towards a successful start-up and bright future as an entrepreneur!

Was there something you wished you were told about before you started your own business?  Let us know in the comments below!

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