So you have decided to be your own boss?
Congratulations, you made the decision to be your own boss, work the hours you want to work and make a squillion dollars – right?
If it were only that easy.
But lets face it, every new business started with a thought, that thought grew into an idea and that idea manifested itself into your first step into creating your new business.
Be ready with the downs and ups of business
Of course along with this you have to expect to get all the stress that a business owner usually faces, especially in the start up phase and even right through the first 5 years of business – that’s if you’re one of the lucky ones that lasts that long.
What makes a successful startup?
There’s a million books, podcasts, seminars and web pages that will give you their version of a successful start up, but here’s a few of my simple recommendations.
- Do your homework – is there a need for your business, how much will start up cost – make sure you think about trademarks, business registrations & business structure.
- Is this your passion – you will lose heart quite quickly when the going gets tough if you don’t truly have a passion for your product or service.
- Plan, plan plan – Spend time on putting together a business plan – make yourself check and recheck it.
- Cash flow is king – make sure you’ve thought about how you’re going to financially run the business. In some cases you will have capital to start up, but be careful you don’t use it all – you never know when you are going to need funds for a rainy day. Look at what other options are available to you in regards to purchasing equipment & funding your invoices – asset funding where possible can be good for your business as it doesn’t place the business in instant debt. As always make sure you have a savvy Accountant or business advisor behind you from day 1.
- Get a mentor – this doesn’t need to be some hot shot, highly paid person – it just needs to be someone that is going to keep you accountable to the tasks you set yourself.
- Network – it’s the cheapest way to get known – you’ll always be surprised how much information people are willing to share with you about their own experiences.
- Take a breath – remember this is a new business and you don’t want to blow a gasket in first 6 months – don’t expect immediate results and success, this will come in good time if you’ve done the ground work.
- Reward your success – Don’t forget to reward yourself along the way, even if this just means a quiet thought to yourself or buying a new office gadget
- Have fun – as soon as you stop having fun the business will suffer the consequences.
Whatever you do don’t let people be negative without cause – this is your dream, this is your passion.