Hate your job? Can’t stand your boss? Why not set up your own business and be your own boss? Starting a business can be a real game changer in life. Becoming your own boss comes with valuable opportunities in life, but there are also drawbacks and many people fail to plan so here are 8 essential tips that you should keep in mind when planning your venture.
Now before one can begin it is essentially for you to have a passion. When I say passion that doesn’t necessarily have to mean a passion for a certain product or even industry it could be as simple as having a passion to just be your own boss. Without passion there will be no need to strive forwards no real determination and within time that will be reflected on your work load.
The overall goal of any business is to gain a profit but how can this be achieved? Firstly, you should take note of all the resources needed and what your monthly business expenses are, once this has been calculated you can work out what will be needed to sell and at what price in order to generate a profit. This is called “break even analysis”.
Now as just mentioned passion is extremely important but that doesn’t mean that your business will succeed unless you have a step by step plan to ensure how the business will work and how it will be managed. Get together a business plan: This is extremely important as it gives you an opportunity to experiment with your strategies before committing to anything and potentially making a terrible error.
Everybody wants to succeed but too many people try to force success upon themselves. Sometimes it makes more sense to go slow and steady to take your time, to plan everything to the very last minute detail. Mistakes are made and by starting small this will ensure that any mistakes made will result in the smallest repercussions ultimately allowing the business to grow bigger in the future.
Make sure you have enough capital before starting. Most people who start small businesses tend to take out loans with the intention of paying them back within a short period. In reality though it can take new business anywhere from several months to many years to generate a profit. If however you have enough capital accumulated this shall ensure that no issues will arise.
Always get it in writing. On TV whenever you see a deal being completed you always see both parties shake hands. In reality though most contracts are only valid when in the written format. While it is of course true that contracts can be made orally this however is much harder to proof and can be easily denied. If however all your contracts are done in writing this will save you a lot of hassle in the future and can even potentially save your business.
When it comes to businesses there are many rules and regulations which they need to abide too, so you should use a lawyer. It will take yourself a long time to acquaint yourself with specific laws and regulations that might affect your business so investing in a professional attorney is a safe bet.
When it comes to hiring your staff don’t hire the first person who has all the required qualifications. What you should be looking for is commitment, determination, motivation and the desire to succeed. Once you have found your work force treat them all equally and fairly, create a happy environment which will give them the opportunity to get the most out of themselves.