So you’re thinking of starting a new business? Congratulations! I’ve had the honor of working with new, and seasoned, business owners just like you! Owning your own business may seem like the epitome of the American Dream–you can be your own boss, keep your own schedule, and answer to nobody but yourself – however, there are a few things you MUST know before venturing out on your own. Below are a few tips I’ve learned throughout my 17 years as a business coach.
1. Don’t Expect to Turn a Profit Immediately. Many people get discouraged when they end each day with less money than they started with, even if they made sales. It takes time and a certain volume of sales to see progress, realize that there WILL be days that are slow. Be aware of your monthly goal. In other words, what is the amount you need to make in order to break even. When a business is getting off the ground, it can take a while before the profit reaches or exceeds the fixed monthly costs you incur to run it.
2. Expect Mistakes. I’m still kicking myself for things I did wrong in the early days of my first business. But while those mistakes cost me money, I learned from them, and I have used that knowledge to prevent similar events from occurring again. Mistakes can be valuable experiences, honor them!
3. Create A Business Plan. Creating a basic business plan can be meticulous, but it is very important, especially if you seek financial backing from investors or a bank. It’s also a great test to see if you’re really interested in running a business – if you can’t take the time to write a basic business plan, even if it’s just a single page, you probably are not prepared to undertake the running of a real business. Keep this in mind!
Starting any new business is a time-consuming, exciting, frightening venture! Don’t fret – it IS possible and it CAN be successful. Often, it helps to bring on a business owner who has been “through the ringer” to help guide you and bypass mistakes. If you’re serious about building your business and making profit, email me now at firstname.lastname@example.org. We’ll set up a complimentary consultation and begin developing strategies to get you and your business where you want to me.