It’s okay to dream and have stars in your eyes about the benefits of owning a small business, so long as you are more aware of the realities. Underestimation of expenses, lack of discipline, and not having some expert backing are only a few of the reasons the businesses fail to launch. So what can you do?
- Know your business expenses
Advertising, office equipment, leases, wages, insurance, utilities. These are only a few of the expenses you will face as a small business owner. Hire an accountant and sit down with them to make sure each dollar is accounted for and that you have enough to meet payments. They’ll also help you set up a business plan.
- Have passion
When you start a business of your own, it’s because you’re passionate about what you’re doing. People who have become their own boss have this crucial piece of advice: don’t let that passion fade. Yes, the marketing, the overheads , and other expenses are a chore. But painting on the canvas, building custom cars, designing and making something unique; that is what feels like play.
- Also have a lawyer
Copyrighting, trademarking, general business stuff; this is where your lawyer comes in. Plus they’re handy to have in your contacts in case a conflict pops up.
- Don’t quit the 9-to-5
Yes, we all crave quitting the 40-hour work week to ‘live our dreams’ but that doesn’t give you license to throw common sense out the window. To build your small business, you need cash flow from your current job. Start as a side hustle and build up slowly. You’ll find yourself ‘working’ on your passion after work a couple of nights a week and on the weekends.
- Be productive, not busy
Yes, there is a difference. Being busy does nothing except stress you out. Being productive, on the other hand, means you are doing things that matter. You are finishing tasks because you started your day with a clear plan of what you’re going to do and how. But remember, it’s okay to take a breather when you’re overwhelmed.
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