When you start your own business it can be very easy to be over zealous and jump off the perch too early- thinking that you can fly, when there are very important foundations that must go down first.
While it is true that only by doing can you learn; there are a number of things that you should aim to have in place first. I learnt about these things as I began, but the train had already left the station and it wasn’t so easy to do with the momentum and pressure upon me.
A Few Top Tips
1. Before you start, seek business advice and don’t be too quick to assume that you know it all
2. Speak to people that have gone before you. 99% of them will tell you if they had known what would have been involved they wouldn’t have started. Cut time and pain out of your learning curve by getting up close and personal; really listening
3. Ensure that your personal income covers ALL of your overheads. Any money generated from the business must go back into the business for at least the first 2 years. You basic costs must be covered.
4. If you are selling a professional service by the hour, look for products that you can endorse that will bring you a residual income, so you can generate an income while you’re on holiday, studying or developing your own products
5. Learn from an expert how to structure your business, plan it well and most importantly follow it. Don’t let industry excitement draw you away from what is on that plan.
6. Remain steady and calm at all times. If something has you over excited, you will crash, taking the project with you.
The most important thing to remember is to take care of your own personal income before anything else. There are no quick fixes or fast roads to wealth, so don’t jump of the perch until you know you’re ready and only do so at incremental heights so you don’t do yourself a serious injury!
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