Beginners Guide To Having No Regrets Starting a Business
When asked if there was anything they would do differently if given the chance to start up their business again, a lot of people said they would have taken more time to get the foundations of the business right first and asked for help from a mentor.
Don’t Quit Your Day Job Tomorrow
It may take months before your startup can pay your bills, so you may need to keep working in a traditional job for a while.
Test the Waters
Try and find your first client while you are still working. Failing to build a pipeline of work before leaving full time employment has been a lot of small business down fall. Can’t find a client? Take a hard look at your business model. Research, Research, Research.
Build your Cash
Anything you do to start a business will take double the time and expense that you think. With the average small business taking 18 months to turn a profit, this should encourage those in the early stages of developing a business to get some money behind them before they take the plunge.
Manage Your Money
Manage your finances better and improve your planning. The best financial advice we can give you involves charging more, securing investment upfront and getting a better control on your cash flow.
Go easy on the bright ideas that will cost you money, even though sticking with what’s profitable gets fucking boring.
Get Your Team in Place
If you have the support of the people around you, you can make anything happen.
One in five small business owners say they would have asked for help from either a mentor or got a business partner if they did it all over again.
5 per cent of all startups we talk to say that they would have done more marketing of their product or service if they did it all over again. You have to factor in a marketing budget, we see so many business put a website and then think everybody's gonna go over to it, negatory good buddy.
Things Don't Always Go According to Business Plan
One of the great benefits of running your own business is the ability to learn as you go along. You can’t possibly know everything so don't panic if things don't go according to the business plan, turn to an adviser or mentor to help.
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