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What are 3 very important things to
remember when starting a business?
Money is important
but it isn't everything
A lot of entrepreneurs manage to raise capital early in the game, but having that money isn’t enough. A sound business model is one that generates consistent cash flow. This cash flow should be used to expand and grow your business. Maybe its time to hire some employees?
Choose the right
business for you
Sometimes, the difference between success and failure can be just choosing the right business for you. There are times when no matter how much you try, things just won’t work out because market conditions are not in your favor.
For example, the airline industry in most countries has a profit margin of less than 2% and most airlines even though they are run by competent people don’t make money.
Learn to manage debt better or stay out of it
Some entrepreneurs use debt to start a business, this can be very dangerous especially if you are a first time entrepreneur. A start-up is inherently very risky, especially if the business model is untested.
If the business fails, the business owner still needs to pay back debt because most debts are personally guaranteed by the business owner.
Some entrepreneurs use home loans, and personal loans to start a business because interest rates on these type of loans are low. However, be very careful, less optimistic, and make sure your debt is within manageable limits.
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Starting a business?
We can help!
S&L Designing is your one stop shop when it comes to starting a business. With our easy to use and easily customizable starter packs, we can hep you with any services you may need at an affordable rate. These packages are designed to be manipulated for your needs. Some of our packages will come pre-made for you but we encourage you to pick the plan that best suits your needs and modify it to fit with in your budget. As you can see everything is laid out with pricing, this way you have the power to know just what you are getting and what its going to cost you!
Have Any Questions?
Here are some questions every entrepreneur should ask themselves before departing on their journey to business ownership.
First and foremost you need to ask yourself these three questions:
- How much time will this take?
- How many dollars will it take to start turning a profit?
- How much energy will I spend to get there?
Knowing the time you are going to spend on this project is important. It’s time to start planning everything out step by step. Know your first move and every move you will make until you are at your goal. Don’t jump the gun and think you are going to win the marathon just from running a mile. You’re in this for the long haul!
Budget, budget, budget. You know there will be some costs in starting up. If you don’t let us tell you. There will be money spent. From the time you start your business it’s time to record every dollar, incoming or leaving. Know what it will take to get you to your goal.
Late nights and early mornings. We have all had that one boss who sat back in their chair and didn’t do anything all day. Are you resentful or jealous of that boss? Turns out they worked their butt off to get where they are today and so will you! But just know, you will have to put in some hours and that can be hard, although not a deal breaker!
We all have lives. We all have obligations. We all have desires and responsibilities. Its time to ask yourself where everything stands on the totem pole. When starting a business, the most important part of it is you. No one else will get your business off the ground. Why would they, what’s in it for them? If you know that you can not give your business your all, especially in the beginning, then you probably shouldn’t be starting a new business.
This one can be tricky. Let’s say that you are living your best life as your own boss but you just aren’t making the money you need to survive. If this has been going on for a few months it’s time to start something new. This doesn’t mean abandon all of your hard work. This means we go back to the drawing board and come up with something else to get your business going. If this doesn’t work in another few months or so it’s time to think about how long this is sustainable.
Never throw yourself into debt. Sometimes you will be forced to take on some debt but don’t take on more than you can handle. If your business isn’t bringing you the money you need and you can’t see that changing, there is no need to wrack up those credit cards in hopes it will work. If it fails and you are now in severe debt you will no longer have your business or your livelihood. Take the beating and come back to fight another day.