27 Aug Top 5 things to consider when starting a business!
Top 5 things to consider when starting a business!
1. Follow your passion – Your business should have a purpose to improve the lives of others. This can mean lots of things, but this will improve your outlook on the business and on your life. Build the business around your life and what you are passionate about. You will likely be doing it or thinking about it 24-7, so you better love it!
2. Build a team of advisors – You will need an accountant for bookkeeping, taxes, and payroll, a banker for loans and accounts, an attorney for general agreements, contracts, leases, owner agreements, entity selection, a financial advisor, and an insurance agent. Pick a team that you trust will have your best interests in mind and truly want to see you succeed. Interview a few and ask for referrals. If they are good, you will find that they are not a ‘cost’ but rather an ‘investment’ into the success of your business.
3. Make sure you have enough capital (funding) – This is where your team of advisors can help. You don’t want to risk your life’s savings to find out that four months after opening your doors you run out of money. A marketing and business plan will also help with this. You should spend a lot of time researching your business, the market for it and your competition before jumping in. Put a plan in place and continuously reevaluate it!
4. Be able to overcome many obstacles – Owning a business means that you will have to face many walls and challenges. Even with the best advice and plans there will be many unforeseen problems to overcome. Having the grit to endure and overcome walls is essential. Let your family and friends know that you will likely not have a “9-5 job” anymore – you will need their support.
5. Systems – Know that you will be focusing on marketing, operations and finance/administration in your business. All three have to work! Not only do they have to work, but they have to continuously improve over time. This means having procedures and systems of ‘what’ and ‘how’ in place on every function of those three items in your business. Then, update and improve them as you go. You will become more efficient and competitive as a business over time doing so!
Call us for a complimentary business consultation today, and start here to build your own team of small business advisors!
Here’s to your business!
Todd G. Unbehagen, MAFM, EA, ATA, ATP
President/CEO, Unbehagen Advisors