For many people, starting their own business is their dream.
You are your own boss, the master of your fate, the captain of your soul. All your success is completely yours, as are your failures. This type of control and freedom can rarely be obtained otherwise. And of course, there is the financial aspect that might not pan out at first, but that will later on become substantially greater. You just won’t get the earning potential with anything except your own company.
However, this also requires certain obligations, certain things need to be done. Being your own boss is amazing, but there is a reason why not everybody is doing it. So, read our article below, and see what 8 things you need to keep in mind before you start on your own business.
Choose the right business
So, first things first – choose the right business for you. You can’t possibly start and run a business, no matter how easy to set up, no matter how much money it can get you if you are not passionate about it. So, think long and hard about what you actually want to dedicate a huge part of your life.
While you don't necessarily have to choose a business that you have experience with, it’s warmly recommended you do so. Still, if you are truly passionate about it, you will be able to handle it.
Try to find a mentor
If you can, try to find a mentor. Search for a person who has been around the block a couple of times, an individual that can guide you on your entrepreneurial road. Now, this individual doesn’t necessarily have to be in your line of work (but it will definitely help you). Rather, you want to talk to somebody who can advise you on how to act, how to handle yourself. You want an individual that can advise you on how to deal with mistakes, challenges, and risk.
Your employees are people
A very simple, but very important point. Namely, you want to have people trust you, to respect you. This means you have to treat them properly, you need to remember that they are human. Don’t fall into the trap of treating your people poorly, focusing on efficiency, without actually thinking how they will react to a slave driver.
It’s not all about capital
Now, capital off-course matters, and is required to do practically anything. However, don’t just let gathering capital consume you. You need to focus on other things as well. Getting the right employees, getting in touch with logistical distribution services, proper legal contacts, licenses, handling stress, getting the right gear and equipment.
Have a life
Yes, you do want to have an actual life. Don’t forget to build your life around your company – you don’t live to work, you work to live. So, unless you are dedicating yourself towards digging wells in Africa, there is no point in ruining yourself in order to just make a lot of money.
So, try to get some rest. Build a family, maintain relationships with your friends. You will burn out if you work 60 to 70 hours per week.
You are not your business
Always keep in mind that you are not your business, you are not your company, and you are not your work. It is a very important part of your life, a very strong part of your identity, but it is not your entire identity. Try to have something outside of your work in your life, even if it’s just 20 minutes every week. Find a center outside of your company, don’t let your center be your work.
Be wary of debt
Be very, very careful of debt. A big part of running a business is focusing on mitigating any risks and uncertainties, while at the same time placing yourself in difficult situations that let your company, and yourself, grow. However, be careful with debt. Debt is often vital for your advancement and growth. You need to loan some money, get some cash injections to push through. Just try to be careful and smart.
Savings are freedom
Finally, remember that saving money is freedom. With good savings, with a good nest egg, you gain the freedom to move in whatever direction you want. You also get the opportunity to work hard, to experiment, and to take risks. Since savings are essentially a type of safety net, you get the safety and security to really go out on a limb and see where your business can take you. Savings can also help you jump on an opportunity to advance that you might not have otherwise, an opportunity that is time-dependent.
And there you have it folks, the 8 core things you need to know before you start working in your own business. It’s not all sunshine and rainbows, of course. If it were easy, everybody would be doing it. Still, know that starting your own business requires a lot of work planning. So, keep an eye on your savings, and stay away from debt. Remember that having a life outside of work is a vital part of staying healthy and sane. It’s not all about capital, and work on finding a mentor. Finally, and above all, stick to a line of work you are passionate about, and you should be fine.