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5 Things I Wish I Knew When I Started My First Business
Starting your own business is challenging and thrilling. People want to get out of the daily 9-5 grind to pursue their passion. Unfortunately, many enter this field with high expectations, only to be disappointed by the reality of building a company. Here are 5 things you should know before entering this world:
1. Pick a suitable company name
Branding is important in this highly competitive world so it’s important to pick a memorable and relevant company name. Many people choose a generic brand name or something too obscure instead of striking the right balance. There are already too many obstacles in your path and a bad brand name just adds more problems.
2. You won’t be focusing on your passion
People start a business because they want to focus on their passion. For example, an aspiring chef might leave a 9 to 5 job to establish their own café. But preparing food is just one small aspect of running a café. Behind the scenes, they would have to plan the décor, meals, hire wait staff and management, handle marketing, bring in fresh produce
every day, etc. Most people only spend about 10 to 15% of their time on their passion and the rest on management.
3. Cash flow is very important
Cash flow is one of the most important factors to consider while running a business venture. If you spend more than you earn, it’ll be difficult to keep up with business obligations like paying salaries, financing raw materials, paying taxes, etc. Eventually, your business will fail because of low cash flow. Entrepreneurs need to be cautious about how they spend their money and keep an eye on income as well.
4. Success is possible
There are several cautionary tales online of businesses failing within the first six months despite an entrepreneur’s best efforts. While this is true, it doesn’t mean success is impossible. It also doesn’t mean you can’t recover from failure. Many first entrepreneurial ventures fail but people get back on their feet, learn from their experiences, and try again.
5. Start outsourcing and optimizing from the get-go
Outsourcing and optimization can lessen your workload and help provide consistent services. This is important, especially in the first few months of running a business. You can hire an in-house team leader when your business demands it.
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