5 Things You Should Know Before Starting A Business

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photo: Maria Bernad

 

Starting a business can be thrilling, rewarding, fun and hard work. It’s something we’ve all dreamt of, but putting yourself out there and actually doing it can prove a little bit difficult. We always say the best way to do anything is just to throw yourself in at the deep-end and go from there.

If you’ve been toying with the idea of creating your own business this year, here are a few things you need to know!

1. How much money will you need?

We’re not talking about investments or start-up funds. We’re talking about living costs, because when you’re running a business, you aren’t going to be earning a huge salary straight away. Be smart and think ahead about what you can save until your business is off the ground, or what other paid work you can do part time.

2. What’s in your business plan?

Your business plan should be an in-depth look at the product or service you’re offering. If it’s just for yourself you have a bit more creativity with it, if it’s for investors you should get serious with it. Figure out who your competitors are and what makes you different and better, write down your projections, what you’ll need and what you’ll sell, your target market and why you are the perfect person to run this business.

3. How are you going to work?

In the first year of business, it’s a guessing game. The truth is, nobody has been taught to work properly. We know how to study, but we don’t really know how to work. Teach yourself to work smart and stop being over ambitious. If you need help, read Work Smarter Live Better. This book will change your life.

4. Who will you hire?

Obviously, you won’t hire your friends or family. That’s a no-no. Mainly because it’s the fastest way to break down those relationships. But what kind of people do you want on your team? Often, once you start the interview process you’ll find out that the people you thought you wanted are totally different from the people you actually hire.

Do you want perfectionists? On paper, yes, but in theory, a perfectionist takes too long to get work done. Do you want someone who’s very chatty? On paper, probably, but in theory, a talkative person will disrupt the workforce. Figure out who you need on the team. Visualize your dream team and keep it in mind when you start hiring.

5. What kind of manager are you?

Nobody is born with the ability to lead. In fact, most business owners will tell you that everybody sucks at managing people in the first few years. Learn how by taking on voluntary roles, hiring a virtual assistant to manage and reading books that will help you be a great leader. Managing people can be difficult, but you need to train yourself to have difficult conversations, play to people’s strengths and keep your team on the right track.

 

So, are you ready to start your business? Good, because on Sunday 29, January 2017 the Career Girl Academy is back and better than ever! With masterclasses on how successful people build businesses, this is the best time to start! There are only a few tickets left. Find tickets here.

 


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