Out On Your Own
So many of us dream of working for ourselves so we’re not slaving for ‘the man’ anymore. There are direct selling companies out there who can make it easier for you, if you’re good at sales and if your product is in demand. If not, or if your business idea is of a different model, there’s more for you to know and plan before you quit your current job.
Failure to Plan is a Plan to Fail
Of course, you already have the idea behind your business plan. You already know what you want to do and how you want fill a need that people have. You may even know who you’ll need to hire as staff. If you’re smart, you’ve written out a business plan, complete with how much of your own money you’re investing, how you’re raising the rest of the funds you need and how much working capital that will leave you. You may even understand the need for continuously generating funds after the initial investments. If your business doesn’t turn a profit for a while, how will you keep the lights on and your payroll funded? Those contingencies should be part of your business plan, too.
Your Money and You
Know in advance that while you’re investing in your business, you must keep your personal and corporate finances separate. Co-mingling them is a recipe for disaster in the hopefully unlikely event your business fails. Keep track of yourself, too. It’s easy to burn yourself out building your company. You’re no good to anyone, professionally or personally, if you fail to make your needs and your own mental health priorities. Plan to save money when and where you can at all times, especially if you have debt to pay back from starting your business. If you had to take a home or personal loan to get off the ground, you still need to pay those funds back even if your company fails.
Knowing when to get help for your business can be tricky. We don’t always want to admit when we’re in over our heads. Yet, getting timely help can save us. How will you know when is the right time and who to turn to? You may not, but an experienced business owner may. If you seek out a currently successful entrepreneur, whether in your field or not, you can benefit from their advice and wisdom. You may not even need a formal mentoring relationship. Sometimes, a chat at the local Chamber of Commerce breakfast will be helpful.
Your business has every chance to succeed if you plan ahead and gather all the information you can.