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5 Things To Remember When Starting A Business

Author: Karen
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Starting a business is exciting and challenging all at once. During the formative stages of any company, as the owner you’re certain to be busy and trying to juggle many balls at once, as the old business metaphor goes. With so much going on around you and inside your head, it can be difficult at times to focus on the things that matter.

You’ll also have a tendency to forget about the smaller, trivial things that, albeit not massively urgent, still matter and need doing. No matter how good you are at organizing yourself and others, these things still happen.

Here are five things to remember when starting your business.

Be Realistic

BusinessAnyone who has success in any field does so because they have the ability to balance ambition with realism. However, many potentially successful businesses have failed early because people have been too ambitious and lack realism.

Are you going to make your fortune in the first month? Of course you’re not! The early stages of a business are usually difficult, unless you have a range of existing contacts already set up and ready to become clients from day one.

Accept that things take time, and you’ll approach every day in your start-up with a much more positive outlook.

Deal With the Admin

The administrative tasks that come with starting a business are the classic example of something small and innocuous that can grow into something bigger if we don’t deal with it. There are two approaches to take here; you need to make the time in your day to deal with these things, or you need to outsource them as much as possible.

For example, when it comes to dealing with financials such as payroll or tax returns, you could use the accounting services at Friendly Accountants. Even if your need isn’t immediate, it is best to know how you’re going to deal with everything, or else you become a reactive, fire fighting business owner.

Make Time for You

Starting a business is very full on, but if it consumes your entire life you’ll quickly burn out and to be 100% to give your venture the attention it needs. While there might be times when you need to speak to a client on the other side of the world late at night, for example, this should be the exception rather than the norm. Define the start and end of your day as much as possible, and you’ll be much more motivated when it comes to work.

Keep Finances Separated

It is amazing how many start-ups quickly turn into a mess because people cannot distinguish their own finances from those of their business. This is an area where an accountant can help ensure you’re not leaving yourself in dire financial straits.

Everything is an Opportunity

While we’ve mentioned your work/life balance, we cannot forget that you should look at everything as an opportunity. Whatever industry you’re in, it is likely that you’ll encounter opportunities to grow your business every day, often when you least expect to. Make sure you’re always able to capitalise; your ‘me time’ can be clawed back later, and you wouldn’t want to lose a potentially lucrative client because of your own inflexibility!

Keep these things in mind when starting your business; they will help you to keep a clear head and move forward in the way you want to.

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Karen is a busy entrepreneur who has, in the past, struggled to maintain her work life balance. Now, having learned from her previous circumstances, she has launched a new business aimed at helping companies and individuals define work and down time much more clearly.



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Tags: abilityaccountantaccountantsambitionarticlebusinessbusinesseschallengingclientcompanyconfessionfinancesfriendlylifeopportunityownerpayrollrealismreturnsservicestaxtimetrivialwork

2 Comments

  1. Wow, these are exactly the things I SHOULDA been told (probably was told 3 of 'em, but ignored them) when I was 18 years of age and starting a small biz. That was 27 years ago.

    "Keep finances separate". Lived hand-to-mouth til I learned this.

    "Make time for YOU." Doing this with, ahem, my second marriage.

    "Deal with the admin." Even if you hire outside help you gotta do at least the highlights of this (dang). I never really prospered until taking more responsibility in this area.

    Now, I've always seen everything... even some of the most adverse circumstances... as an opportunity. Check. Being realistic? Not my strong suit ;-)

    Great article, covering valid points different than the expected. Thanks, and

    Keep Stepping!

    Kurt

  2. Evelyn Kelly says:

    Starting a business is a big deal as in this both benefits and losses are coming side by side. Various things you have covered in your post to help people. But there is one things that I want to add that before staring any of the business it's important to think yourself as a customer because if you think like that then you will know what your customer want and what are his needs.

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  • Anyone who has success in any field does so because they have the ability to balance ambition with realism.
  • Administrative tasks must be taken care of as they arise.
  • Starting a business is very full on, but if it consumes your entire life you’ll quickly burn out.
  • An accountant can help ensure you’re not leaving yourself in dire financial straits.
  • Make sure you capitalise on any opportunities that arise where you can grow your business.