If you are thinking about starting a business or are wondering what you are doing or where you are going, you need to ask yourself a number of questions, and consider your motivation behind your desire to be in business.
- Don’t do it for the money! A lot of people believe that going into business is going to be the end to all of their money issues, truth be told this is probably the start of them. As an employee you generally have a steady source of income, whether the business is experience difficulties or not. As a business owner your next paycheck is reliant on how well you manage the business and how strong your cash flow is. I am not saying money isn’t important, I am merely saying it isn’t everything.
- Pursue your interests: It is the passion that will motivate you in the tough times. It is always said that those who love their job never work a day in their life, and this is true, even when the work is difficult you are still have the interest that got you into business in the first place.
- Find your motivation: Don’t make money your motivation. Your motivation needs to be found in the thrill of the chase, the excitement of taking the risk but more importantly the desire to help, and use your skills for good. I believe business is an opportunity to help others, and to provide for your families. Chase your passion and money will come, chase money and you may never find your passion”
Be Fearless, be bold, be brave: If you are thinking about taking the leap and you have done the necessary research, have a good business plan in place, good mentors and a healthy cash reserve to sustain you. Grab the opportunity with both hands, be committed and don’t give up.
- Surround yourself with good people: It can be a very difficult to navigate all of the issues in business form insurance, cash management, tax and compliance, day to day operations and any other legislation that may surround your chosen industry. Having a good accountant to help you at the start will help your chances of success and sustainability in the future. Business is about relationship so spend time finding like minded individuals who share the same goals and attitudes.
At Leddys & Associates, we want to get to know you and want to know what drives you, so we can tailor our solution to meet your needs and achieve your goals. If you are in business already or thinking about starting a business call us today and we can ask the tough questions, workshop your ideas and develop strategies to start, grow or save your business.