My Top 12 Rules for Starting a Business
There are a few 'given' rules when it comes to starting a business, I am briefly going to touch on them at the start of the list.
However, there is more to starting a business than the admin side, and I hope you find those help too.
I am not a financial advisor, nor am I a business guru. However, I have started enough businesses to know where you are likely to waste a lot of money, and where some common pain-points are that most people over-look.
I am writing these rules as if I were having a chat with the younger version of myself, eager to make a name for herself in the business world.
My 12 Rules for Starting a New Business
Don't start a business if you're doing it expecting a quick cash injection- this is very unlikely.
Don't quit your job and start a business where you still need to learn about all the supply chain involved in the business you are hoping to start.
Don't start a business on a credit card. Going into debt, hoping that the future of your business will be profitable, is a dangerous space to operate in.
Find a business model that you understand and that you can scale without needing to spend money to make money.
Decide whether you want to make it a formal business, or whether you want to operate as a sole proprietor.
Be mindful that you need to understand that when you make money, you will need to declare it and pay the appropriate amount of tax.
If you need help with regards to book-keeping or working out what to pay for tax, find someone to guide you the minute you start making money.
Record all your business expenses.
Create a business plan.
Don't rely on funding, you may miss out on the lessons and growing pains of starting a business from scratch. Although these lessons are hard, they are what will ultimately determine the longevity of your business.
Monitor every cent you spend on your business and cut expenses if they do not serve your business.
Never become desperate for your business to succeed. Keep an even keel and a healthy dosage of perspective.
Keep a journal and document your experience. The best way to learn is through reflection and perspective.
Remember, who you are is far more important than what you do or how much money you make. Focus on building your relationships outside of your business to remind you of what is important in life.
Try to set boundaries so that you operate in a space of clarity but also kindess.