Starting a business with serious consideration

The scene:

Many people start a business because they’ve succeeded in making money for others. Then it clicks. Why not start a business and keep the profits? After all, they have the skill and knowledge; they understand the services and products; they know how to invoice and bank money. It’s going to be terrific.

We applaud everyone who has the drive to start their own business but it’s important, before doing so, that you acknowledge the hard yards involved. It takes more than passion. It takes a solid foundation to kickstart a business so it’s efficient and maximises profits from the get-go. It takes working smarter not harder to give you peace of mind.

The solution:

While you don’t need to know everything about business to be a business owner from Day One, it’s vital to know essential basics so you get a head start. Here’s a few essentials:

  • Get a good accountant and book keeper if you don’t like, or aren’t good at, doing the books. This will save you from making costly mistakes. It will also free you to spend time on billable work, not non-billable (and often boring) work.
  • Have insurances and policies in place and keep these up-to-date. Things happen in life and in business—including the unexpected—so you must protect yourself.
  • As soon as you have a business name or company set up, register the domain for your website. Having a website is essential and if you’re not quick, you’ll miss out on the one you want and may even find yourself having to change your company name (at great cost).
  • Get your website live asap. It doesn’t have to be fancy, but you need to a presence especially since everyone Googles everyone and everything. Make sure you can be found.

Results:

Having your finances in order and knowing that you and your business are protected positions you to concentrate on what you do best and what you love most. Knowing that people can find you and your business will help build your profile, your reputation and sales opportunities.

Tips:

  1. Be professional on every front. With the message on your phone, for example, speak slowly and include your business name. Don’t be cute or funny. Don’t let your kids record your phone message.
  2. Acknowledge that you can’t know everything. Indeed, acknowledge that you don’t even know what you don’t know, so find an efficiency expert who has worked with new businesses to help you navigate compliance, governance and other important business matters.
  3. Remember that ‘getting the right things right’ requires patience and concentration. If you don’t do it, you’ll fumble, get frustrated and lose valuable time and money.

If you’re starting a new business, or have just started one, call Omania Terry for an initial consultation. You’ll be inspired.

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