Starting a business can be for some people the ultimate dream. Their ‘I’ve made it’ moment. And it should be, however, one thing that most entrepreneurs and founders agree on is that there is no rule book to follow. Actually, it’s the opposite, to be successful you have to break the rule. Dare to be unapologetically you, particularly if you are interested in developing a new business model.
It can sometimes feel like a rollercoaster of emotions, some very high and others very low. But if you are willing to trust your instinct and are up for the challenge it could be one of the most rewarding experiences of your life.
While there might not be a guidebook to follow, here are 5 secrets no one tells you about starting your own business.
There are probably thousands of other people who had a similar business idea as you
There are 7 billion people in the world, coming up with an idea that is 100% original is extraordinarily difficult. Not even Facebook is original, before Mark Zuckerberg came up with the concept Tom Anderson had already developed Myspace. For your business to be successful, you have to create a product or service that stands out from the rest.
Protect your intellectual property.
Consider trademarking your work, and spend time coming up with appropriate privacy policies from the first day. If possible, contact a trademark lawyer to make sure you are covering all the legal aspects of your business.
You are going to need to hire an account/bookkeeper
Hiring someone to handle the finances and manage the cashflow can seem like an unnecessary burden, especially considering how expensive it can be. Yet, doing yourself will be a distraction and can even end up costing you more money.
Learn to market yourself
One of the most important things you’ll need to do is to connect with like-minded business owners and learn from each other. Networking unfortunately is sometimes taken for granted when the reality is one of the most powerful tools to expand your business.
Cash flow is the heartbeat of any business
You might be looking into getting a bank loan or planning on pitching to investors, regardless of how you get it you will need cash flow. This is why you always need to know what is your current cash position. Failing to do so can lead to a critical situation where you might be forced to close your business. But monitoring it and having a savings account could lead to opportunities to invest and expand your business.
For me, it has been a challenge and a thrill to work on my clean beauty brand Apollo & Artemis.
Are there any other secrets we should be aware of when starting a business? Connect with me on Instagram @lauraleebotsacos and let me know what they are.
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