10 things entrepreneurs wish they knew before they started - Part 1

10 things entrepreneurs wish they knew before they started - Part 1

10 things entrepreneurs wish they knew before they started - Part 1



When talking to someone successful they will usually tell you what they wish they had done when starting out. It's nice having a great mentor holding your hand throughout the process, but that doesn't happen usually and we're suppose to figure out the steps ourselves. When it comes to starting up a business for the first time it can be pretty confusing and after that it can be even more confusing on how to do everything.

Figuring out everything on your own is definitely a character builder rather than having everything shown and told to you.

Instead of getting your hand held through the process, I've gone over a few things that I wish I had known to do when starting my own business. Being an entrepreneur isn't an easy thing to do, there's plenty of planning and risk taking to be had in order to be successful. But if you go over what I've written below you'll get a better understanding of what you can do before you get it sprung upon you



1. Set Key Roles For Your Business
When starting out, most entrepreneurs don't think about setting op key roles per person in the company. This is usually because you're the only one starting out or possibly a partner or investor that is helping with everything. Usually people don't put much thought into what the key roles would be prior to becoming successful, so it's a good thing you're reading this

This is pretty typical, so what you'll want to do is sit down and write down what the key roles of your business will be over the next 3 to 5 years. Maybe you want to have the CEO focus on the research and development or just monitor what is currently going on, that's up to you. You might need a social media manager in a couple years, which I would highly recommend if you are profiting enough money. When it comes to profits, there are plenty of accountants in the area that will charge you a 1 time fee to do all your taxes, so that's not a huge deal

Now at the start you will have to split the roles between everyone, no one person should be doing everything unless you're the only person in your company right now. As time goes on, and profits go up, you'll want to bring people in to figure out what role they will fit into. This will reduce your own workload and increase your own productivity


2. Get out there and Help
Think about helping out around your community or over a larger area. Helping people out will most definitely help you out in the long run. You will be doing something for them and in return you may be able to come back and ask them for some help if needed.

Think of this as a sort of piggy bank. You won't be able to take any money out of it unless you're actually putting something in it. If you're working with a good amount of companies and not charging, you might be able to get them to sign up when they see something positive due to your work

If you can fill a void in a businesses plan, then you're valuable. In my niche, SEO and Marketing, not many companies are willing to pay for my prices because they simply can't afford it. But if I do some free work for them just to help out, they usually see the benefit of what I'm doing and always ask "What would happen if we start paying you?" and I always respond "Well, it wouldn't just be me doing the work. I'd have my entire team doing what I have been over the last X months" and this always gets them to sign up because they think that 10 people are always better than 1, but they don't know that it was only me when I started


3. A team of mentors is always better than 1
Having a mentor is great, but having 3+ is better than great lol. No one person will know everything and this is why it's always good to have a few people to fill in the knowledge gaps. This will make everything extremely well rounded and the knowledge base of everyone on the team will make sure that everything gets solved.


4. Gained additional work experience
If you have little to no experience in your niche when starting up, you're going to have a rough time. You'll want to get out and gain some additional work experience prior to starting out. Even if that's a basic role at McDonalds, you'll still learn some team work which is great for anything you do

This is also great because you'll be able to see how the business is run. You can see how management works and the ups and downs of work flows.

You will also learn how customers will act when dealing with a company. They don't talk to you like a normal person, they see you as a service provider that needs to wait on every single need of theirs lol. You'll quickly realize that the customer isn't always right


5. Info about cash flow
Focusing on your cash flow is extremely important, and some entrepreneurs don't watch it. When I talk about cash flow, I'm not just talking about how much your profits are, but what you're spending money on as well.

You'll need to focus on whatever is coming and and going out, not just on sales. You could be making $10,000 a month but spending a ridiculous amount of money to get to that much in sales. If you're not watching what you're doing you could actually be wasting money and making your business go down hill in a short amount of time.

You'll need to keep more money in than what is going out and this isn't as obvious as it sounds lol.



I Conclusion:
These are just a few things that a lot of entrepreneurs wish they new and focused on when they started out. Not focusing on these when you're starting your own business could actually be your downfall, and no one wants that



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Thanks!

Razzy