Anyone would say that undertaking successfully does not have much science: a great idea, perseverance and capital are required (easy, right?). However, the thing is not so simple. In addition to an innovative project, money and all the motivation in the world, starting a business and keeping it afloat requires changing habits and carrying out certain actions.
These are some secrets that will allow you to bear the responsibility of starting your own business. Follow them to the letter, but shh … don’t tell anyone.
1. Free yourself from debt . Before launching into the business sphere, settle all your debts. In addition to making you look bad with half the world, they distract your attention from the important and keep you in a constant state of worry and stress. And what entrepreneur needs to be eternally worried about something other than his business?
2. Take out life insurance. Decent life insurance is much more than an expense: it is a necessary investment. Think about it like this: if some unforeseen person gets in the way, your family will be protected.
3. Do not borrow your business. Avoid at all costs acquiring debts from your business that you cannot correct with your current income . Many entrepreneurs get into debt with the hope that their business will grow rapidly, but when things do not go as expected, they are left with a large debt that they simply cannot pay.
4. Avoid rewarding yourself. Yes, you deserve that Mercedes that you have so longed for and that now you can finally pay. But be smarter than that: when you receive your first big check, avoid the temptation to run away to spend it all in luxury. Reinvest that money in your business. Then, when your business is profitable, it will be time to reward yourself.
5. Focus on what you are good at. Focus your business on your talents and not on what the trends of the moment dictate. In the long run, if you do something you are good at, you will have a greater chance of standing out. Also, you can better cope with setbacks.
6. Follow the 2-5-10 rule. In 2 years, your company should reach equilibrium. In 5 years, you should generate enough income to pay the salary you had with your fixed job, and in 10, you should be working in an automated way, that is, count the right equipment so you can take vacations without worrying about anything.