READY TO START YOUR OWN BUSINESS? – So you’re trying to dip your feet into entrepreneurship because employment life isn’t for you. Most millionaires are self-employed. In a world where working for yourself and building your business is a great reward, it’s widely seen as the biggest self-actualization right now.
And with that, here are 5 important things to note when you are ready to start your own business.
1. LOVE WHAT YOU DO – This is a non-negotiable for me. You only start a business in a service or product you love to do. I guarantee you, if you do so, you will enjoy this 100%.
2. HAVE A SOLID BUSINESS PLAN – The plan is to create as much value as you can. Write down and articulate what you are trying to produce, buying & selling, to whom you are selling, and what your price is. Create a business plan (READ here: Have Clear Goals & A SMART Plan) and include financial forecasts. Adding into that, learn also how to understand your cashflow.
3. CREATE YOUR IDEAL LEGAL IDENTITY – Do you have an accountant or work with a company secretary? Ask for their help in determining the ideal legal entity you want to create. Do you plan to be a single entity business or do you want to set up a company? Do you want to be liable for the amount of capital you infuse and invest? There are plenty of options in every country and it varies from different types of taxation obligations. I don’t need to stress enough the importance of paying your own taxes now that you have your own business. This makes you more ready to start your own business.
4. CHOOSE YOUR BUSINESS PARTNERS WISELY – Having failed in some of my business ventures in the past, I can’t tell you how important it is when choosing your business partners. As much as possible, try to keep 100% ownership of your company as long as you can.
Give up a share of it if you really have the need to add a business partner and/or investment partners. These partners may only provide money as capital, but not be involved in helping run and grow the business further.
Get partners that will be invested fully in the business, not just financially. Look for partners that provide plenty of value to the business. I will not elaborate in this, but veer away from opening business partnerships from these type of people:
– Government Officials
– Religious Leaders (Priests or Ministers and the likes. Unless it’s a non-profit organization)
– Lawyers (Retainer work only)
– Police Officials/Military Personnel
It should be self explanatory to some, but for those that need explanation, send me a text 09989941104 and let’s chat about it.
1 more tip for you to be ready to start your own business.
5. LOOK FOR GOVERNMENT HELP OR SUPPORT – Being ready to start your own business can be tough. But another way to get support is through the government. They provide various kinds of support to new start-ups or for businesses that have a good financial standing. The local government has an annual budget as an initiative for new business owners. There are various bodies or small business administrations that can be approached for business loans or support.
Furtheremore, in the Philippines, the DTI (sometimes through Landbank) is the first one that comes to mind when it’s about small to medium business loans prior to approaching banks for business loans.
Book your 1-on-1 coaching session with me here: Coach Antonio
READ MORE ON BUSINESS FAILURE: https://antonioaguirrejr.com/failure-your-best-friend/
TOPIC: READY TO START YOUR OWN BUSINESS?