9 Things To Know Before Starting A Business
Experience, they say, is the best teacher. This rings close to home if you’ve had to learn a lesson the hard way. Starting a business isn't all beds of roses and definitely not as easy as some people portray. Usually, there are hurdles to jump and challenges that keep coming up. Of course, in my case, I managed to overcome them and keep my business afloat, though it would have been much easier if I had known about some of these challenges beforehand.
Here's a list of nine things I wish I had been aware of before starting my business that you can learn from as you start yours.
1. It's more than just being passionate.
PROMOTED
Many people often go into particular businesses because they have a passion for it. This was exactly what I did. What I didn’t take into account, however, is the fact that passion is only a tiny bit of all that goes into running a business. Yes, you get to do what you love, but you have to put even more time into developing business strategies, interacting with customers, marketing your products and doing the boring administrative stuff. So, when you do decide to start a company, be ready to do the not-so-fun part, too.
2. Cash flow is crucial.
Cash flow is the lifeline of any business, so no matter what you do, always make sure that your finances are managed. You will run into trouble down the line if your spending is more than your inflow, so there needs to be a balance. The business has to start making money to augment the money being spent.
