You have finally done it!
You are mentally prepared to launch your own business. The battle of second guessing yourself is over. Keep in mind, that when you own your own business, there will always be something to do. Without a doubt, you can handle this challenge you have embarked on yourself because of the pure combination of brains, ambition and bravery. As you step out, be bold about it -- by understanding how to build a financially healthy business.
It’s no secret that capital is needed to fund any business. When just getting started, it is important to first be realistic about how much is needed to fund your business venture and where the funds will come from. Ask yourself, do you have enough in savings or will you borrow from family members? Ideally, if you are still working a 9 to 5 job, you will be using those funds to build your business. Don’t elude the importance of how much of your personal funds are necessary to maintain personal expenses, such as monthly mortgage and utilities.
Believe it or not, one of the key reasons entrepreneurs do not survive past five years is due to the process of poor accounting. For you, that will not be the case.
Here are 7 key actions to consider when funding your passion project:
Will it require some amount of risk to start a profitable business? Absolutely! However, in the process, you should not lose your passion. If you prepare yourself financially for the risks ahead, you’ll provide your business with the necessary runway to take off.
Putting in the time and effort up front to stack the odds in your favor and will help light the everlasting fire of entrepreneurship.
Please email us, email@example.com if you should have any additional questions or need business support with the development of policies and procedures or accounting.
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“Leave the door open to the unknown, the door into the dark. That’s where the most important things come from, where you yourself came from, and where you will go.” – Rebecca Solni
Clarity is defined as “the quality of being clear, in particular.” As a business owner, how clear are you about the future of your business and how clear is the plan to share that message with staff and customers? Most business owners in the small to medium market are identified as owners who spend more time working in their business than working on it, in comparison to their counterparts. Counterparts in bigger businesses, the owners are not working in the business, but they tend to lack resources and professional development.
The goal that is not clearly defined will not be clearly achieved as expected. Believe it or not, clarity allows passion and purpose for business owners to align and it becomes a means of overcoming obstacles. In a perfect world, business owners have the resources and means to develop clarity from day one. Since we do not live in such a perfect world, we strongly suggest that business owners start with self. Start with self-awareness, self-purpose, self-goals, self-strength and weakness and self-values. These will give business owners a head start on answering the “why” about the business. These will help you determine why a goal or vision is important and how it will help you achieve your overall business goal.
When taking on a challenge like this, the best recommendation is to start with simple steps. For example, have you ever come across a business who says “We offer GREAT customer service”? Any business can say it but do you know what it means? How do you strive for “something” if it’s not clear what that “something” is? You must give it some clarity and strive to put a definition to GREAT.
Here are 4 tips of how clarity can work for your business:
As a support to your business, Fontenot & Associates Solutions, LLC can develop your management policies and procedures that can not only bring clarity to your business, but also enhance business performance. Working with our team of professionals will help you define what your company does and where the company is going.
Visit us on the web, www.FontenotSolutionsBlog.com or join our community by emailing us firstname.lastname@example.org. We look forward to hearing from you!
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