Harris KhanThere are plenty of unknowns with starting a new business. Even if you are a seasoned entrepreneur not all ventures are created equal, and each will take a unique type of finesse to be successful. A business plan will ensure that you have a framework for your goals and actionable steps to reach them but ensuring that you have done everything you possibly can to start off on the right foot extends past your business plan.
Financing
You are going to need to fund your startup, there is no way around this. What is important here is understanding your options and selecting one that makes the most sense for both your business plan and for you, as the one managing the costs. One common mistake that many first-time entrepreneurs make is not securing enough capital on the front end for fear of significant loan amounts or monthly bills. While you would be right to want to air on the side of caution, not taking out what you need to be able to hit the ground running can halt your businesses growth before it has a chance to begin.
If you are looking inward for any portion of the financing, you are in good company. It is quite common for small business owners to borrow from their own personal finances in one way or another, for at least a portion of startup funds, to reduce the total amount borrowed from outsiders. If you own a home, tapping into existing equity is a smart way to access a lump sum of cash that is essentially coming out of your own pocket. You can utilize a resource that explains everything there is to know about taking out a home equity loan. Learning about the second mortgage you can take out should include elements like total amount, interest rates, and what that means for your credit.
Find the Right People
Be selective when you are hiring your initial batch of employees. These are going to be those who are responsible for carrying out your personal passions all day every day and you will want to be assured that their workmanship is in line with your goals and vision. Think about not just what skill sets need to be included but also what kinds of personalities you want on your team. Read up on how to prepare a team for success so that you are asking the right questions during the interview process. Of course, a lot of the time it makes sense to outsource basic business functions, such as outsourcing bookkeeping or accounting.
Find Balance
While being an entrepreneur is not typically synonymous with a healthy work life balance, it needs to be. Especially in the early stages, your business is going to demand so much of your time and energy you are going to have to make conscious efforts to step away and participate in the other areas of your life that bring you joy. If you are someone who struggles with this try adding self-care time to your schedule, this will trick your brain into finding the time to do it rather than just assuming that free time will present itself.
