Are you thinking of starting your own business?
Starting something new is a big change – especially if it’s been ruminating for some time. It could mean a big change in your lifestyle and career path too, so a few people may find the adjustment is quite difficult.
m.a.s accountants have been in the small business accounting industry for 50 years, witnessing the growth of many different businesses that originally started out as a good idea. Crunching the numbers and working with business owners‘ decisions over the years has led them to experience a lot and gather some wisdom. Here are their tips for first time business entrepreneurs:
- If you have a big idea, make sure you can pitch that idea and share it within 30 seconds. If you can say it within 30 seconds, your business path is clear. If you start rambling around, you may seem like you are still quite unsure.
- Start small and do not be overly ambitious at the start – no one is expecting you to own a huge office and large employee base. You’ll likely work out your living room for a while, and that’s fine! You don’t want to find yourself struggling to pay your bills or employees. By starting small, you are pressing your expenditure to a minimum and you are not putting too much pressure on your business to do well immediately.
- It’s important that you know your field and that you’re not jumping into a new industry simply because your idea sounds sexy or cool to you. Enter it because you know it well and you are prepared for everything that could happen.
- Last but not least: use help where you can. It’s easy to think that as a small business owner you have to do everything yourself. However it’s important to know your limits and where you could use help – this is especially important for finances. It’s easy to go cross-eyed over bills and accounts, but it’s hard to deal with consequences. Getting the help will save you a lot of time and a lot of stress.
No doubt you have a passion for something that you would love to share with others, so with these tips and your bright idea, we’re looking forward to seeing the many more women entrepreneurs taking over.
For more information visit: http://www.masaccountants.com.au