5 Practical Things You Should Know Before Starting A Business
Thinking of turning your passion into profits? Today, I’m going to teach you 5 practical things you should know before starting a business (from someone who’s done it 5 times!).
1. Get your business registered
By registered, I mean S-Corp, Sole Proprietor, LLC, whatever your accountant recommends for your particular start-up. This will protect you BIG TIME and not to mention it’s illegal not to. ;)
2. Manage your finances.
Friend, do yourself a favor and get a business bank account to keep track of everything that goes in and out for your business. Oh, and pro tip: good accountants are worth their weight in GOLD during tax season!
3. You probably won’t make a dime the first 2 years.
That’s just the way it is (Google it)! So have a backup plan or lots of savings to get you through.
4. You don’t need a degree in business!
Enroll in the University of Google and outsource the things you don’t know how to do and you’ll be fine. Take it from me, a Music Education major in college! 😉
5. Invest in a mentor as soon as possible.
Business mentors don’t have to be $20,000 masterminds, they can just be someone who talks to you for an hour and guides you through your next steps toward growth. I can do this for you if you ask, and it will be super low key.
Well friends, there you have it! I wish you the best of luck in your entrepreneurial ventures.
If you need help starting a business the right way and you’re not sure where to begin, I’d love to help you out in my VA Mentorship Program!