5 Practical Things You Should Know Before Starting A Business
(From someone who’s been in it for a couple years)
Being a business owner since 2016 and it being such an intricate part of my brand, I know I have a lot of aspiring entrepreneurs that follow me on social media. I often get questions like, “What do you wish you knew when you started Got Strings?” and “What advice do you have to a new entrepreneur?”
So, you asked and I delivered: here’s 5 practical things you should know before starting a a business!
1. Get your business registered.
This looks like an S-Corp, Sole Proprietor, LLC, etc. Being registered will protect you BIG TIME—AKA if someone sues you, they’re going after the business, not YOU. And there’s no excuse to not do this—it’s only a couple hundred bucks and you can literally do it online!
2. You also need a CPA.
Good accountants are worth their weight in GOLD. They will make your life so much easier by setting you up with systems the LEGAL WAY.
3. You probably won’t make much the first 2 years.
Sorry friends, that’s just the way it is! Be sure to have a backup plan or lots of savings to get you through before you can pay yourself a salary.
4. You don’t need a degree in business.
Although a degree would obviously help, 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 who now has 3 profitable businesses! ;)
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’t even tell you how much this helped me and Addison as we were creating our course, How To Launch A Podcast In 30 Days.
Welp, that’s all I’ve got. Good luck on your business, for the aspiring entrepreneurs out there! I look forward to seeing you flourish and if you need advice along the way, I’m here for you, tribe!