10 Things You Should Know Before Starting A Business

Thinking about starting a business? You’re not alone. Every year, thousands of Americans catch the entrepreneurial spirit, launching small businesses to sell their products or services. Some businesses thrive; many fail. The more you know about starting a business, the more power you have to form an organization that develops into a lasting source of income and satisfaction.

For help with the beginning stages of operating a business, the following checklist is a great place to start…..

1. Do something you like.

Don’t start something you won’t want to do in five years. Because if you are successful, you’ll still be doing this in five years.

2. You are not going to know everything.

In fact, you probably won’t know anything when you first start. Start anyway. When I first got into real-estate investing, I had no idea how to buy a property, rent a house, or evist a tenant . I figured it all out “on the job.” You will too.

3. Finish what you start.

Nearly every entrepreneur I know suffers from the same curse: we like to start things more than we like to finish them. In other words, if you are a good entrepreneur, you’ll have a lot of great ideas. Most of them would probably work out well and make you a lot of money. However, that doesn’t mean you should pursue them. Pick one and go with it until it dies or it makes you rich enough to buy a private island.

4. You wont always be the best at managing people.

It’s OK, we all do at first. However, this is one task you must get better about. Hire an assistant right now, even if it’s only a virtual one for R50 an hour. It will give you some great training on managing, with little downside.

5. Read — a lot.

If you don’t have time, listen to audiobooks. And not just business books. Read motivational books, self-help books, success books, fiction books, biographies — whatever.

6. Social media probably isn’t that important.

We just pretend it is so we can look at cat pictures on Facebook. I’d recommend installing a Facebook newsfeed blocker,  such as this one.

7. Stop designing business cards, logos, business plans and stationery.

They don’t matter right now. Go build your business and stop doing busy work that makes you feel like you are accomplishing something.

8. There is a fine line between dedicated and obsessed.

Screw the line. Trample right over it. You need to cross that line continually, so never let anyone tell you that you are too obsessed with your idea. I’m completely and overwhelmingly obsessed with real-estate investing — and it’s OK. What are you obsessed with?

9. Don’t quit your job too soon.

Yes, you’ll have more time to build your business, but let’s be honest: there are 168 hours in a week, only 40 are consumed by your job and another 50 by sleep. You have plenty of time if you would just hustle and turn off Netflix. But don’t be afraid to quit your job if you can afford it.

10. Get up earlier.

Yes, you can, and you should. I don’t care if you are not a morning person. That’s an excuse lazy people use. For more advice on this, read The Miracle Morning by Hal Elrod. It’s life changing.