Owning a business is a dream many people have, and the motivations behind this dream vary. For most people, having their own business is the only way to escape being answerable to an employer or a boss. Unfortunately, as a business owner, you still have to answer to your customers and investors, who automatically become your employers, so there’s no escape 😄 . Another reason why people want to join the entrepreneurs “gang” is to be able to increase their income or control how much they earn.
Whatever your reason may be, you need to think long and hard before you start any business. Do a lot of research, market survey, risk assessment, amongst other processes. When all this is done, and you’re ready, here are 3 very important things to do.
Stop Hustling, Start Structuring: Most people start a business because they primarily want to increase their income. However, it shouldn’t end there. Your dream should be to build a business that will outlive you and become a multi-national company that is passed from generation to generation. This can only be achieved through proper structuring. Start envisioning the future of the business and create the right structure from the get-go.
Profit Over Spending: This is very important, at least for the first 5 years, 90 percent of your profit should be invested back into the business in order to achieve growth. Many businesses have been short-lived because the owners were focused on enjoying their profits instead of reinvesting to grow the business.
Expand And Delegate: In your early stages, you’ll most likely be handling most of the business functions by yourself, but as the business grows you’ll have to delegate and expand. Do yourself a favor by writing down all the procedures clearly so that it will be easy for someone else to take up that role and represent you effectively.