Many
people dream about starting their own business. The idea of being your own boss
is quite alluring. But before taking that giant leap from paid employee to entrepreneur,
the Enterprises TV show urges prospective new business owners to consider taking
these five important steps first.
Be sure
to have enough funds put away to help pay the bills in between invoices. There is usually a difference in the time it
takes for an invoice to go out and when it is paid. The 30 day payment date on
most invoices usually doesn’t get paid in the 30 day time period. Avoid using credit cards to purchase new
inventory or for any payment since the interest rates on them can be high.
Consider a getting a line of credit, with lower interest rates, than using
credit cards.
Don’t
quit day jobs. Keep bringing in that regular paycheck until there is enough
capital to keep going once you’re a solo entrepreneur. This can also help in
paying off credit cards and bills now so credit scores are good. A good credit
score can help an entrepreneur get approval for a business credit card or a
line of credit, or a loan.
Success
takes longer than anyone thinks. It’s
one thing to have a great product or service and consumers asking for it. It’s quite another to see a profit from it.
It takes time to get a product back from a manufacturer or a contract back for
a freelance job. Always consider the human factor when modeling a business.
Unexpected
costs such as health insurance, bookkeeping services, registration fees and
licenses should be factored into any business plan. These expenses are not
cheap and can eat up the early profits from any solo business or freelance gig.
Add them up and include them in the plan.
The
Enterprises TV show also notes that it is imperative that you know your
industry, trade or skill well. We’re not saying to be an expert at it. But if
you want to start your own freelance service, you should be knowledgeable about
each aspect of it.
It’s
great to be your own boss. It can be an empowering feeling. But it comes with
its own set of hazards. Know what they are before opening up shop.
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