Friday, August 7, 2015

The Enterprises TV Show Reviews Five Important Steps Entrepreneurs Should Take

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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