Business Tips Archives - Page 6 of 10

Top 5 Things All Small Business Owners Should Be Doing Every Single Month

Posted on by

At the end of each month, every business owner should be reflecting on what they have accomplished and then planning for the next month’s success. This applies to both their personal and professional lives.

If you’re a business owner wishing for an even more successful year, consider adopting each of the things every business should do listed below.

1. Recognize Your Value Drivers

One of the main points of small business must-haves is understanding your value drivers. Understanding what resonates with your audience, whether you’ve been in the company for five months or five years, is a significant element in deepening engagement, brand loyalty, and repeat buyers, readers, or watchers. Knowing what works doesn’t feel evident at times, but don’t scrimp on the facts.

Examine your previous six months of business—where did your clients or viewers come from? Which of your products, services, or blog posts was the most popular? Make a comprehensive list of all the places you collect data, such as social media, email marketing, accounting software, and your website.

2. Create Client Personas

You’re in a better position to revisit your dream customer now that you have a more profound knowledge of your value drivers. You most likely did this to some level when you first started your firm. However, as you gain experience, your clientele will alter and adapt. In those first few years, you learn a lot and have a much better feel of who your primary consumer is.

3. Refresh Your Digital Presence

Now that you’ve got an amazing idea of who your ideal customer is, it’s time to align your digital presence accordingly. Your social media, website, and message come in the list of things needed to start a business. All should be entirely consistent with your primary mission, target audience, and overall business objectives. If you’ve been in the game for a long, or if you’re swiftly developing a better understanding of your target audience, it’s time for a refresh.

4. Invest in the CEO

One of the best things every business should invest in is the boss. As a business owner, it’s tempting to place yourself at the bottom of the priority list. You’re a one-woman show for many of us, the Chief Do-er, planner, Executive Assistant, and so on. When that is the case, and everything relies on you, it is even more critical to invest in yourself.

You are your own company. This can take a variety of forms, but now is a good moment to consider what investing in your company’s CEO entails. It might indicate that you’re ready to set new boundaries.

5. Carry Out Your Accounting

Nothing is worse than arriving at the end of the year and having to slog through an entire year’s worth of accounting in one sitting. Adding this to your business monthly checklist will make your future self pleased. Sign up for Quick books and establish a separate bank account and Paypal account to keep your company and personal costs separate.

If you plan to sell anything on your website, you should use a separate payment gateway such as Stripe. Use a scanning app to scan your actual receipts as soon as you get them. Make accounting files separated by year, then a month.

Final Thoughts

Hopefully, the things listed in this article can assist you in developing and implementing successful plans to help your company succeed this month. The stronger these five variables are, the more likely you are to succeed.

Top 5 Ways To Raise More Funds For Your Business In 2022

Posted on by

Finding the required capital to build their enterprises is one of the most challenging issues entrepreneurs confront. Startups must cope with various charges, whereas established organizations must fund development and working capital. Because money does not grow on trees, you may fund your business in multiple ways.

We will love to see your business flourish and make a big difference, which is why we’ve listed five specific ways to raise more funds for your business in this article.

1. Bootstrapping

Bootstrapping is a popular way to raise money for a business. This entails gathering together any personal assets you may obtain to fund your firm. Using what you have rather than borrowing or generating money is a good strategy in many circumstances. In fact, several entrepreneurs continue to bootstrap their businesses until they become successful.

This can be advantageous since it eliminates the need for large loans and monthly payments. Investing some of your own money generally makes investors and lenders more inclined to cooperate with you.

2. Family And Friends

If your money is insufficient, you can turn to those closest to you. Before pursuing external finance, this is frequently a practical first step. Because they are less likely to demand tight repayment conditions or high-interest rates, family members and friends may be simpler to persuade than anonymous lenders. They are the best sources of funding for the business.

Borrowing from friends and relatives entails its own set of dangers. Your connections may suffer if the enterprise fails or takes considerably longer than expected to return the debt. Before approaching your friends and relatives for funding, you should complete a business strategy. In this manner, you can explain exactly what you’re doing and how you’ll generate money for them.

Ensure that you have all of the loan conditions written out. This contains the amount you are receiving, the interest rate, and the needs and deadline for repayment.

3. Angel Investors

Angel investors can also help you to raise more funds for your business. Angel investors are groups or individuals that put their own money into the enterprises of others. They stand apart because they prefer to invest in firms in their early phases of development and are constantly on the lookout for the next business to invest in.

Angel investors have backed many of today’s most successful technology businesses, including Yahoo and Google. An angel investor is regularly somebody who has made progress in one region and looks for new possibilities in a similar field or different organizations. Angel investors might not only provide funding to get your firm off the ground, but some may also opt to advise you. They may also use their current industry relationships to open doors for your company.

4. Crowdfunding

Since the 1990s, businesses have used the internet to promote and sell their products. However, during the previous ten years, the internet has also become a new source of finance, and it has become one of the most acceptable methods to raise more funds. This allows you to obtain cash from websites where investors worldwide may support your business.

You will be asked to start a campaign, set a fundraising goal, and provide rewards for donors who pledge a particular amount of money, such as early access to items, discounts, etc. You then generate funds for the campaign over a set period.

5. Loans

Banks and other financial entities can provide loans. This is one of the oldest ways to raise money for business growth; however, many people dislike it. To obtain a loan, somebody may ask you to demonstrate that you have begun developing traction and making money. You may also be required to show a thorough business strategy.

Lenders can be confident in your capacity to repay loans, including interest, based on your company’s financial projections.

Final Words

There are several ways to raise more funds. Entrepreneurs must assess the pros and drawbacks of several funding alternatives to determine which one offers the most flexibility at the lowest cost. There are several choices for funding your business, so don’t be disheartened if one does not work out. You may quickly get the financing you need to take your business to the next level by exhibiting diligence and resourcefulness.

The City of Sydney and NSW Government are planning to help small business owners bounce back from the pandemic

Posted on by

Experts from some of Australia’s most established and fastest-growing companies have joined forces with the City of Sydney and the NSW Government to help small businesses, creatives, retailers, and hospitality owners bounce back from the pandemic.

The City, in partnership with the State Government, is hosting a series of nine webinars that will guide businesses on how to sell online, create cost-effective branding solutions, and use the big platforms to accelerate growth.

The Reboot 2022 Small Business Series kicked off on the 29th of March and featured experts from some of Australia’s most successful companies including RedBalloon, Shop You, news.com.au, and Eucalyptus.

Lord Mayor Clover Moore said the initiative will help support businesses to develop new, innovative ways of thinking and working to ensure they can prosper and grow post-pandemic.

“The past two years have been extraordinarily challenging for our retailers, businesses, and the hospitality sector and recovery will take time, adaptability, and the willingness to consider new ways of doing business,” the Lord Mayor said.

“We’ve engaged industry experts and developed a series of webinars that will help these businesses to upskill, learn and navigate a path forward in a post-pandemic world.”

With a focus on digital content skills and growing customers and brands, the webinars will provide inspiring stories and practical examples to help businesses learn, innovate and grow in 2022.

The Reboot series is proudly supported by the NSW government’s Business Connect program which provides advice and support to help businesses get off the ground, adapt and grow.

Minister for Small Business Eleni Petinos said the partnership between the City of Sydney and the NSW Government will expand opportunities for small businesses to access support through the Business Connect network.

“Small businesses are the lifeblood of the economy, their importance in providing jobs and services to the local community cannot be overstated,” Ms. Petinos said.

“Business Connect has helped almost 44,000 businesses since the program began in 2017. It provides a network of accredited business advisors who provide expert, professional and independent advice on how to run a small business.

“With webinars on topics such as driving growth and nailing your marketing, the Reboot series is highly relevant for small businesses as they move on from COVID-19 restrictions and the challenges of the past two years, including the recent floods.”

The series includes:

Brand Building, Naomi Simson, co-founder, RedBalloon

Content that drives clicks – Lisa Muxworthy, editor-in-chief, news.com.au

26 April, 12 pm–1 pm

Creating content and getting your content out there is not easy. Learn to build an audience and create content that drives attention and customer conversions, which content drives the biggest click-throughs, and how to pitch to media. 

How to create storytelling content that really connects – Wayne Quilliam, Aboriginal artist, and digital creator

3 May, 12 pm–1 pm

In a digital world, storytelling is the stuff high-growth brands are made of. To stand out, a great brand, product or service is not enough. Learn the importance of stories in the digital world, how businesses create their stories and how to translate stories into imagery and video online to capture attention. Nailing your marketing mix – Sandradee Makejev, founder, St Frock, Kelly Slessor, CEO, Shop You and Sina Klug, founder, Nutie Donuts

10 May, 12 pm–1 pm

To drive more sales and grow your audience, the guest speakers will give advice on which channels, content, and audience growth strategies they have used for success. Learn about some of the biggest challenges they have faced due to growth as well as some of their most successful campaigns. The speakers will share insights into how to grow followers that love you, which channels should you invest in , and insights into conversion, content, and paid advertising. 

The digital word of mouth: growth with Instagram – Mya Nichol, Instagram expert and coach

17 May, 12 pm–1 pm

Learn the secret of the Instagram algorithm and how to grow your social media channel. With the average person spending 142 minutes a day on social media, learn tips from the expert on how to accelerate your business.

Driving growth with online search – Kelly Slessor, CEO, Shop You

24 May, 12 pm–1 pm

Learn about search, Google My Business, search engine optimisation (SEO), driving traffic, and generating more leads. Participants will also learn how to land on the front page of Google, use free and paid digital marketing and how to improve visibility.

Growth hacking – Tim Doyle, founder, Eucalyptus 

31 May, 12 pm–1 pm

Learn how Australia’s fastest-growing companies are accelerating their customer base and get insights on how to effectively market your business and grow your customer base quickly.

“There’s no better time to start a business than right now because of the access to technology and customers online,” Kelly Slessor, CEO ShopYou said.

“As part of the Reboot series, we’ll share with businesses and start-ups the wealth of information and research online that can actually help make a business more sustainable and successful.

“The series has been curated to ensure that participants can learn practical tips and have a plan or ideas they can take away and implement. This is a great opportunity to learn from and interact with some great minds who have set up or worked in small business and worked their way through the challenges to success.”

For more details on the Reboot webinar series, visit whatson.cityofsydney.nsw.gov.au.

This article was sourced from a media release sent by Medianet

3 Real Ways To Make More Money In 2022 (In 10 Days)

Posted on by

By Michelle Baltazar

If one of your new year’s resolutions for 2022 is to sort out your finances, you’re not alone. The Coronavirus pandemic brought on drastic changes in our ability to maintain a secure job, earn extra income and start (or keep) a new business.

But there are ways you can make 2022 a better year by following these two simple steps – in 10 days. The best thing to do is to spread the tasks over several weekends.

Tip #1 Start a weekly savings budget. Time required: Two-three days

Technically, you can prepare this budget in a couple of hours or less, but to avoid the anxiety, allocate a weekend or two. There is also a difference between an expense budget (how much you spend) versus a savings budget (how much you save).

Most people know they have to set aside a certain amount off their wages for bills and other expenses but not many put together a weekly savings budget – and that’s a big difference.

I’m not saying this is going to be easy but it’s absolutely worth the effort. There are many budgeting spreadsheets available on the internet but I recommend this one from the government as it means you’re not giving away your financial info to a third-party service provider (unless you don’t mind this!).

Step one: Go to Budget Planner and work out your expense budget as indicated in their spreadsheet. It’s alright if you can’t fill the spreadsheet completely. If you can at least cover your major expenses, then you’re already a step ahead of most people.

Step two: Once you’ve filled in the spreadsheet, you’ll know how much money you have remaining. From this amount, you can work out your weekly savings budget.

Step three: Hey, if this is all too hard, to begin with, nominate a savings amount and stick with it for the year. Even a small amount, say $50 a week, works out to be at least $2,000 for the year.

Tip #2. Check your superannuation. Time required: One-two days

Again, you don’t need two days to do this, especially if you’ve already downloaded your superannuation app. But if you’re scratching your head and wondering what ‘superannuation’ even means, your future self will thank you if you swap an hour of a Netflix episode with an hour of googling the term.

Here’s a link to a government website to know more: How Super Works

The actual tip here is that by the end of this exercise, you should be able to answer two important questions:

What is the name of your superannuation fund?

What is your superannuation account balance?

If you can answer both of those questions easily, well done! You’d be surprised how many people don’t know these very basic details about their super.

Tip #3 Subscribe to Money Magazine for their twice-a-week free newsletters. Time required: Less than five minutes

Full disclosure: I am the editor-in-chief of this magazine so, of course, I’ll recommend that you subscribe to it but I can’t tell you how many hundreds, even thousands, of dollars I have saved simply from reading tips from the finance experts we feature over the course of the year.

You can also choose to subscribe to any other finance newsletters or websites. It doesn’t matter as long as you do subscribe to at least one finance-related resource in 2022. Financial literacy can do wonders for your wallet.

The main thing though is that you don’t invest nor give your money to finance schemes that sound too good to be true. If they are offering you unrealistic returns, it’s most likely a scam.

There you have it – three tips to kick off your financial journey in 2022. There’s so much more than you can do but I believe in the power of three when it comes to completing tasks, big or small. By ticking these three goals first, you’re more likely to gain confidence in your financial acuity.

Source: The Australian Filipina

Three Blogs On Managed Funds Every Entrepreneur Should Be Reading

Posted on by

By Michelle Baltazar

Investing your hard-earned money is a little bit like an organ transplant: the stakes are high and decisions are best left to the experts. It doesn’t mean however that you just close your eyes and hand over your piggy bank. Thanks to the internet, you can check out many websites to get handy tips on how to go about investing in so-called ‘managed funds’.

We know you’re time-poor so why not start out by just checking out three website links we’ve picked below? They’re worth the few minutes it takes to see whether they’re useful to you.

1. Paul Clitheroe, a financial expert who is big on financial education, writes about complex topics using simple language. See this link on his latest blog about investing in managed funds for as little as $80.

2. For all of you hard-working career women out there, check out www.moneygirl.com.au, which, like Clitheroe’s blog, is financial education in basic English. On managed funds, there’s stuff to read via this link.

3. They call themselves ‘The People’s Watchdog’. Consumer body ‘Choice’ has a section on its website dedicated solely to investing. It’s disappointing that their last article on a buyer’s guide to managed funds was done way back in 2007 but the basic premise still holds to this day so it’s still worth reading. See this link.

Besides, it’s worth bookmarking www.choice.com.au because they’re quite good at naming and shaming those who do dodgy deals, whether it’s about the worst plasma TV to buy or a rip-off deal in property.

If you’re tight for time, read Clitheroe’s blog. It’s chockfull of easily digestible info on investing.

Source: The Australian Filipina

5 Ways To Keep Yourself Healthy During The COVID-19 Pandemic

Posted on by

In the midst of a global pandemic, many want to know which ways are best to boost your immune system. However, it must be noted that there is no diet, supplement, or lifestyle modification that will protect against COVID-19 except for proper hygiene and social distancing. The tips listed below may support and boost your immune health, making it easier to fight off disease and infections, but they do not specifically fight against COVID-19

That being said, here are 5 tips that will boost your immune health and with time will help you feel healthier as well help your body to fight off illnesses.

Getting Enough Sleep Each Night

You may notice when you get a cold or start feeling sick, you start sleeping longer and deeper. This is your body allowing your immune system to better fight off the illness. Your immune system takes a lot of energy to fight off illnesses, likewise, it takes a lot of energy to protect against them. It’s important to get enough sleep for many reasons, among them is to have enough energy to give your immune system a chance to fight off illnesses.

Work Whole Plant and Fermented Foods into Your Diet

Whole plants, such as fruits, vegetables, nuts, seeds, and legumes are incredibly rich in nutrients and antioxidants. These may give your immune system an upper hand in its fight against some harmful pathogens. It can cut down on chronic inflammation, provide fiber to promote gut health, and most provide the vitamin C needed to reduce the duration of a common cold.

While fermented foods may not be what many think is best for their diets (And in fact when done improperly can be dangerous so be sure to research fermentation before starting) they are often packed with probiotics and beneficial bacteria that promote gut health. In turn, this allows your stomach and immune system to work together to fight off illness.

Limit the Amount of Added Sugars in Your Diet

With many coming to the conclusion that added sugars and refined carbs contribute heavily to obesity, it is important to try to begin cutting these out of your diet. Obesity, type 2 diabetes, and heart disease are all capable of suppressing your immune system. To maintain a healthy immune system it is vital to cut the risk of these by reducing how much-added sugar is in your diet to 5% of your daily calories.

Practice Moderate and Daily Exercise

Simple, daily exercises such as brisk walking, steady biking, jogging swimming, and light hiking are all great ways to stay in shape, as well as boost your immune system. An active body has a better chance of fighting off infections and illnesses.

Drink Enough Water Everyday

While drinking water does not directly protect you from germs or viruses, it does prevent dehydration and boosts your overall health. Preventing dehydration is important for everyone, as you are far more susceptible to illness while dehydrated.

Photo by cottonbro from Pexels

5 Ways New Entrepreneurs Can Future-Proof Their Businesses

Posted on by

It’s no secret that many businesses took a massive hit during the COVID-19 pandemic, but while some were struggling, entrepreneurs were thriving. According to the U.S. Census Bureau, 4.3 million new businesses were launched in 2020 alone — over 1 million more than the previous year — meaning that more people are launching new businesses than ever before.

While this is great news for the entrepreneurship community at large, that doesn’t mean these newly-launched businesses are in the clear. In fact, some estimate that as many as 50% of these businesses will fail within the first year without additional support.

So what can new founders do to ensure their success? It’s easier than you might think.

Establish yourself as a thought leader.

As business owners, there are few things more important than your credibility and reputation. As such, establishing yourself as a thought leader in your industry is vital — not only will this ensure that potential customers want to work with you, it can also lead to other business-boosting benefits like media inquiries, partnership offers, and more.

You might be tempted to brush off thought leadership as a secondary priority, especially when you’re focused on getting your business off the ground. However, demonstrating that you’re a leader in your field is a fantastic way to build a safety net that can help your business stay afloat and even thrive. Building your personal brand and platform can help you create a strong foundation from which your business can grow, and it will help bring people to you instead of the opposite.

Don’t be afraid to pivot.

Change is scary, especially when you’ve already stepped out of your comfort zone by launching a new business. As we’ve learned during the pandemic, however, the ability to adapt is key to many businesses’ survival. While there is definitely strength in persistence despite the odds, it’s also critical for entrepreneurs to understand when and how to pivot.

Don’t view it as giving up on your business or your ideas but rather as exploring new avenues of possibility. Studies show that businesses that are willing to adapt or change during times of crisis are more likely to be successful, which means your ability to think quickly and respond accordingly might be the difference between a business that succeeds and one that fails.

Focus on financial literacy.

Money is the #1 cause of stress in America, and the same is true for entrepreneurs. While this stress can wreak havoc on our overall health and wellness — including contributing to anxiety, depression, high blood pressure, heart disease, and more — it’s often far worse for entrepreneurs, who are more prone to mental health issues due to immense stress.

While you can certainly introduce stress-relieving tactics into your regular routine to help you cope — whether that’s exercise, mindfulness, meditation, or something different — it’s important to address the sources of that stress as well. And one of the best ways to worry less about money? Learn more about it.

Look for ways to level up your financial literacy as both an individual and an entrepreneur, and make sure to find ways to give yourself the financial education that many business owners aren’t able to receive in traditional schooling. There are plenty of resources available online for entrepreneurs who want to learn more about money, and the more you know the more confident you’ll be in handling your money and taking financial risks.

Explore alternate methods of funding.

While there’s nothing wrong with bootstrapping your business, lack of funding is one of the biggest reasons why new businesses fail. And while a small business loan from a traditional bank is an option for some, it might not be the best path for you, especially if you’re a first-time entrepreneur.

Don’t be afraid to think outside of the box when it comes to funding your business. Crowdsourcing is a great option for anyone who is able to provide a physical product or service, and you might be able to raise money through crowdsourcing on Kickstarter or Indiegogo. Not sure if crowdsourcing is right for you? There are plenty of angel investors out there who are looking for new investment opportunities, and there’s no reason not to reach out to them. There are also new alternative forms of investors that are available on platforms like ClearCo that can help businesses scale without sacrificing a large ownership stake in their company. If your product is in the e-commerce or SaaS space, this might be the type of funding you need to get your business off the ground.

Get a mentor.

Mentorship might not be on your “top priorities” list as an entrepreneur, but it definitely should be. According to one survey, 70% of small businesses that received mentoring survived more than five years, which is double the survival rate of non-mentored businesses. Plus, business leaders who are mentored by a top performer are three times more likely to become top performers in their industry as well, meaning mentorship might very well be the thing that helps your business not only survive but thrive.

—

Charlotte DeMocker is co-founder and Chief Operating Officer at Penny, an innovative digital media startup that successfully launched during the pandemic. Penny seeks to help ordinary people master their money. Follow Charlotte on Instagram @charlottedemocker and learn more about Penny @penny.app.

5 Surefire Tactics For Reducing Overall Business Debt

Posted on by

Debt can be a drain on a business, especially if you are hoping to end the year in green, we will discuss some strategies to help you get closer to that goal.

Considering a renegotiation of loans whilst also pursuing other opportunities such as grants can be a great way to reduce or eliminate this debt.

Keep reading for three other life-saving methods to consider as well.

Renegotiating the Terms of your Current Loans

If you currently have loans that are proving difficult to pay back due to existing debt, it might be worth considering with your lender if you are able to renegotiate the terms of these loans and sort out a mutually beneficial agreement.

By expressing the hardship of the current loan on your finances, you may be able to secure an agreement to change the terms of the loan. This could be a reduction in interest rates for example, or simply changing how frequently the loans are paid, allowing you that extra time for other beneficial financial decisions to help keep your business up and running, allowing you to build towards the reduction of your debt.

Using Grant Opportunities

It is extremely likely that your business may be eligible for grants from entities such as the government or other entities with a goal in mind that you help to pursue. For example, your firm may specialise in an area that supports a key government objective, and if you believe this may be the case, it is worth getting in contact with them to explore any options available.

Further to this, in the current pandemic, you are likely to be able to access some potential grants to support you at this difficult time, and these are great at reducing your current debt.

Focusing on Eliminating the Debt as Opposed to Other Objectives

If you are in a stable position in regard to your company, and your finances appear to be the only difficulty, it might be worth diverting your attention away from other opportunities for growth to focus on eliminating your debt.

It may be worth making conservative decisions at this time, such as not hiring new employees such as marketing directors to promote your social media presence if it is relatively stable at this point in time. This allows you to focus on the task at hand, reducing extra unnecessary costs in the short term.

Focus on Increasing your Sales

However, as a business, you must run an analysis to see if the previous point is the best option, as it may be worth incurring that short term cost if it is likely to return positive results, such as increased sales, money from which can be used to pay off such debts. In which case, alternate strategies may be necessary to pursue.

Tapping into Your Networks

Finally, if you have crippling debt, consider using your network to help you. You may have family and friends who can help you pay off existing loans if they believe in the long-term success of your business.

Top 5 New Challenges Facing Entrepreneurship, and How to Rise Above Them

Posted on by

The world continually challenges us to be our best possible selves, but how can entrepreneurs best ensure that they are prepared for these challenges?

From company conduct to company communication and the impact imposed by COVID-19, we will discuss the best responses for entrepreneurs to take.

Keep reading for 2 more challenges that entrepreneurs must consider in their future plans as well.

Company Communication

The COVID-19 pandemic has revolutionised the way that we work. We have begun to take to our desks at home to get the job done, and this has severely impacted the ability of your company to communicate with each other. As workers are no longer in a concentrated area in their offices, entrepreneurs are becoming increasingly worried as to how best to meet company targets.

A great way to boost communication methods is through the use of video streaming services such as Zoom. This allows the concentration of your team into one area once again, and assuming no technical difficulties, allows the re-establishment of clear communication.

Company Conduct

Consumers are becoming increasingly interested in a company’s position on social issues, and this is a crucial challenge to entrepreneurship. If you are unable to understand what your consumers want, it might be difficult for your company to appear reliable.

As an entrepreneur, by gauging an understanding of consumer wants in your approaches to things, you may be able to implement more environmentally friendly initiatives, for example, showing consumers that you are a company that cares about the wider issues and not just about business.

Company Competitiveness

As an entrepreneur, you will always be competing against the next best person, but COVID-19 has severely changed the way that we do business. It is not worth targeting your marketing strategies to things that people are only going to see if they enter your stores, as online purchasing has skyrocketed.

For this reason, it is crucial that you develop your social media presence and begin creating a presence on there that your consumers can interact with, allowing you to remain more competitive in a much more difficult world.

Company Health

Whilst doing business is the primary goal of any entrepreneur, considering that your workers, and yourself, need to take care at such a critical time is also crucial to productivity and overall happiness. This is because it can actually damage internal relations if people are dissatisfied, making this a top priority matter.

Taking frequent breaks is a great way to look after yourself, and understanding that some workers may be more affected than others shows your willingness as an entrepreneur to be considerate and caring of your workforce.

Company Finances

Finally, money may be tight at the moment due to the impositions of the pandemic, and it is important to realise that asking for help is necessary at this time.

If you have loans, speak to your bank about potential extensions, and tap into your network to see if they are willing to support you in any way possible.

5 Things To Keep In Mind Before Quitting A Job To Become A Full-Time Entrepreneur

Posted on by

If you’ve just decided to make that leap into entrepreneurship, it is important to make sure that you are successfully prepared to do so.

By following our tips on creating viable plans as well as making sure that you trust yourself, we will explain the 5 most important things to consider.

Keep reading to make sure you become successful in this business venture!

Leaving Amicably

Once you make that all-important decision to quit your job and pursue your own career in entrepreneurship, it is important to retain the relationships that you have made. It is usually a bad idea to leave a bad footprint in the business world, as you never know what your future will hold.

For example, showing decency by handing in your resignation within plenty of time gives your employer enough time to make alternative arrangements in hiring someone else. Furthermore, you may actually need to come back if all else fails, it is always great to have a plan B!

Trusting Yourself

Before you make that big jump and resign, you really need to believe in the potential success of your idea. You need to make sure that this idea has the potential for a great turnaround opportunity for you.

You can do this by undertaking some market analysis, allowing you to see how difficult it may be to pursue your goal, by considering things such as any barriers to entry that needs to be considered, whilst also running some financial statistics on the viability of the execution of your idea.

Financial Planning

Running some financial statistics is an extremely great idea to ensure that you won’t run into many problems in starting up your business. If you have a list of things such as fixed costs and variable costs already in your repertoire, you are more likely to be able to use this money in a much more efficient way, increasing your chances of success.

It is also important to run some numbers on the period between launching your business and leaving your job and making sure that you have enough money between this gap to be able to pursue your ideas. If not, it may be worth considering your plans at a later date.

Gain Perspective

Understanding alternate opinions is a great choice to consider when launching your business. Those doubts that a parent or a friend might have could be extremely valuable in allowing you to understand the pitfalls of your own ideas. This outside perspective is likely to make you more aware of these, increasing your chances of success entrepreneurially.

Successful Preparation

Finally, whilst financial planning is important, it is crucial to consider an overall plan to promote the chances of business success. Producing a step-by-step plan on how you aim to achieve things at certain times can make your mind much clearer, allowing you to be more organised and thus promote the chance of entrepreneurial success.