Are you a startup entrepreneur or small business? Not sure where to begin with your business startup?
You’re in the right place because in today’s 2 Minute Accountant episode I’m going to share with you 3 things every successful business startup needs.
Let’s get started!
A lot of my clients join all sorts of business education courses that claim to make them a top business entrepreneur in 5 seconds and teach them how to start, then grow, their business in a heartbeat.
In my experience, becoming a successful entrepreneur is not always that easy. It’s a process that takes time and effort.
Here are 3 essential things that can get you started right away:
1. A trusted business advisor/mentor
All the time, people come and ask me to be their advisor. Would I come on their board? They say, “We’ll give you some shares of the company if you come and help us out.”
To be honest, these types of invitations usually don’t work.
How motivated do you think an experienced person is to come and be on your advisory board? Especially when the role involves so many responsibilities and liabilities.
The truth is, every successful business startup can benefit greatly from a trusted and experienced mentors’ guidance.
Tip: When you’re looking for a business advisor, don’t offer them shares in the business, simply ask for their help. They will be far more interested!
When you’re looking for a business advisor, don’t offer them shares in the business, simply ask for their help.
People want to leave a legacy behind. They’re usually open to helping young, energetic and fast-paced entrepreneurs become successful in their business.
Remember: All you need to do is ask for help! Most of the time, people will come and help you. People are pretty great that way.
You might also be interested in: How To Choose The Right Accountant For Your Business?
2. The right business structure
There are a lot of different business structures you can choose from when starting a business. Some of the most commonly used business structures are:
- a sole trader
- a partnership
- a company
Your business’ structure is important for both today and the future.
Why is choosing the right business structure important?
Because it will influence your taxes, your personal liability and your earning potential. Find out more about the wise way to choose your company’s structure in this article.
Extra Tip: Don’t forget about asset protection! As an entrepreneur, things can go south… fast. 10,000 companies went out of business in 2016. Don’t risk everything you have, protect it!
3. A reality check
Your business needs a reality check to help you answer these important questions:
- Can your business work?
- Will people be willing to pay for your product/service?
Put your business to the test first!
And who better to test your business’ potential than your friends?
If your business is selling bowling bowls, ask your friends, ”Would you be interested in buying a bowling ball?” The real test is getting the bowling ball out of your car, handing them the product and asking $20 for it.
Try it with your friends and family! See how it goes.
In a nutshell…
These are the three things every successful business startup needs:
- Identify trusted business advisors and simply ask them for help
- Choose the right business structure for your company.
- Have a reality check on your business
Are you ready to start your own business?
Whether you need someone who can do the number crunching for you, or you need business advice from an expert, the amazing team at Shuriken Consulting and I are here to give you a helping hand. We’d love to hear from you! Let’s get in touch: