Start up Business: A Double-Edged Sword

Building a start up business can be a double-edged sword, especially for someone who has been used to working as an employee for a long time. Having your own business has its advantages. You get to be the boss. That means that you won’t need to worry about having someone breathing down your neck. You can make choices regarding how work will be done, who will do it and when it will be due. Another advantage is that you won’t be working to make someone else rich. If things go well for your business, you can set things up so that you can reap the financial rewards of your hard work.

This leads to the other edge of the sword. Start up businesses are not for the faint of heart. It’s true that you no longer have a boss breathing down your neck. However, this also means that you will have no one else to blame if things head south. You are the boss, so the ultimate responsibility for the success or failure of the endeavor is yours. At the same time, it may be strange to find yourself in a supervisory position. You will have to find ways to motivate your staff and it may be disconcerting to find yourself breathing down other people’s necks. Also, as an employee, there’s at least a pay check to look forward to at the end of the month. Running a business doesn’t offer that kind of predictability. If the business rises, so will your rewards. But if it flounders, the enterprise could end up costing you instead.

Since start up businesses offer both payback as well as peril, here are five tips to keep in mind as you strive to get your firm off the ground.

 

Start Up Business Tip 1

Don’t be too eager to delegate tasks when you’re just starting out. As the boss, you need to make sure that you have a firm handle on things. You don’t want to just delegate matters such as the bookkeeping, marketing or other key assignments without first trying to understand at least the basics. This will help ensure that your accountant, sales people or other staff won’t simply be able to bluff their way around you. Learn the key parts of your business, especially when the business is still young.

 

Start Up Business Tip 2

Look for opportunities to increase your knowledge. You can learn how various parts of your business run by being hands on. You can also look for knowledge from other sources. Keep an eye out for training courses, such as accounting for non-accountants. Some of these may in fact be free, or cost only a small sum. Never stop learning because you will be the main driving force behind the business, especially in the first few years.

 

Start Up Business Tip 3

Be careful when hiring people. It can be a real pain to take the time to do your due diligence when bringing in new staff. However the pain becomes exponentially greater when you find yourself with an unproductive employee. So do your research. You can find out from other recruitment advertisements what firms in your industry ask from their applicants. Take a hands on approach to interviewing people, especially for your key positions. Find out about their training and experience, but remember that a good attitude can make all the difference in the world.

 

Start Up Business Tip 4

Acquaint yourself with the various sources of business loans, especially for start up businesses. A credible and dependable business loans company can make all the difference when it’s time to bring your business plan to life. Such a company can help ensure that your firm remains financially on top throughout the various stages of its operations. And if you are looking to grow your firm by making additional investments or capital outlays, a strategic loan will open more doors to you.

 

Start Up Business Tip 5

Acquaint yourself with what the government requires of you and what it can do for you. The latter can be rather useful because there are usually a number of government offices which can provide resources for start up businesses. For example, take a look at whether it may be worth your while to apply to be a supplier to the local government.
 
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If you are starting your own business, then ALC Commercial can help. With our large network of private funds, we can offer start up business loans that are tailored to your situation. Give us a call today on 1300 886 996 or fill out our online enquiry form today.