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4 Things To Do Before Starting Your Own Business

Note: This article is written in collaboration with Andy Shoyer.

If you’re considering starting up your own business, it’s important to understand that there’s more to it than simply running with the idea that you’ve had to make money.

Successfully running a business takes business knowledge, hard work, dedication plus a healthy work and life balance.

No worries.

We’ve come up with a list of things to do before starting your own business.

1. Work out how you’re going to balance personal life and work life

One of the biggest problems that new business owners face is not knowing how to balance their home life yet still run a successful business. It’s important to realize that your business will take up a considerable amount of your time, especially when things first kick off.

If you don’t find the right balance, you can quickly find yourself with relationship problems, health problems, and even the chance of your business failing.

The solution?

Before taking the step into becoming a business owner, make sure that you’ve planned out how you’re going to manage being the head honcho of a business as well as making time for your family and looking after yourself.

2. Learn how to handle money

You may feel like your money handling skills are just fine. However, when it comes to running a business there’s more to think about than simply making sure the bills are paid on time. If you’re going to be running a team of people, you will need to know how to administrate wages, tax, and even think about insurances that you may need to take out to protect you and your business. Taking an online mba in accounting might be something to look into to help you learn how to handle money more efficiently so that it doesn’t affect your business when you do launch.

3. Create a thorough business plan

A common mistake that many entrepreneurs make is not making a business plan before going into business.

It’s easy to think that you’ll be able to create targets once you’ve launched. However, sometimes business moves very fast and you could find yourself wondering what your next step should be.

The solution?

It’s wise to take time thinking about the full picture of your business, before you start your business. In this way, you’ll foresee obstacles and be able to keep your eyes on the prize: your longterm end goal mission.

4. Familiarize yourself with running a team

Know this now: It takes more than you think to become the boss of a team!

You will have to train people to do various jobs,  provide fair and lawful working hours that include breaks, consider vacation pay, and keep everyone safe.

Plus you’ll also have to learn how to be a boss that people will respect and stay motivated work hard for.

It’s a good idea to research how to be a good boss before hiring any members of staff so that you can get it right from day one.

Note: This article is written in collaboration with Andy Shoyer.

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Karen Salmansohn (Founder)

Hi I’m Karen Salmansohn, founder of NotSalmon. My mission is to offer you easy-to-understand insights and tools to empower you to bloom into your happiest, highest potential self. I use playful analogies, feisty humor, and stylish graphics to distill big ideas – going as far back as ancient wisdom from Aristotle, Buddhism and Darwin to the latest research studies from Cognitive Therapy, Neuro Linquistic Programming, Neuroscience, Positive Psychology, Quantum Physics, Nutritional Studies – and then some.

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