We have all read the headlines that more and more people are starting businesses today than ever before, but one thing the headlines are NOT telling us are the mistakes people make when they launch this new life for themselves. These are the two mistakes that I see people making all the time:
If you believe that you just started the business to make more money, then you are in for a rude awakening. Of course, everyone who starts a business (or most people) do so with making money, and a lot of it, in mind and also as their end goal. Starting a business takes a lot of patience, passion, and grit. If you are only in it for money, then you will be miserable. You need to have this patience, passion, and grit. By solving your inner workings with systems and processes, you can make it work. However, if you do not solve these issues, you will ultimately be wearing more hats than you ever did and can handle.
The second mistake I see people make is not having a plan of who, what, when, and how much! You have to keep records my friend and document when you do things. Actually, you should keep records, WRITTEN RECORDS, of everything that you possibly can. This will only help you if anything goes badly. Do you need to get a license to operate? Do that now. Do you need to apply for a loan? Talk to a financial advisor. Are you hiring an employee? Hire an attorney to draft your employment contract. You want to do everything you can by the books so that if anything happens, you and your business will be properly protected.