Friday Final Reflection: July 14, 2017
My own Tips for starting a Small Business
Welcome back to my final reflection on the week here at Budget Boss. This week was all about small business and we went over many topics including starting a business, insurance/investments for business owners, buying local and what not to do as an owner of a small business. I personally think that small business is the backbone of our economy and we all should do our best to support our local entrepreneurs. Budget Boss was my idea of giving back to clients and future clients. I am a financial advisor which basically means that I am a financial coach for my clients. I help them find the right products to make their lives better. These products include investments, insurance, and mortgages. I have invested a lot of time and effort into creating this platform in efforts to help my clients. During my journey, I have taken a few steps to make sure that I have started my business in the right way. When I say it is the right way, I mean it was the right way for me. Here are a few steps I took to make sure my journey into self-employment was as smooth as possible.
1) Took my Time
Before joining the ranks of the self-employed I thought long and hard about getting into the financial industry. I thought about what it would require from me and if I was capable of doing it. I thought about the future of the industry and if I was capable of adapting to any changes. I thought about what my income would be when I started and what it could be in the future. I thought of what my potential could be moving forward and if there was a ceiling to it. I thought about if it was what I wanted to do for the rest of my life and if continuing my education was right for me. I basically talked myself out of it for a long time before I realized it was something I wanted to do. I knew at that point after I threw every objection I could at myself, that I was able to make the leap.
2) Side Hustle
When I made the leap I still kept my side hustle. I still bartend on weekends as it allows me to keep all the money I make at my new business to stay within my business. I realized before I started that there would be expenses and lean months so I figured having a small secure source of income coming in every month was necessary. As my client base has grown I have dedicated more time to my business and less to the side hustle. Once I have fully replaced my income and can say comfortably that I have moved on then I will leave the side hustle. It is for now helping me to succeed fully at my new business. I wanted to make sure I was secure before leaving one career for the next. It may not be the right way for you, but it was for me.
3) Savings
I also made sure I had adequate savings before I ventured off on my own. I wanted to do this so I wouldn’t have to go into debt to start running things on my own. I also wanted to make sure I had my budget in place for myself and my business so that the two didn’t affect each other negatively. I tried my best to make sure my monthly expenses were covered without having to sacrifice my businesses cash flow. I have secured a business line of credit and credit card but I only use them for expenses and then make sure they are paid off before interest accrues. Taking this step was necessary for me to not feel insecure financially with my new venture and at the same time allow me to grow at a speed I am comfortable with.
Starting your own business is definitely a challenge. It will take a lot of hard work and dedication and that includes before you even get started. A lot more than just a good idea goes into being a small business owner. You have to be an accountant, marketer, human resources manager, mechanic and many other jobs titles. Despite its difficulties, owning your own business can be very rewarding and very lucrative as well. You have to do your due diligence and make sure you go out on your own, on your own terms. It can be something as small as a little extra money every month or full-fledged employment. Either way, make sure you are ready to bust your butt and make the commitment. Also, make sure you don’t let anything or anyone get in the way of you pursuing your dreams.
Thanks for reading my post today and I hope you enjoyed Small Business week here at Budget Boss. Tune in next week for my “Monday Morning Money Moment.” Have a great weekend friends!
“Patience, persistence and perspiration make an unbeatable combination for success.” – Napoleon Hill
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Joseph James Francis is a Financial Advisor. You can find him on various social media platforms and at www.budgetboss.ca.