10 Things I wish I knew before I started my business
Lot of times around this time people are still excited about new year resolutions ,they consider or make decisions to start their business . Since it's always difficult to know in advance (no data for future) the monster you are facing I thought I should share few things I wish I had learned before I started my business.
- You can't do it alone, business is a team sport. You will just not master every area in your business it's impossible.
- Cash flow is the blood and king in business, ignore it you will be part of the 90% of the small business that doesn't survive the first 3years .
- Without Sales there is NO business, your Sales engine is the oxygen of your business
- If you ignore COMPLIANCE (tax, bookkeeping, payroll, systems), you will bleed till you died a slow death. You will think you are successful only to realize you have deceive yourself. You will start an unnecessary fight and create an enemy with the Taxman (SARS ) that you will never ever win.
- SALES & CASH are not same , the fact that you invoiced one million sales invoices or you have done the job means nothing until there is money in the bank account.
- Unless you build your business with a mindset of selling it (build to sell) ,it often end in disaster , it turns to becomes a business without system that rely only on you the founder and without you there is no business.
- If you think you will be the BOSS/MASTER in your business ,you are deceived, rather prepare to be the SLAVE. Prepare for the grind/hustle and long hours to give your business a chance , is non negotiable
- Be patient with the industry you are passionate about , you will be tempted to move to other industry you are told people are getting "tenders" easily. Focus on ONE thing and make it a success and it will be your launch pad to other business later.
- Business is marathon not a sprint , avoid short cut ,you will be discouraged often, cheated ,used or played. You will lose money , you will think you are stupid or not talented or cut out for this , you will lose you faith often but all this are part of your long term success story.
- Don't ever start business relying on someone or government, it's your baby and you have to make it work. Complaining about lack of support or politics won't inject life to your business that is on life support. You are the first and last person to make it work.
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Article Source: Sibo Molo