When you decide on starting your own business, there are so many things that are running through your mind: excitement, nervousness, confusion, etc. It can be an amazing time in your life but it can also be very confusing.
You may be wondering how much money you need to even get started, should you hire help, what legal options should you look into, etc.
Starting your own business requires a lot of learning, trial and error, as well as getting the right support and guidance along the way. It is a lot of work but it is totally worth it!
Starting my own business was the best decision I have made, and I am not looking back!
This post was sponsored, and paid for, by SunTrust. All opinions are my own.
Since November is National Entrepreneurship Month, I wanted to give a little insight into some things that I have learned along the way by starting my own business. Maybe you can learn from my mistakes and make things a little easier on yourself.
There were so many things I wish I knew before I started blogging but there were even more things I wish I knew about turning my blog into a full fledged business.
I remember the day that I decided to take my hobby blog and turn it into a source of income for myself. I was 3 months pregnant and I knew that I didn’t want to miss a second of my baby’s first years.
I had to figure out a way that I could actually make money from my blog and be able to stay at home with my child.
With A LOT of hard work and determination to make it a success, I was able to replace my income as a chemist and actually do something that I look forward to every day!
There are a few things that I like to share that did help me succeed and actually have a profitable business. I think you can use these tips whether you are a blogger or you have another small business that you run.
Have Enough in Savings
There is nothing scarier than starting your own business and not having any savings to fall back on. I was able to save 2 year’s salary so that I could be a stay at home mom and work on my blog full time.
I was able to quit my job and put my full attention, well, as much attention as I could with a newborn, into my business while also being assured that I had enough money in the bank to cover my bills.
I know it is hard for people to save but it is necessary to cut back on your expenses when you are starting a business. Most of them don’t make much of a profit until they have been in business for a few years.
Get Advice from a Professional
The biggest regret I have about that first year of starting my own business, was not talking to a CPA before I started. It would have saved me so much hassle.
They will be able to walk you through your best financial options, if you should set up an LLC, and everything you need to know come tax season.
I didn’t want to hire a CPA because of the cost but I learned that a good CPA will actually save you money in the long run.
If you want to get a jump start on getting financial help and advice, you can check out the Sun Trust Small Business Best Practices Guide.
It covers topics from starting your own business through growth and transitions so you can have a profitable business.
This is a great checklist to keep on hand as your business grows and you need some guidance on how to proceed going forward.
Set Realistic Goals
When I first started, I didn’t realize just how difficult it was going to be to grow my blog to where I wanted it to be. I set goals for myself but they were way too ambitious!
By setting unrealistic goals for myself, I would get discouraged when I didn’t reach them and feel like I should just give up.
I now know that instead of setting my goal for a year in the future, I set them for each month. I see how I did the previous month and set a goal for more growth for the next month.
By doing this, I am able to see that my business is growing, some months it grows faster than others, and I am encouraged and more driven to make it profitable.
I love being an entrepreneur and not having to answer to anyone but myself. It is so freeing and I actually love my job!
Starting your own business is a reality, more so now that we live in the age of the internet! Use these tips and check out the Small Business Best Practices Guide to reach your dreams of being your own boss!
This post was sponsored, and paid for, by SunTrust. All opinions are my own.
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