Updated: Mar 1
So, you decided to venture out and conquer the world. You are passionate about your product or service, and you have mastered social media. Your family and friends support you 100% but you are still not sure of the next steps. While the list explored in this blog is not exhaustive, it is certainly 1 step forward to financial freedom and fulfilling your entrepreneurial dream. So, let's consider the dos:
Top 10 Dos
Incorporate your business. This is critical prior to spending $$$ on your business. Incorporating your business will allow you to make certain claims during tax season. Will safeguard your personal assets including home etc from the IRS.
identifying the right incorporation for you is also important
Establish a business account separate from your personal account. This is essential for Uncle Sam (government Internal Revenue Service-IRS). It also assists you as the business owner in making sound financial decisions.
Set up your website even if you have social media. Grant funding agencies including angel investors will be interested in reviewing your website prior to making a decision.
Ensure you have 3 key documents:
a sound business plan
an emergency readiness document
Surround yourself with a key executive team. Not necessarily family members, friends or strangers, rather the right team. Human capital is everything. This is critical for success.
each executive member should have diverse skill sets to add value to your team, if not you will be required to hire a consultant
Identify a space to work, think, and create. Workspace is everything. Whether a brick and mortar or a home office.
remember to remove all clutter. A cluttered physical space will clutter your mind.
surround yourself with things that inspire you whether its natural elements, animals, abstract etc
Prioritize selfcare. This includes:
building emotional resilience
healthy diet including eating on time
work hours conducive to the success of your business. Longer work hours do not guarantee greater success
get your sleep including napping during the day. Make this part of your work culture. Napping inspires it is not an indication of slothfulness.
collaborate with local, national, and international associations
support other entrepreneurs and their business. This means making a purchase as well. This fosters trust and mutual respect in your network. Remember to support other entrepreneurs' dreams.
As the CEO, know your strengths and weaknesses and work with someone to improve upon those areas or hire someone to sharpen your team. If you have to prioritize, invest in yourself first.
Be an ethical business leader. There is right and wrong in business. Too frequently we consider cut throat competition rather than understanding there is enough for everyone. Ethical business leaders adopt specific leadership attributes that transform their business. As a result, employees emulate what they see from their leaders. So, if you do not want an employee that can undermine your business, be sure to exhibit your best behavior and adopt ethical business mindset.
Incorporating the above tips will bring you 1 step closer to a flourishing business. Cheers!!!!