My top 3 tips for starting your own company
What better topic can I start this site with than starting your own company! This is a chance for me to reflect on the things that I wished I had done better.
Tip 1: Don’t.
The truth is that most companies fail. In fact, the casino is meant to have a better rate of return than running your own business. But chances are you won’t listen to this advice so I will move on.
Tip 2: Get a good accountant.
How can you tell if they are a good accountant? They will ask you questions and lots of them. They will find out what your goals are, what your risks are, what your future is likely to be, and then they will give advice. And that advice should include discussing the best structure for your company. It will include discussions about trusts, assets, the family home, and risk management. If they are just going to charge you a couple of hundred dollars to help with the paperwork then move on.
Tip 3: Get good advice
Is your company likely to last? Is it a great idea? Do you have what it takes? Get independent advice. Not from friends. From someone who has no vested interest in your relationship. Someone who can be honest, positive and negative.
The real tips for starting your own company
Tip 4: Have lots of money
Unless you are going to be making a huge amount of money quickly you will need a huge reserve. It is expensive to start a business, and it takes time for it to grow. You need plenty of reserves behind you to survive the first year.
Tip 5: Commit
If you are going to do something, do it. I tried to do many things on the cheap and in hind sight, I should have committed sooner, or at least committed the money that was required. I did mention that you need lots of money.
Tip 6: Walk away
And very early on you will need to decide if you should walk away. Before starting your business ask yourself the question each day. Find out all the reasons why you should walk away and if you can still justify going ahead, then commit.
Tip 7: Get help
Find a mentor early and get help. Get someone who can challenge you in your thinking, in your goals, and in your business practices. Start early. Don’t wait until you make your own mistakes before you start improving.