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Three Things to Keep In Mind As You Start Your Business - Finnegan Pierson - Blog

Three Things to Keep In Mind As You Start Your Business

All major companies start somewhere. Whether yours is a scribble on a napkin or is already in production, all new businesses have something in common: They're so very green. If running a business is a brand new concept and you haven't the foggiest idea what to do once you've got your small business license, keep a few pointers in mind.

1. Employees Are Expensive

For all those times at your past jobs that you grumbled about not getting paid enough, donuts to ten you didn't have a clue what was happening behind the scenes. Now that you can appreciate how much everything costs from this side of the spectrum, you also realize just how much it costs to hire employees. It's not only their salaries that you should consider, but also things like:

  • Benefits, if you decide to offer any kind of package to your staff
  • An upgraded insurance policy on your company itself
  • Sick, vacation and personal days

Lucky for you there are tools that can help. Have you ever checked out an online employee cost calculator? These handy little widgets can break down line-by-line what you're looking at before hiring someone new.

2. Have a Plan

You've heard the words "business plan" floating around, but how much stock have you put into yours? Don't be fooled into thinking that you can simply "wing it" when you're starting a company. Seriously, it's worth sitting down and drafting a business plan, even if it's not super formal or fleshed out yet. At least thinking about the direction you want to go and putting it on paper is one step above deciding to fly by the seat of your pants. Include things on your business plan like:

  • Your goals. Where do you want your company to be in a year? In five years?
  • How will you achieve those goals? What can you do to make your dreams a reality?
  • What resources do you have available? For example, do you know local vendors who can help you get a deal on wholesale materials? 

Remember also that in the beginning stages your ideas will change a lot. As you come up with new ideas and innovations, step back and modify your business plan. Work your new ideas in and ask yourself the exact same questions, focusing specifically on how to make your ideas reality. A dream is only a dream until you take steps to make it happen.

3. Don't Let Fear Hold You Back

Author Erin Hanson put it best:

"What if I fall?"

"Oh but my darling,

What if you fly?”

Do you think that Arianna Huffington knew what a success that her website Huff Post would become what she started typing away at her laptop? Or that Steve Jobs would foresee how incredibly successful his brand would become as he wrote code? Innovators are a different species. They are the ones that dive into the great unknown with both feet and take a chance.

Could you fail? Absolutely. You could sink precious time and money into your endeavor and find out that it doesn't work out after all. But should you let the fear of failure dictate whether or not you make it happen? Absolutely not. If there weren't people like you willing to take a chance and make the world a little better with your awesome idea, then nothing new would ever happen. We would not have groundbreaking technologies, gadgets to simplify life or new trends to look forward to. Yes, you could fail. But you know what? You could also succeed beyond your wildest dreams. It's worth taking the risk and seeing what happens.

Let your dream come true as you navigate through the world of entrepreneurship. You have an amazing new concept that could change the world. Introduce it and roll the dice. You might be afraid and that's okay, but understand what you should expect as you start your new business.


Publish Date: January 23, 2020 12:35 PM




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