Starting a business takes a lot of hard work and determination. My guest blogger, Richard Walton, CEO of AVirtual gives us an awesome insight. Read the whole article and then there is a great giveaway at the bottom so sit tight. Here are the top 5 things you need to know before starting a business:
Richard Walton – richard.walton@avirtual.co.uk
Twitter – @AVirtual_UK
Starting a Business
Starting a business is as exciting as it is risky. I started my first business aged 21 and after 18 years of non stop work I told myself I needed to take a sabbatical. I hired a PA to help me let go and ended up setting up, AVirtual. Perhaps I’m addicted to the risk or just foolish. In any case, this time I had the advantage of at least half knowing what I’m doing and whilst I’ve been lucky enough to have lots of success, I’ve also made a lot of mistakes along the way, which has taught me a few important things about business. These are five of the biggest lessons I’ve learnt over the years.
1. Don’t just nod, actually listen
People love to help and whilst it can get tedious listening to your mother’s friend recount the time she started a stamp company, there’s always something to be learnt from people who have the experience and skills that you don’t. Find yourself a mentor or a business partner who can support you when times are tough and make suggestions to grow your business. Schedule regular meetings with someone who can help you identify your weaknesses as early as possible so that you know how to handle them. It could save you a huge amount of heartache, effort and money in the future.
2. Join a club
Being an entrepreneur can be painfully lonely. Build up a network of like-minded people who understand what you’re doing and can help you to expand your circle. That’s often where the most exciting collaborations and partnerships come from.
3. Don’t just hire people that you like
Friends can make great employees, but it easily gets complicated when you realise they’re not as good as you thought. Put some serious thought and effort into hiring, and be prepared to wait for the right person to come along. A really amazing employee will do three times the work of an average person and you pay them the same.
4. It’s not all about growth
I used to think that the growth of a company was everything. I thought that if my business continued to grow, everything else would be fine. But I’ve realised that’s probably the worst way to run a business. Almost every business goes through a black hole, normally in the first couple of years, and fast revenue could end up bankrupting you. Wrap your head around profit and costs before anything else.
5. Be prepared to be consumed by your profession
Being an entrepreneur is all encompassing. It takes time and a huge amount of patience. The truth is you’ll never stop thinking about your business whether you’re in bed, on the beach or out to dinner and if you’re not thinking about it, something’s not right. Believe you can succeed and work tirelessly to make it happen.
So, what do you think? Are you super keen on starting a business? Comment in the sections below, I would love to hear from you. If this was useful then don’t forget to like it and share it around.
Also if you want to know more about Richard then I have provided his contacts details above and you can check out AVirtuals website here.
Finally, the giveaway, are you interested in getting your own PA? If you are then I have 5 free hours for you. Click the following link and quote the unique referral Code, NC001. It will improve your business no end! Don’t worry, you are very welcome!
NC
