28 Oct Launching A Business: 5 Things You Don’t Have to Worry About Yet
Starting a business is no easy task, but that’s no reason to let yourself get overwhelmed at the beginning of your journey. There is lots to do when you are ready to start offering your product or service, but there are some major operation elements that you should put off until you get fully established.
Here are five things to you shouldn’t worry about doing when you first start your business:
Getting Office Space
Overhead is something you want to keep low in a business and having an office space before you really need it is a way to burn through cash quickly. Try working from home as a way to keep cost low and minimize your financial obligations. If you aren’t as productive from home, try using the public library, a coffee shop or a low cost co-working space. You need to focus on bringing money into your business before you start racking up overhead costs.
Formal Accounting System
My first year running PA For A Day, I relied on an excel spreadsheet that tracked my sales and expenses. I grew into using QuickBooks and then tapped an accountant on an ongoing basis. You don’t need an expensive and complicated system in place to track your finances when you first start out. All you need to keep track of is what you spend and what you sell until you start making a consistent profit.
An Insurance Policy
This one depends on your industry. PA For A Day depends on real people (personal assistants) for our operation and insuring those people is a large expense each month. I had to have insurance from the onset of that business. If your business is in a creative field like website design or app creation, you may be able to forgo obtaining business insurance until you are more established.
Getting Incorporated
A lot of people go and get incorporated because they are afraid of losing their personal assets if they get sued. Although that makes sense it may not be something to worry about until you know your business will be profitable. Talk to a lawyer to get incorporated once you start generating consistent revenue. Until then, it is an expense you can most likely avoid.
Throwing A Launch Party or Event
I’m not sure where people got the idea that you must have a launch party or event every time a business opens its doors. Throwing a launch party can be a great way to create product awareness and buzz for an established organization, but isn’t usually a good expenditure for startups. That money would be better spent with a public relations professional who will create awareness for your company over the span of months or years, not just the few hours a party lasts.
There are a lot of things to consider when starting your business, but you don’t have to invest your energy on figuring it all of it now. Spend some time getting your business off the ground and learning about what you really need to take your business to the next level. You’ll set yourself to make the best business investment and expansion decisions for the long run.
– à bientôt
A Girl In A Dress
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