Pages Navigation Menu

Everything Personal Finance

4 Lessons You Must Learn Before Starting Your Own Business

As all entrepreneurs know, starting and running a small business isn’t an easy job. You can study at college or university for years and take every business course under the sun, but nothing will prepare you for quite how difficult it can be, which means that most of the learning has to happen on the job. That being said, you shouldn’t go on this journey with your eyes closed, as this will only make the job that much more challenging. With this in mind, here are four lessons you should learn before you start a small business of your own.

Separate Yourself From Your Business

When you start a small business, one of the first things that you need to do is separate your personal and business finances by setting up a bank account for your company and paying yourself a regular salary. If you keep all of your money together in one account, then you won’t know how much money is yours to spend and how much belongs to your business, which could lead to overspending on either side. Your credit rating will also be affected if your business gets into financial trouble, so there’s no point in taking the risk.

Choose The Right Business

Passion is vital in business, as it’s what gets you out of bed in the morning and gives you the motivation to work, even when times are tough. Because of this, it’s essential that you choose a business that excites you, rather than just makes you a lot of money. Chartered accounting, for example, can earn you a lot each year, but, according to The UK’s Hardest Jobs: Training VS Reward, the work you’ll complete is quite tedious, so you need to be passionate, or you simply won’t work. Choosing the right business could be the difference between success and failure.


Maintain Your Work-Life Balance

In the early days of your company, you’re going to have to work long days, evenings, and weekends, whether you like it or not. Unfortunately, it’s just part and parcel of starting a business. However, once your business is up and running, it’s important that you take a step back, start delegating jobs to employees, and give yourself some free time to relax, unwind, and do things you enjoy. Maintaining a work-life balance is absolutely essential. If you don’t, then you’ll make yourself exhausted, and will likely burn out, which means you’ll be of no use to anyone.  


Find A Great Mentor

When you start a small business, it’s important that you find yourself a great mentor. Whether you want to admit it or not, you don’t know everything, and you aren’t the most experienced person out there, so find someone that is more experienced than you and learn from them. They’ll be able to guide you, keep you on the right path, and prevent you from making any of the mistakes that they made when they first started out. They will also help to motivate you when times get tough, and you don’t know what to do.

Starting a business is incredibly exciting, but it’s also pretty scary. You’ll never be 100% prepared for what you’re going to face, but if you remember the advice above, then you’ll be in a much better position than you were before.