Well, I suppose by writing this I’m writing the rules! So often I come across entrepreneurs who need a little bit of a helping hand or who wish that they had a hard and fast rule book for the road to success, so I’ve decided to share my insights with you and tell you more about the rules you need to follow.
1. Have enough capital for 3-6 months
There is nothing worse than starting a business then having to jack it all in because you simply haven’t planned on how you were going to initially survive financially.
You can only cut costs in so many ways, there are still some expenses you must cover monthly, and these are the ones you need to budget for.
Saving at least 3 months capital is a crucial rule and if you win big while enjoying the online betting NZ has to offer, or you land a big job, save as much as you can!
2. Have a business plan
I still find it amazing how many people don’t have a sound business plan, or one at all. Before you get started in any sort of entrepreneurial endeavour make sure that you have a proper business plan, and if possible, ask someone with experience to help you or mentor you through the process.
3. Have a back up plan
The best ideas on paper don’t always work the way you think they will in real life. Having a back up plan is essential, and if things go south you need to have a way of getting them back on track, or diversifying and trying something else.
4. Build a support system
Friends, family, other people in the business world and any one you can talk to or bounce ideas of is invaluable. Starting a business is tough and you need support, and if you don’t have this, it is far easier to fall at the first hurdle.
People who are practical are also a great help; you don’t always need a cheerleader but someone with a critical eye and who can offer constructive criticism is worth their weight in gold.
5. Put systems in place upfront
Invoicing, tracking orders, monitoring clients; all of these things need a set system in order to run smoothly. You don’t want to come across as disorganised to clients or suppliers from the get-go, so having systems in place will streamline operations and ensure that you run at your optimum.
If you don’t have any experience in operations, map out how you think you’ll be working and refine the process as you go.
6. Set your working hours
Working for yourself can be tough and it requires discipline of the highest degree. Before you even start, set yourself working hours that you always adhere to.
Try never to start late, but if you are lucky enough to finish early here and there, that’s ok.
The more you treat it like a ‘real’ 9-5 job, the more respect you’ll earn from your clients; especially if you initially work from home.