Starting Your Own Business? 10 Things You Should Know...

The journey to become a successful business owner isn't smooth one. It's filled with bumps, forks and unexpected detours.

Surprisingly, most business owners wouldn't have it any other way. It's barge of honor that we proudly display.
That doesn't mean that there have been mistakes that I wish I hadn't made. Not that I'm embarrassed. These mistakes have helped me get to where I am today. It's just that if I could have prevented them, the journal could have been just a bit smoother and less stressful.

With that in mind, here are 10 things that I wish I knew before I launched my own business. Author: John Rampton, Twitter @johnrampton +John Rampton

1. Running the business is always the top priority.

Perhaps the biggest misconception about starting your own business is that you're only focused on chasing your passion. In other words, you're not just going to be making handmade jewelry, cooking on your own food truck, or designing websites 24/7.That's maybe going to consume 15% of your time.

Instead you're going to spend a bulk of your time on developing business strategies, marketing, selling, interacting with customers, and doing administrative tasks like bookkeeping, invoicing, and payroll. In short you're a business owner first and then a web designer, chef, or creator of handmade jewelry. I know this isn't what you signup for, but the sooner you realize this fact, the sooner you'll be able to launch and maintain a successful business.

2. It's about helping others, not turning a profit.

While you obviously need to turn a profit, that's not your goal. Your focus should be on helping your customers solve a problem or make their lives better. You could be an extremely knowledgeable consultant, but if you're just preoccupied with making money, how is that going to benefit your clients in the long-run? It's not. And, you're going to deliver mediocre results.

When I started my payment company Due it wasn't just because I thought it was a way to beef-up my bank account. It was because I was looking for an easier and more affordable way to fellow freelancers and small business owner to send and receive money-a problem experienced. Continue reading...

Once you realize that its not about you, or how much money is flowing into your bank, you'll start delivering a superior product or service, which will attract more customers. And when you have more customers, the more income you'll generate.

3. The importance of cash flow management.

Make no mistake about it. Cash flow is the lifeblood of your business. When you don't properly manage your cash flow you end up spending more money that you're bringing in. And how long can you expect to stay-in-business when you don't have enough money to pay your necessary expenses? Continue reading...

The most effective way to manage your cash flow is by creating a budget and justifying every expense so that you know exactly where your hard earned money is going.

4. The odds are stacked against me, and that's alright.

You've probably heard this time and time again. But most businesses are going to fail. So, what steps are you going to take to at least decrease the odds? There isn't a one size fits all approach, but you should consider doing something like keeping your current job for as long as you can. This gives you time to build an emergency fund, conduct market research, and start gaining some traction. Even when it's to make to take that giant leap you need to hire the right team and constantly develop your skills.

Even if your business fails, its not the end of the world. At least you've gain new skills, experiences and have learned from your mistakes so that you can come back even stronger. To continue reading...

5. Activity doesn't equal growth.

What do you consider growth? Is it all of the fancy features that you added to your product? Is it the swanky new office or 20 new employees? Is it the glowing review you just received in a leading industry publication?

All of that is great. But it doesn't constitute growth. Growth means that you're building a product and adding customers. That's it. Continue reading...

I experienced the same struggles as John. I quickly realized it's not about me, it's all about helping people and solving their problems and making their lives better. I had to change my focus on not be so preoccupied and worried about making money, and not to see every customers with a dollar sign.

Starting a business from scratch as a female and wanting to make women own businesses a way to get their business out there, is indeed a struggle and hard work, but as John previously stated "most business owners wouldn't have it any other way." So do I, I love the fact that I can help someone, build their online presence, through Mobile Apps, Blogs or Websites.

We are looking forward to working with you and making 2021 a successful year.

To Your Success,
Nicky,