Staying In Business In Those First Few Months

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The first few months after you set up your business are the most crucial ones in your whole time as a business owner. It is the time you will figure out what it really means to be the owner of a business, and you will know whether or not you have the financial and mental strength to run it. If you want to make sure that your first few months go smoothly, here are some of the things you will need to think about.

1. Identify Your Business Leader

If you are starting your business alone, then the leader will be you, however, if you are coming together with a group of people in order to run a business, someone is going to have to be the leader. Although it is nice to think you are all equal and have the right to make the decisions, within the business there always needs to be a clear leader if you are to succeed. If you love being in business but aren’t great on the leadership side of things, leave that to someone else to do instead. You can still be the owner without being the leader.

2. Profit doesn’t equal cash

As a new business owner, you will likely be very optimistic and believe in the magic of business from the off. However, it is important not to stray from the truth and make sure that you keep your head firmly on your shoulders. It is crucial that you project your cash flow at least six months into the future in order to understand where your company will be REALISTICALLY in six months time. A small profit is not enough to keep you in business, so remember that. You can also benefit from looking at the best small business credit card companies in order to give you a buffer in that first few months once you know that you can afford to keep up the payments. Always make sure you have a buffer to fall back on should you have a slightly less profitable month.

3. You Always Have More to Learn

When you begin in business you need to bear in mind that you are not an expert. Just because you have built something for yourself does not mean you should be giving lectures on business in colleges around the country. It is incredibly important to know that you don’t know everything and to be willing to learn new skills every single day. If you are not great at a certain aspect of the business, simply get someone in who is experienced. Business is a huge learning curve, and you need to be thick-skinned to deal with the tension it will put on your mind.

4. Choose the Right Role

You might be the owner of a company but that doesn’t mean you should be the leader. As we discussed above, you need to play on your professional experiences and skills to find your role in the business. It might mean employing someone to be the leader, someone to cover marketing and someone to cover sales whilst you handle the finance. Make sure you play to your strengths.

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In A Nutshell…

in a nutshell…

Live Your Life, Live Your Life Loud, Live Your Life Happy, Choose Joy, Inspire and Motivate

Live your life, live your life loud, live your life happy!

Thoughts For Tuesday

I am, Possibilities, Inspire, Motivate, Hope, Love, Self-Love, Magnificient

Never say that someone held you back from becoming who you want to be. They can only try to hinder your steps ‘cos the only person you become is the person that you choose to be.

3 Reasons Bad Debt Will Always Let You Down

financials, worrying, debt-free, money savvy, get out of debt, live free

Image Credit: Pixabay

In our materialistic society, it is ever more difficult to resist the lure of stuff. We want our houses to be beautiful and filled with beautiful things; we want to go on holidays so that we can upload snaps to Instagram and show off our worldliness; we want everything and we want it now.

Unfortunately, this attitude can lead to some serious money troubles. High-interest loans might sound tempting but they can saddle you with far more debt than you thought possible and truly ruin your lifestyle.

Bad debt will always let you down and you should break up with it sooner rather than later.

Interest Quickly Racks Up

Bad debt is usually high-interest with a long repayment schedule that threatens your ability to make ends meet each month. Essentially, it is a debt that the customer won’t be able to repay. These debts are often in the form of credit cards, personal loans or payday loans.

Unfortunately, all of these loan types are marketed to people like you who want a better lifestyle now and don’t want to have to wait. And once you are on their list, more loan companies will market to you and encourage you to take on more debt making the problem worse and worse as your interest costs get higher and higher.

You Feel Stressed all the Time

Money is fundamental to living and if you are constantly worrying about whether you will have enough to do a food shop or pay your bills, your stress is going to increase dramatically. This will also have a knock-on effect on the rest of your health making you feel unwell and more susceptible to infections.

Even when your debt has brought you lovely things, the real effect is that you will look at those things and worry more about them being taken away than enjoying having them. You will probably regret that you stretched your finances so far in the first place. No amount of stuff is ever worth risking your health for and if you are worried about your financial future, you need to deal with the problem as soon as possible.

A Debt-Free Life Feels Impossible

When you are spiralling into further and further debt, it might seem that living a debt-free life is now completely out of reach. Don’t give up. However bad your debt problem is, there are government credit card debt relief options that can help find the best way to manage your finances and reduce your debt to zero, essentially helping you to get a fresh start.

These options range from financial counselling to help you create more sustainable spending budgets to bankruptcy. Whatever you choose, always ask a financial advisor for help and look for companies accredited by either the NFCC or the FCAA to help you out.

Reaching your debt-free goal will take time and determination. It can take years of effort to get back to a debt-free lifestyle that is sustainable and stress-free. But it is well worth it.

Start today.

Wedded Bliss…

Romantic, Couple, Rainbow, Poetry

 

 

 

 

We undulate to the hum of the night breeze
our bodies in sync with time and rhythm
our eyes hold on to each other for endless moments.

We’re caught in the euphoria of wedded bliss,
where everything melts away into oblivion
we are caught in our own whole new world
where what matters is just you and I.

©

Jacqueline

Daily Post – undulate

image credit – pexels