What problems might a new entrepreneur encounter? Lack of clients and profits, overpayment of taxes, fines from supervisory authorities – and this is not a complete list. How to avoid them?
To answer this question, we collected the opinions of product managers, managing partners of a law firm, founders of a consulting bureau and a marketing agency.
What to do at the start and whether you need to quit your job
At the start, an entrepreneur needs to find an idea, develop a business plan and understand how much money will have to be invested in starting a business. It is also important to be ready to work on mistakes.
Any idea for a business must be, firstly, interesting for you – otherwise there may not be enough enthusiasm, and secondly, such that in the future you can get out of operating activities. For example, sell the business to a corporation or hire managers.
The only advice for creating such an idea is to train observation. Monitor the markets, write down ideas and analyze them after some time. You can pay attention to what is popular at the moment. But there are very few examples of how the “hype” was maintained and brought big money to the creators for a long time.
Starting a business makes your business plan a lot easier. This is a document that describes the goals, plans of the business and how to achieve them. If you draw it up in advance, you will understand what the money will be spent on, how much you will earn, when the business pays off and begins to make a profit.
There is no telling how much money you will spend to start a business: the amounts depend on the industry and business model. A business model is a conceptual description of what a company sells to whom and how it makes money from it.
In digital, financial investments may not be necessary—you can open a web studio without starting capital. In retail you may need from 1 million rubles, in production – from 5 million.
The time it takes to reach self-sufficiency also depends on the business model. It may take, for example, six months. In digital, you can make a profit from the first month.
There will be mistakes in business if you have no experience. You need to be willing to learn from them. But it is important not to focus on them, not to stop – otherwise development will go much slower than it could.
Is it worth doing business?
Yes. It’s better, but more responsible, than working for hire. To build a career, a person needs to overcome many circumstances that he cannot influence. The entrepreneur controls everything himself – he gets freedom in making decisions.
But the involvement in your business is much higher. Instead of working according to a standardized schedule, the entrepreneur devotes all his time to the business. And he also accepts the risk that things “will not work out.” If you need to earn money for starting your business – try fire joker free spins.
What mistakes do newbies often make?
Many people want to do everything at once and expect instant results. But you shouldn’t count on an immediate return on invested resources—in business you need to be able to wait.
