“Do what you love, and you’ll never work a day in your life.” Is this true? Well, maybe not completely. But doing a job that follows your passion instead of just paying the bills can be immeasurably rewarding–both for you and your future customers.
But is it as easy as just quitting your day job and registering an llc? Not quite. While starting your own business doesn’t have to eat up your entire savings account, there are certain costs you should consider before you get started. You can think of these expenses as an investment in your future success!
Train Up Before Setting Up Shop
How many times have you heard of a business going under because the owners had no experience in the industry they were trying to go into? Countless TV shows about saving restaurants are on the air, and plenty of unique boutique stores go out of business because their owners have never worked a day of retail in their lives. Around 18% of small businesses fail in their first year, and a good amount of that is due to inexperience. It can be disheartening to see, especially if you have dreams of working in an industry you haven’t gotten the chance to work in before now.
But does that mean you need to give up your dream? No! It just means that you’ll want to spend some time (and money) getting the proper training you need to make your business a success.
A good first step is to find business classes, whether that’s through your local community college or in specialized seminars designed to give you the tools you need to get started with your new business. If you’re planning to offer a service, such as being a private pilot to satisfy your dream of flying or starting your own make-up artist company, getting training in that area is a must–while you may already be a hobbyist, getting your skills up to a professional level can make all the difference when it comes to getting a steady stream of customers.
Stock Up With Quality Products
If you’re looking to own a little shop of your own, quality products are a must. It can be tempting to buy clothes or other goods in bulk or from dirt-cheap suppliers, but once you start gaining a reputation of offering low-quality goods, it’s hard to shake it off. The same goes for restaurants: while it may seem cost-efficient to buy lower quality ingredients in bulk, you’ll actually save money by buying smaller batches of high quality food–you can charge more per plate, and you won’t have a pile of food waste eating into your finances even if a dish doesn’t do as well as you’d hoped.
If you offer services, the same rules apply. If you open your own cleaning business, for instance, you’ll want to have the best possible cleaning products to ensure your customers’ homes are spic-and-span. And, if you’re working as an independent makeup artist or aesthetician, you’ll want to have great quality products to ensure your clients feel–and look–their absolute best.
But, of course, this isn’t stopping you from taking advantage of sales, or shopping at industry-specific locations where you’ll get a good deal on quality merchandise. Be sure to do your research and shop smart, and you’ll be seeing a return on your investment in no-time.
Don’t Be Afraid To Outsource
When you start a business, you might think it’s more economical to handle everything yourself. But what you might save in money, you could lose in time, energy, and even profits if you don’t handle things correctly. Rather than trying to learn how to be a bookkeeper in addition to training for your new business, look to services that specialize in helping business owners manage their workload with pros who specialize in finance.
Outsourcing your payroll and tax preparation can ensure that your business is running smoothly and, more importantly, legally. Misfiling your profits can end up with some hefty fines, so having someone who knows managing business finances inside and out can save you a lot of big headaches later on. Plus, having them take care of paying your employees and filing your taxes can free up your time to put all your effort into your business.
You can also look into outsourcing your marketing and social media management, too. While it’s easier than ever to market yourself, there are still a lot of things to consider, such as algorithms, best practices, efficient copy, and more.
So, rather than wearing multiple hats and trying to juggle every aspect of running a business, bring in some help. It’s well-worth the cost for the peace of mind and extra time it’ll give you.
Get Started BEFORE You Quit
You’re probably currently working a job that you’re not very keen on, but pays the bills. And while you might daydream about giving your boss your two week notice and jumping into the world of self-employment, it’d be wise to hold off on that just yet. Even for a career with low start-up costs, like writing or freelancing as an artist, you’ll want to ensure you have a good amount of savings before you finally sign off.
That means it’s time to hustle. Get started on building your business–even if it’s a little at a time–while you’re still at your current job. Juggling the two is a great preview for what running your own business can look like, and it’s a surefire way to ensure your training, product, and outsourcing can be paid for while you’re just starting out.
Starting your own business where you can do what you love does take a lot of work, but it’s one of the most rewarding ways to make a living. So start now, plan ahead, and soon enough, you’ll be raking in the profits while doing what you love everyday.
