Things business owners/entrepreneurs SHOULD know...
Read Time: 2 mins, 30 sec
Investing in your business seems to be the front fold as a small business owner. When you start a business yourself, there is a lot to consider when deciding to take it full time.
Startup costs are the costs incurred to get your business started off the ground. There are many other expenses that arise when becoming a full-time business owner.
After you decide to finally make that leap of faith, and jump into entrepreneurship, you also agree to give up a few "luxuries" of the corporate world. Some of these include:
1. Paid time off (PTO)
2. Sick days and personal days
3. RRSP Matching
4. Medical and dental benefits
5. Working a set schedule (9 am-5 pm from Monday to Friday) to work 24/7 or 25/8
While that can seem scary, if you set yourself up for success from the beginning, there will be no need to worry. Consider to yourself, how you will be affected. How will giving up these luxuries of the corporate world impact your experience as an entrepreneur and small business owner?
To ensure a smooth transition to a full-time business owner and entrepreneur, here are some tips we recommend:
Pay yourself. It’s can be so easy to get caught up in your business earning income that you can forget the most important part. Paying yourself. Pay yourself your worth before paying off business expenses. Entrepreneurship is a route you took for your passion in your friend, but not being able to meet your regular monthly expenses can deter that passion.
Register your business and protect your assets. The legal aspect of it all is important. If you are running a business, register your business rather than operating under your name. It's recommended to register even if you're operating under your own name. Are you unsure how to register your business? Check out our friends at Ownr and go through their easy step-by-step process to register your business. Through Ownr you can register your business as a sole proprietorship, partnership, or corporation. Click here to use our link, and register your business today!
Establish an iron-clad contract. This part is crucial! If you are a service-based business, your contracts are your bread and butter! Contracts ensure that you are compensated correctly, advises when deliverables are to be provided, and help both parties know what to expect. Make sure to include scope creep in your contract, as well as payment terms to avoid out-of-date pricing and prompt payments.
Invest in both your personal and professional development. Personal and professional development can go hand in hand with business growth. When you invest in learning more about both yourself and your profession, you help yourself stay an expert in your field. You can also use what you've learned through professional development in your business and attract more clients. Enhancing your professional development can include online courses and coaching programs, and reading books that are relevant to your industry. A few examples of investing in your personal development can include sharpening your skills, see Toastmasters. Toastmasters is a workshop program that can help you lose your fear of public speaking and learn skills that will help you be more successful in your chosen endeavor.
Invest in yourself. The best possible investment anyone can make is in themself. Ensuring that you and your family are healthy and protected is a valid concern to have. Getting benefits can reduce the stress of healthcare and worst-case scenarios. Are you a freelancer or small business owner looking for individual or family health, medical, and life insurance benefits? Livelii does exactly that. If you are looking to get health, medical and life insurance, sign up with Livelii Click here to sign up and use the promo code SHANTE50 when signing up for $50.00 off each month with Livelii.
Ultimately, you are the greatest investment you can make in yourself. Especially as a small business owner. So make that investment count! How do you invest in yourself? We want to know.
If you have any questions about your business and its financial health book a free consultation call with us so we can help!