Okay, so you have kicked off your venture, now what? Well it’s about to get a whole lot tougher. Keeping these 4 important things in mind will help you enjoy the journey.
• Stay organized
This may seem obvious but it’s still a daunting challenge nonetheless. Keep digital files in separate, marked folders on your computer and all physical documents in a designated filing cabinet. Scan every single hard copy you have. You never know when you will have to refer back to an old document and you do not want to waste precious time having to scour your whole PC looking for an old file. Invest little time now and save a lot later on.
• Optimize spending
Starting out, your business will most likely be burning money so in order to optimize expenses, try and only buy what is necessary without neglecting to invest in the essentials. Need stationary? Buy it in bulk. Lease a new office? Why not work from a coworking space (read here how). However at the same time, don’t stop investing in YOURSELF – go for the paid networking events to create contacts & learn a new course to run your business effectively.
• Cash flow is everything
Once again, this may seem obvious but it is still amazing how many businesses fail to turn a positive profit because they are focusing too much money and energy into marketing- which while being of great importance- is no substitute for cash in your pocket. Making money is also an excellent way to attract potential investors down the road since many startups fail to see green even *after* they receive funding.
• Have fun
Running your own startup is a lot of work and if you are not trying to enjoy yourself, you will burn yourself out. Treat every challenge like a new adventure and never let yourself get too disappointed. There will be numerous setbacks (there always are), just treat them like learning experiences and keep on having fun!