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3 secrets to building a successful business
Chasing your passions can be scary because it comes with many risks. When I was 25, I left behind a job that paid $150,000 a year so I could help people understand media and technology. Since then, I’ve flourished — and I’d like to teach you three essential tips for starting a business.
Although I knew everything would work out in the end, there were many trials and tribulations. But I knew I had to follow my passion, teaching others about tech and the digital lifestyle.
Here are three lessons I wish I had known before starting. This way, you can learn from my mistakes — and my success.
1. Use credit cards
First, let me get this out of the way: Starting your own business can be expensive. Sure, it might seem obvious, but let me stress that again. You don’t know how expensive it truly will be until you begin.
At least, that’s how it was for me. That’s why I used this helpful trick. Use your credit card instead of digging into your savings and draining your bank account.
Pay as many expenses on credit cards as you can. This helps you in the long run. You’re establishing credit and earning points.
2. If people don’t grow with the company, it’s OK to let them go
When your company grows rapidly, new challenges sprout up like daisies pushing through concrete. For example, you may need your employees to pivot, take on new tasks and adjust to company changes. You might think you hired flexible people who can adapt as needed.
Sadly, this often isn’t the case. People may think they’re adaptable when, in reality, they aren’t seeing any growth opportunities. They might even grow complacent and think they’re earning their stay by doing the bare minimum.
You want employees who go above and beyond. People who can flourish under changing times are golden. As much as you might love the employees you’ve worked with, you must let them go if they aren’t adaptive. Otherwise, they might hold the company back.
3. Follow the rule of thirds
Here’s what I mean. Every time you buy something, multiply it by three, and that’s how much money you have to earn to pay for it. You have to think about profit and paying taxes.
Is all of this money talk making your head spin? I get it. Managing your numbers can be one of the toughest challenges small business owners face. Luckily, there are a ton of helpful resources at your fingertips.
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Tags: business, credit cards, digital lifestyle, e-commerce, expenses, inventory, media, NetSuite, Oracle, profit, revenue, risks, taxes, technology, upgrade
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