4 Things I wish I knew before starting a business
Starting a business is not easy, and sometimes no matter how much planning you put in place things often don’t go plan. The parentpreneur journey is a roller coaster of a ride.
I like many business owners have made mistakes some more costly than others however those mistakes have made me into a better businesswoman. I have put together 4 things I wish I knew before starting a business.
You have probably heard the saying “cash flow is king,” and it is king. Cashflow is a vital part of business and miss management of your cash flow can be the downfall of any company. One of the mistakes I made with one of my business was spending money on products that my audience never wanted. The most effective way to manage your cash flow is by creating a budget and justifying every expense so that you know exactly where your money is going.
You can read more about 3 financial mistakes start-ups should avoid and How to build an emergency fund for your business
2, The power of an email list
Never underestimate the power of email. It’s one of the most effective ways to communicate with current customers and prospective ones. This was a mistake I made in a previous business I had, I built my list too late so when the business launched I had no list to market to. Start list building early to generate leads for your business before you even launch your business that way you have an audience to survey and market to once you launch.
3, Family time is golden
When you run your own business, you may often feel that there is no time left for anything else especially in the starting up phase. However, if you are trying to establish a business, alongside raising a family, life can become much more of a balancing act. When I started my business, I did not put boundaries in place and business time overlapped into family time, which resulted in me not spending enough quality time with my family. Create time boundaries with your family and friends, for example during my core working hours during the day; I put my mobile phone on airplane mode to cut out all distractions. If there is an emergency, my family and the school can call the landline to get hold of me. I very rarely work on weekday evenings between the hours of 4 pm – 7:30 pm – that’s my core family time.
4, The importance of self-care
When you choose to start up a business, you want to put your heart and soul into making your business a success. This means that you will often find yourself not taking any time for you. It is normal for us all to feel stressed out at times, however, as a business owner, chances are that you are going to find yourself in stressed out situations on a regular basis. Over the years of running a business and suffering from burnout, I know the importance of taking time out for myself, and I schedule in self-care time as I would schedule a meeting with a client.