5 things you need to know about starting your own business

Business incorporation - Carmel business lawyerAfter reading my previous blog, you’ve decided that starting a business is right for you.

A recent Huffington Post article says, rightly, that running your own business is more complex than “you register your business name, find an accountant, outline your business plan, create your brand and marketing and away you go!”

Here are some things you should know when you decide to start your own business:

First, the biggest myth out there is the customer is always right. Some people are out there with the sole purpose of taking advantage of you. This is not to say that you shouldn’t strive to please your clients, but you have to choose your battles. You should always be polite, but don’t be afraid to walk away if you feel someone is taking advantage of you.

Second, save your money! When your business is flourishing, it can be easy to spend money and enjoy some luxuries. Unfortunately, business comes with ups and downs, and you do not want to end up in a low point without a safety net. That safety net can be the thing that keeps your doors open until you hit those good times again. Keep that in mind, and save.

Third, sometimes you have to accept defeat. This doesn’t mean you close up shop immediately. Accept defeat and conquer it. Losing money is never a good feeling. “The joy of owning a business is that the highs are super high — unfortunately, the lows can be defeating.” This is part of owning a business. Every business owner is going through the same thing, and they have definitely weathered the storms before.

Fourth, place your values before dollars. Money should not be the only thing driving your business. Being all about money will make the hard times even more difficult to get through. As we said before, your work becomes your life, and you need to be proud of what you do. Your values will carry you through the bad times and make you feel great about your business.

Last, you might find that investing in marketing goes a long way. Marketing your business is so important and is worth the money you shell out. You should be able to reach your target audience. Marketing shows your clients that you’re serious about your business.

Owning your own business can be hard. 90% of businesses don’t survive more than 5 years, but successful business owners will tell you that the low times were worth it in the end. If you are considering starting your own business, call Chris McGrath at (317) 848-6187 to learn how you can properly set up your business legally and financially.

About Chris McGrath

I'm a Carmel, Indiana business attorney providing business counsel, commercial litigation and mediation services based on over 20 years of experience. My firm is founded on a principle of supporting others' advancement and achievement, and my core values are service, passion, faith & loyalty.Chris McGrath's Google+ Profile