DURBAN – If you’re starting a business this year, you’ve probably anticipated many potential pitfalls and have planned for them according to Xero country manager, Colin Timmis.
But entrepreneurial life has a way of throwing curveballs even for the most scrupulously prepared.
To avoid some of these pitfalls, check out our tips for year one of running your business.
1. Think ahead
Anyone who starts a business for instant gratification must take a lot of pleasure in frustration, disappointment, and loss. Don’t expect to make money in your first year. In fact, expect to lose money and be prepared for that eventuality. The animating philosophy behind most successful business owners is the same one used by most bodybuilders – no pain, no gain.
The short-term pain of potentially losing money will, if you have a sufficiently good business plan and enough start-up capital, be replaced by the long-term gains of meeting your entrepreneurial goals. If current woes are getting you and your employees down, having a sense of direction tends to focus the mind as you strive for more growth.