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Five Lessons That Every Startup Should Know
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Five Lessons That Every Startup Should Know

Starting a new business is undoubtedly stressful, but it is potentially one of the most rewarding things you will e...

Five Lessons That Every Startup Should Know

Starting a new business is undoubtedly stressful, but it is potentially one of the most rewarding things you will ever do.  Did you know that Bookmark offers many free e-Learning courses to support your small business success?

 

In this short article, we discuss five lessons you should learn before starting a new business. Regardless of what you plan to do, each of these points is completely relevant:

 

It’s Not Easy

Running your own business isn’t easy, nor is it supposed to be. If it were, everybody would do it!

 

Being your own boss will (at some point) allow you to introduce some flexibility into your working life, but it’s vital that you accept NOW that there will inevitably be some late nights and weekends involved.

 

Cash Flow is Hugely Important

Sadly, running a business isn’t a simple case of money in and money out. You will often have to endure a frustrating wait while customers pay their invoices, and sometimes the big clients are the worst culprits.

 

Make sure you give this matter serious thought, as your own bills won’t pay themselves.

 

 

Insurance Is Essential

While it is tempting to keep your operating costs to a minimum in the early days, insurance is not something you should skip. You must protect yourself against a host of possibilities, including personal illnesses and accidents and the prospect of someone suing your company.

 

There Isn’t a Safety Net

 

If, until now, you’ve worked for another company, you will probably have become used to sick pay, holiday pay and a range of other benefits. They’ve all gone now – and that will take some getting used to!

 

You Must Jump into the Unknown

Your company will only become viable once it starts making money, so get your product and service out there without too much hesitation.

 

As Jessica Jackley, the co-founder of Kiva, said, “Put something out there. It will be imperfect. The real work is in figuring out how to make it better.”

 

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