The three rules of what not to do when starting a business.

sg_partners_BinaryThere are three basic rules to follow when starting a business. These rules are not set in stone or based on scientific research of any kind, they are just common sense rules we should already know.

You know,the same common sense that tells you, some people seem to have the magic touch and are successful at whatever they choose. The rest of us have to work at it. If  you are like me, then it feels that nothing you do ever comes easy, and no matter how hard you try, there are always obstacles in your way. I do not question this, I simply accept it as part of my life and work harder. Some people might say this is a negative way of looking at it, I simply believe it is more realistic and I am perfectly fine with that.

If you want to be successful in business, here are three common sense rules that you should follow:

  1. Do not start a business without a plan.
  2. Do not go into business selling a product or service that you know nothing about.
  3. Do not go into business with friends.

It would seem that in the first year of business,I had broken every one of those rules. As a result, I had felt the growing pains of those mistakes. I was about to file  “divorce” on my best friend, I was losing a lot of money and I knew if  we did not turn things around soon, we would lose all of our initial investment.

Worse, I would have to do what I dreaded the most, I would have to go back to a nine to five corporate job. The thought of that gave me all the motivation that I needed.

After the first years failure, I had to sit back and re-evaluate the business and where it was headed. I had to eat some humble pie and realize that I had in fact done everything wrong from the get go.

Shortly after feeling sorry for myself, I picked up the pen and began to write a business plan for the next few years. I did not want to fail and I gave myself a time limit of two months to turn things around or face the inevitability of a nine to five job.  It is amazing what a little dose of reality can do.

Taking inventory of the past year’s successes and failures gave me insight. It would seem that the business I had initially started, had taken a whole 360 degree turn. We were on a completely new path. What started as a computer repair business, had turned into a web design and social media marketing venture. It was almost as if we had gotten there, but had no idea where we were going. This is the complete opposite of what you are supposed to do. I have never really been the kind of person to conform.

No wonder it felt like we were failing, we did. We were no longer a computer repair company. We were something entirely different, but we did have a good head start. It would seem that it was time to embrace this new direction.

It was, as if, I had finally opened my eyes and realized where I was. This simple re-evaluation of my business and where it was headed made all the difference. I now had a plan, I knew a great deal about the product and service I was selling and I was feeling positive about this new direction.

I was prepared to move towards this new journey, what I was not prepared to do – was do it the wrong way for a second time. This time, I decided that I did not know enough about certain aspects of the business. I had to admit to myself, if I wanted to be successful,  I needed help in those areas.  When you write things down, you get a clearer picture. If you admit your failures, you can begin to overcome them.  The reality was, I was great at computers, I was not so good at selling my ideas.

I consulted the  experts (SG Partners Inc.) who gave me tips on how to create my business plan, how to manage my money and even how to prepare my taxes so that I always get back a little bit extra.

Well my business is literally being run by the expert outsourcing company at this time. After all, it is  summer and I have a whole lot more to do with my life than sitting in my office.  I paid my dues in the working world, so now I can retire while I work. How do you retire and work at the same time?

You do what I do, outsource your accounting to a professional bookkeeping firm like SG Partners and have your best friend working in the office who reports back to you each day.  Well, you have to break at least one rule to be successful!

Enjoy your holidays knowing your business is in the right hands.  Hire the experts at SG Partners to take care of your business while your away.