5 Essential Tips for New Entrepreneurs: What I Wish I Knew Before Going into Business
As a new entrepreneur, there are many things to learn and important details to know to succeed in the business world. In this article, we will give you 5 simple but effective tips to help you start your business.
- Differentiate between a registered business and an incorporated business
I am not an accountant or a lawyer (even very far from being), but here is what I understood in very simple jargon. A registered company is a sole proprietorship (you) which registers with the Business Registry.
In an incorporated company, you then become a shareholder of a company separate from you, which offers additional legal protection.
Registered business = you
Incorporated business = entity separate from you
From there, depending on taxation, the income generated by the business, the risk of the business and other reasons, it is up to you to check whether it is better to register or incorporate your business.
My advice: check with a trusted accountant depending on your situation what is best for you.
- Keep your job on the side
If you are not financially independent, it is best to maintain your current job while starting your business on the side. Although it may seem difficult, reinvesting all the profits from your business into itself will allow you to grow it quickly and become profitable. It's a long-term investment in your future.
- Prepare for daily challenges
The world of entrepreneurship is full of daily challenges, big and small. It is therefore essential to be prepared to resolve unforeseen problems. Your entrepreneurial journey is unlikely to be easy, but challenges can also be opportunities to learn and grow as an entrepreneur.
- Avoid comparing yourself to others
Every entrepreneur has their own journey, difficulties and successes. It is therefore essential not to compare yourself to others. Social media can make everything seem easy to others, but in reality, this is rarely the case. Trust yourself and don't hesitate to ask for help if necessary.
- Prepare to work hard
The freedom to work at your own pace is one of the benefits of entrepreneurship, but that doesn't mean you'll work less. To succeed, you will have to work hard and dedicate yourself fully to your business. The hours of work may be many, but the success is worth it.
In summary, these five simple tips can help you start your business successfully. Don’t hesitate to seek professional help and work hard to achieve your entrepreneurial dreams.
Good success !
Lincoln & Catherine