5 Things I Wish I Knew When I Started My Business

5 Things I Wish I Knew When I Started My Business

Starting a business isn’t easy, but any entrepreneurs relish the risks of starting a business as well. There’s something exciting about steering a young company sailing through rough waters and successfully making it despite the odds. Perhaps it’s the adrenaline in the challenge or the feeling that follows the accomplishment.

Whatever the emotion may be, below are 5 essential things that are ready to help you start your own business. Hopefully, this knowledge can enable you to be better prepared, and maybe even make your business a success much earlier than you anticipated. Knowing these tips could also be handy to prevent any mistakes and ensure a smoother entrepreneurial journey.

1. Just Get Started

Take the plunge. Many people fuss over minor things like having the right website or a great logo. Others worry too much about the competition. It is always best to find what you love and set it up first. Business is not always about having the perfect set up. It is getting out there to reach clients, increase awareness and let people know what you can offer to them.

The same goes for the market. Regardless of the services and products you are offering, the market will always be saturated. Give yourself a learning curve to adapt to new challenges while growing your business.

2. Outsource and Automate as Much as You Can

Many business owners struggled with doing everything by themselves for a long time. They spend more time juggling between different tasks in the business, which can drive the main focus away from the main core activities. For example, instead of doing bookkeeping yourself, there are many accounting services companies in Singapore that can provide the expertise for you to manage your finances.

Instead of struggling in doing your taxes, opt for a professional accounting firm which provides tax filing services to support your compliance needs.

Free up your schedule and redirect your focus to other important aspects of your business. You can consider outsourcing or automating these tasks:

  • Bookkeeping and accounting
  • Social media management
  • Customer correspondence management
  • Hiring

3. Activity Is Not the Same as Growth

Determine your company goals and objectives. What is your long-term and short-term planning for business growth? When you work with a professional from an accounting services company, you can gain better insight about the current state of your business financials and projected growth in the future. It would also be helpful to know whether you have a healthy cashflow so you can make strategic business decisions.

4. Meeting the Customer Need is More Important than Turning a Profit

It can be hard to make sense of this, but here is a quote by Mark Cuban that is sure to help: “Treat your customers like they own you. Because they do.” Customers only care and will return if you can meet their needs. Otherwise, they might stop coming, and you can find it hard to boost your sales. Before you start counting your cash, check if you satisfy your customers’ needs first.

5. Running the Business is Top Priority

Many people start their business based on their passion. Perhaps yours too. However, as the tips above show, a successful business is built on more than merely following a passion. You must ensure that the business side is also right by doing the following:

  • Developing a strategy
  • Work out your marketing and sales approach
  • Interacting with customers
  • Handle administrative tasks, like bookkeeping and accounting services, professionally

With this knowledge, you can build a better and more sustainable business in the future.

Should you require any assistance on accounting services, feel free to drop us an email at johnwoo@ag-singapore.com or contact us at +65-66358767. At Ackenting Group, we offer a complimentary 30 minutes online consultation for us to better understand your business requirements.

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