Accepting advice from successful entrepreneurs will ensure that new business owners do not attempt to reinvent the wheel. After all, it makes no sense to attempt new ventures without advice when there is so much advice available. You will waste precious time that cannot be bought back if you choose to go solo. That being said, what can you expect to hear from those that bit the bullet and forged a path on their own?
For starters, you will most likely hear an entrepreneur tell you to have a plan in place. You have to crawl before you learn to walk, take baby steps, etc. It all boils down to this, do not rush into anything without a plan.
Next, surround yourself with experts. Hire a lawyer that deals with incorporation and other business related topics. Hire an accountant to stay on top of tax matters. Perhaps the most important piece of advice is to hire a financial advisor. This may be the key to longevity and early retirement.
What will hiring a financial advisor do for the entrepreneur? It will address one of the biggest mistakes many entrepreneurs make initially, and that is not having a back-up plan for their personal finances. Half a million people start their own businesses each year, and most of those new companies will be gone in less than five years. How will you take care of your personal debt if your start-up fails? It’s a very serious issue that is often overlooked or ignored.
Cash flow and financial planning must be a top concern for anyone thinking about starting a business. A good financial advisor will help you forecast and prepare for growth and deal with the money coming in and going out of the business on a daily basis. The best advice is to listen to those that have come before you. Successful entrepreneurs are an excellent source for advice for those that wish to become self-employed.