Administration side of your business: an essential part of your businesses that you may not like but that is crucial to your success!
There are many ways to get into business, but while all roads lead to Rome, they can offer a completely different journey. So which road should you take? Let’s find out!
Hello, I’m your host Kaycinho, I’m a digital alchemist, and this episode is episode n°3 of a module dedicated to the preparation phase of starting your business. So if you haven’t seen the first 2 episodes, I invite you to check this playlist.
And by the way, this module is the first module of a course taking you from the burning desire to become your own boss to actually launching your business. So if you want access to the full course (videos will be added until the course is complete) by clicking here.
Administration side of your business: a crucial point
Today, let’s talk about the administration part of your business.
So, you want to start a business, but you don’t like the administration part that much?
Well, unless you have the funds to pay someone to manage that part for you from the beginning, you’re gonna have to get into it!
And even if you had the funds to pay someone to manage it for you, it’d still be a good idea to know where your business is heading.
Administration side of your business: don’t waste time
Now, if a picture is worth a thousand words, I believe a story is worth a lot of big pictures.
So, as I mentioned in a previous episode, I had a buddy back in the day (we’re still buddies by the way, we just happen to live a few thousand kilometers away from each other now.
He allowed me to talk about his experience in my episodes because he’s realized he needs to make a change). So, back to the story: we used to talk about “One day, we’ll have a business” but we were just dreamers back then, never taking any action, until I had a revelation (that I talked about in a previous episode), moved on with my life and got out of dreamers land to start freelancing.
If you don’t move, nothing will change
Now one of the issue he had, and I believe he still struggles with today, is that he never wanted to do things the proper way.
For example he liked the idea to create a business, but didn’t want to go through the legal business creation process.
Instead, he’d spend his time and energy looking for business ideas and partners that would allow him to operate without taking responsibility. He just wanted to do things his way without having to cope with rules and the reality of the society we live in.
Now, that may have worked a few centuries ago or maybe still works in some remote areas, but even in these areas, there is some kind of rule you must respect in order to be in business.
So fast forward ten years later. To my great regret he still hasn’t created a proper business because he’s been looking at ways to play with the system, when he could have launched his business ten years ago if only he had been willing to do things the right way.
I’ll let you draw a conclusion about this example.
There is hope, as long as…
Now the good news is that when I asked him if I could talk about his story, anonymously in my content, it kind of struck him to the point where he realized he had to change.
So all I can do is encourage him to hold tight and invest in his own success, the right way.
Administration side of your business: develop the entrepreneur mindset
Now you see, I kinda had the same mindset like this buddy of mine when I was at the end of my teen years, and I think a lot of it came from our environment.
I did not come from an entrepreneur-minded family and although I received a good education, I lacked financial education.
For me, it took moving to another country to see things under a completely different perspective, and I’m not saying that you should move to a different state or country, but if you have no strings attached, you may find that the conditions are much better elsewhere.
But whether you stay or move away, when you want to start a business, one of the first things you should do is do your research about the various forms of business entities in your country that you could and should create, as well as the requirements and responsibilities that come with it.
Administration side of your business: do your research
Do you intend to sell your company one day?
If so, a sole proprietorship may not be the best choice.
Do you intend to have several partners? Should you move to a different state? And so on… You get the idea… Do your research!
To help you in your quest, here is a link about the various forms of Business Entities throughout the world, but my advice to you is that you should seek advice with a professional like a certified accountant or a lawyer, because this is so important!
And by the way I am not a legal or financial advisor, so once again my best advice to you is that you should do your research and consult a professional just like I did.
Yes it does cost money, but that is smartly invested money because it will save you a lot more in the long run!
Don’t just jump in the water without assessing the conditions.
Now, I know that when I started my freelancing career I had very limited resources so if a sole proprietorship allows you to be in business fast and for a very limited amount of money it can be a good move, as long as you have an exit strategy.
I think we live in a day an age when bootstrapping has produced excellent results and great entrepreneurs are born out of it.
Just make sure you know the ins and outs of what is possible where you live and plan ahead.
Administration side of your business: look for professional help
Believe it or not, being an entrepreneur is not only about doing what you love, it is also about making sure what you love doing is done the right way, and if you are trying to avoid that part of the business, you might, just like my buddy, waste a lot of time.
My best advice, is to face the situation, do your research and get help with people that can actually help you be up and running the right way.
And if you don’t have money to pay for the advice of such professionals, at least search around, I’m pretty sure that depending on the country you live in, there are free informational resources to help future entrepreneurs get started.
Entrepreneurship is about overcoming hardships, about finding solutions, about jumping hurdles now and reaping the benefits later.
If it was easy, then everybody would be successful. Now don’t let the fact that it can be hard overwhelm you.
Think about it, when you were a baby, learning how to walk was tough, and more than likely, you fell on the ground many times. But today, walking is unconscious. Just as easy as breathing.
Learning how to ride a bike, learning to swim, learning to drive, felt like a mountain once. But you’ve overcome those challenges at the time, and today it all seems like second nature.
In the same manner, learning to become an entrepreneur may seem like a mountain today, but if you hold tight, one day it may well be like a second nature too, so you may as well get started as soon as possible!
Administration side of your business: are you ready?
So, I hope that this episode helped you understand the importance of doing things right from the very beginning of your project.
It may not be the most entertaining topic, but it is crucial to your success and I hope that it will help you make a decision to tackle this matter seriously.
Let me know in the comments!
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Because let’s face it, there are so many things to do in a day that if you don’t do it now you’ll probably forget.
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So, that’s it for this episode, and in the next one we’ll discuss about why and how you should invest in your own success. In the meantime, don’t forget to invest in YOUR success!