Many of our customers who use the best-selling PDF financial file converters on the market are small business owners. In fact, MoneyThumb has a version of our product that is specifically designed for small business owners.
If you are considering creating a small business, you'd do well to read the following pieces of advice before getting started. The Rules of Thumb blog has collected what we consider the best advice from experts across the web on starting a small business:
Evan Carmichael--At 19, Evan Carmichael built then sold a biotech software company. At 22, he was a venture capitalist raising $500k to $15M. He now runs a YouTube channel for entrepreneurs with over 2 million subscribers and 300 million views, wrote 4 books, and speaks globally. Forbes called him one of the world's top 40 social marketing talents and Inc. called him one of the 100 great leadership speakers and25 social media keynote speakers you need to know.
Here is advice on building a small business from Evan--"What successful entrepreneurs have in common are: 1) they had an idea that they were passionate about, 2) they did something about it and took action instead of sitting on it and watching someone else get rich from it, and 3) they persevered and had the conviction to follow through and not quit when times got tough."
Rieva Lesonsky--Two time CEO, small business expert, and former editorial editor for Entrepreneur urges small business owners to be more objective when starting their company. She suggests looking at everything through an outsider’s lens in order to remove biases and truly make the best decisions.
1. People will disappoint you. Don’t take it personally.
2. You always need more money than you think you do. Budget carefully.
3. Invest and don’t skimp on technology! The most current hardware & software really helps you be more productive and efficient, even if it’s a little more expensive.
4. You’ll get less sleep than you think you will.
5. All that said, it’s worth it.
Alexander Koury--Certified Financial Planner and CEO of Values Quest, Alexander Koury has this advice for entrepreneurs wanting to start a small business: "Starting a business is one thing, but making money is another. Setting appropriate timelines and financial goals for yourself can help keep you stable and focused on investing in your success. Look at your personal finances to determine how you can live as frugally as possible. Once you decide to invest in yourself and business, your goal should be to put all your financial energy into it."
For even more advice on starting a small business, the following two gems we found are well worth a read:
This article from Forbes, 10 Tips For Starting a Small Business You Haven't Heard a Thousand Times Already is great! Here is the first of those ten tips, "Countless people dream of becoming entrepreneurs, but they never do. They’re burdened with excuses and fears of failing. From money to time to responsibilities, you can make a million cases for not starting a business. Let’s face it, being your own boss is scary. In most cases, new business owners have a lot to lose with little insight into their chances of success. Worrying about the risks of business ownership is normal."
Patriot Small Business has this awesome post on their blog, 6 Startup Lessons Learned the Hard Way. This is the first of those six lessons, "How to Take a Punch: The thought of being your own boss is intoxicating. It’s a little like getting a puppy. You think about how much fun it will be holding and snuggling your puppy. How it will always be happy to see you and how you can chase it around in the yard. Your puppy is going to be so much fun that you’ll overlook all the bad stuff, like when it eats your furniture or takes a potty break on your new carpet, and how it needs 24/7 attention. Well, your business puppy will come full of hidden costs, economic downturns, failed business plans, lack of customers, demanding banks, startup business credit cards, sleepless nights, evaporating weekends, early mornings, and a lack of cash. Add it all up and It can all knock the wind out of you."
MoneyThumb and the Rules of Thumb blog believe by following the above advice you should have a solid foundation on which to build your new small business. We'd also like to share with you a free guide from Brian Tracy. He is a Canadian-American motivational public speaker and self-development author. Brian is the author of over seventy books that have been translated into dozens of languages. The free publication Mr. Tracy is offering is a 14-step goal-setting guide. You can download this free guide by following this link.
Good luck with creating your new small business! We hope you will share this post on your social media page so that your peers can benefit from the content as you have.