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If you’re interested in starting your own business and want a head start on what the owner of Dr Locs has learned through her years of experience, then start here. And advance later.
Hire the right people
Hire people that are smarter than you. And avoid hiring people who are ‘yes’ people. Hire people who can tell you what is best because they are smart in their areas of expertise. Sometimes we want to hire people who are cheerleaders or agree with everything we say, but you're not going to grow. Entrepreneurship comes with being uncomfortable a lot of the times in order to grow.
Understanding the Ebbs and Flows of your Business
Understand the ebbs and flows of your businesses. Understand there are points when your business will be high and other times when it will be low and slow. Understand the flows, the highs and lows. And try not to get over excited during the peaks.
Stay organized with your finances. Then you can keep yourself afloat during the low points. You might not want to make decisions during the moments your business is low. Study and learn from your ebbs and flows. Have a look at other businesses that are similar to yours and have friends in the business, or in the industry who can share information on what's going on. A lot of business owners are feeling the impact of the pandemic 2 years later. Understand how these things impact everyone.
Hire an accountant
It’s very important to hire an accountant. For Dr Locs, it helped her later on to move forward in her business. An accountant helped her organize all her important documents, which you’d then have ready in order to move forward in the business. An accountant helps with the organization of your business. As an entrepreneur you don't have to know and do everything. An accountant can help you remain organized and help with budgeting.
Don't rush it
Don’t rush into doing the big things. We stayed in one place for a while until we knew we could afford rent somewhere else. Dr Locs enjoyed outgrowing spaces. She watched the ebbs and flows and learned when she could hire another person and didn't rush into it. Don’t rush into the next phase until you’ve really worked through the phase you're in - no matter how exciting or tempting it might be. Make sure you can pay for the things you need comfortably before jumping into the next phase too quickly.
Therapy as an investment
Going to speak to someone will help you tremendously, not only in your personal life but also in your business life. Find the right person. You don't want the people in your business to play your therapist. Find yourself a therapist who you can unload all the stress and anxiety of running a business in a healthy way in the right place. Help yourself and find someone who can professionally help you grow.
If you have any questions about starting or growing your own business, reach out to us! We’d love to help in anyway we can.