If you are unhappy with where you’re at, this video is for you. We want to empower you to start your own business or make a move in your career to make you happy. 10 years ago, Rob Fell started his own business, IRIS Factory Automation, and never looked back. He gives his expertise and experience of running the company through hard times and good.
Before Rob started his own business, he worked in corporate America for around twenty years. As a side hustle, he built houses and also saw one of the worst economic crises, the 2008 recession. He learned alot from that amongst other things, and is here to share his journey. Today we will talk about 10 things to consider when thinking about opening your own business.
Discovering the Mechanics of a Business
Be aware of these topics and questions before starting a business
Really ask yourself why you want to start your own business. Are you doing it to leave a legacy, because you hate your job, or to chase your passion? Really think about what your motivation is so that you can refer back to that during harder times.
Are you contractually obligated to your current employer? Be tactful and transparent.
Life is short, but also long. Don’t be in a rush to go out and buy a fancy car or get married, really play the long game and make some sacrifices if you really want to make the most out of your money and investments into your business.
Thinking about a business partner is an incredibly important decision. Before taking on a business partner you should ask yourself what you actually NEED. For Rob, when he started IRIS, he needed a programmer, but instead he took on a business partner and learned from that mistake. Also you should really never take on a 50/50 business partner because there will always be disagreements and it’s hard to mend if you are in a 50/50 relationship. Ultimately, If you want to start a business, think about your resources, what you need and the percentage that makes sense. Be unapologetic in your negotiating.
Do you have the will to do it? The bigger the business gets, the larger it gets in different ways. It’s mentaloly taxing, tiring, and hard work. If you think that starting a business is the easy way out, think again, because it really takes dedication.
Surround yourself with people who want you to be successful.
Plans change, goals don’t. Have a good starting point, don’t get it perfect but just get it started.
Debt kills. Don’t go spending money you don’t have on new equipment, a giant office, and a bunch of employees. Run the business as thin as you can for as long as you can. Cash is king!
Be creative, there are more tools out there for small businesses than ever before. A few things you can use are zero interest credit cards, savings, and angel investors.
When it comes to your accounting insurance, permits, and licenses make sure that you know them like the back of your hand.
In closing, we hope this motivates you to follow your dreams and go do what you love. It takes a lot of hard work, people who care, and determination, but it’s all worth it, and you only get one shot and this thing we call life.