Starting A Business? The Top 7 Things NOT TO DO (Updated for 2020)

Starting a business in 2020? Here are the top 7 things NOT to do when starting your business. (Updated for 2020) I even included in a BONUS one at the end. And that bonus one is probably the most important one of all when starting a small business.

#1 THE PERFECT BUSINESS PLAN.
If you're starting a business, this is going to be your WORST enemy. The problem with this one is that perfection gets in the way of progress. Taking the first step is more important than the perfect business plan. There's no perfect plan or the perfect time to start a business, whether that's online or retail. The most important thing is just getting started. From there, you can figure out the rest.

#2 QUITTING YOUR FULL-TIME JOB. Sure, quitting your job will help you focus on your business. But it's very likely that your first few months as an entrepreneur will have little to no income. Starting a company is already hard enough, there's no need to add additional financial pressure to yourself. If you really want to make a leap, save up for AT LEAST 6 months worth of expenses, so that your business income can catch up to that.

#3 TRYING TO DO EVERYTHING YOURSELF. When I first got started, I was pretty adamant on doing everything myself, because I can and also because I want to save money. I definitely saved some money don't get me wrong, but it cost my time speaking with potential customers. Looking back now, I don't think it was worth it. What I should've done is to outsource some of the work where others are more efficient than I am, buy that time back and use that time to get more clients.

#4 SPENDING. With #3 what I was referring to are business expenses, and I am referring to individual expenses with this point. When you first start building your business, it might mean that you'd eat out less, spend less on things that you don't ACTUALLY NEED, just so you can invest that back into your business. What I found really helpful is to audit my own expenses, and I got rid of things like Netflix, Spotify, and prepared meals myself so I eat out less.

#5 PRETENDING THINGS ARE GOOD. All I am trying to say here is that it's fine to ask for help. And your friend and family really do want to help you. But they need to know that you NEED/WANT help. No one can help you if they don't know you need help. You don't have to do this alone, nor should you.

#6 FOCUSING ON MONEY. Now there's nothing wrong with focusing on money, but it shouldn't be your only focus. The majority of the time, starting a company almost has nothing to do with talent, but it has everything to do with perseverance and your ability to learn really quickly. Aren't you curious about why people keep saying "you gotta be passionate about this to be successful"? It really just means that for you to endure the BS that comes with starting a business, you really have to enjoy what you do, hence 'passionate'.

#7 PARTNERSHIPS. Think of this as a marriage, it's long term and not a short term investment. If you're entering into a partnership, make sure you guys share similar values and have the same vision for the company. Try working on a few projects together first and see how you guys interact.

If you have more questions, feel free to send me an email at [email protected]

References:
- My personal experience starting a business
- Evan Carmichael

Suggested reading:
Grit: The Power Of Passion and Perseverance - https://amzn.to/37dcbAJ
How To Win Friends & Influence People - https://amzn.to/37aFCn0 (my favourite)
Think And Grow Rich - https://amzn.to/2MsgBvw

My Camera & Equipment:
Sony a6400 body - https://amzn.to/374vRqc
Sony f4 10-18mm Wide-Angle Zoom Lens - https://amzn.to/2tNb2kJ
Rode Lightweight Mic - https://amzn.to/2QcSCl2
Neewer 18inch Ring Light - https://amzn.to/2QhjSij