5 things to know when starting a small business

5 things to know when starting a small business

I hope you're looking for advice and encouragement on your small business journey if you've found this blog post. I start my own stationery business 4 years ago and it's been a fun ride. I've learned a ton. In the beginning, I would google things like this all the time to get input and learn. This advice is going to be just from my own experience but I hope it offers something to you today. 

If you're starting a small business you'll want to keep these in mind. Also - great job! This is a brave thing to do. You'll be wonderful. 

1. First - remember to document your story. It's happening even right now. Take note of why you started, how you started, where you were living, what you were thinking about most, and the passion that led you to start. You'll want to revisit that first spark of passion often, and it will be what drives you when you get bummed. 

2. Understand profit and loss before you even have profit. Start a simple spreadsheet. Make a column for what you're spending, and a description. Then, make a column for when you do make a sale. Make a formula to see the difference. This will help you understand what it costs to run your business from the beginning. This was you'll know how to make money goals, and gadge success. 

3. Keep those receipts. You'll need it later for when you do taxes. 

4. Have the mindset of longevity. Do everything thinking of how it can grow in the years to come not just the weeks to come.This is going to help you not burn out. Resist the urge to just do more and bigger each month that first year. Pace yourself. 

5. Have fun!! Don't forget that you're doing this because you enjoy it. Don't let it keep you from having a social life. 

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