When it comes to starting a business or choosing to invest in a business, there’s alot to consider. CEO of the marketing company Digital Future Elisha Elbaz went into digital marketing as a career choice, after connecting with many people from around the world and building connections. His company helps app developers promote and market their brand new apps, as well as gain many followers on Instagram.
If you rush setting up a business, it can cause potential obstacles. It is common to face many losses in a business and the first project may not be perfect. That’s why there are many ways of overcoming setbacks and preventing any damages from an early state.
Many successful entrepreneurs such as Elisha Elbaz have played with different ideas and tested different business tactics before they found their market niches. It can take a long road to success, which is why you should not get discouraged. It is only common to have come up with new ideas and brainstorm solutions for your business.
However, in order to become successful as a business owner or investor, there are a few things that you need to consider first. Elisha Elbaz wishes to share tips of what you need to know before you start investing.
Get planning
Elisha explains, “Make a business plan, simulate how you are going to do everything in macro, think about how you get your clients, do the math and let someone check your plan to share feedback. If you don’t get feedback from professionals, you are very likely to miscalculate a lot of things.”
By being organised, your mind set is clean and you can focus on the goals on what you want in investing in a business or starting your own business. It is always best to get a professional service such as a business advisor or a mentor, in order to monitor and calculate your costs for your business plans.
By planning every part of the business, you can structure it correctly. This also gives you a healthy flow and routine for your business and the environment you’re in.
Get a new bank account
Elisha advises, “You should create a new account for the business, so the financials are separated between you as a private individual, and your business. This will save you a lot of problems as it is common for people who share the same account, to mix the transactions.”
By getting a new bank account, you can secure your assets for your business and not face any risks of losses from your personal activities. You can save up your money for your investments under a separate bank account.
If your company ever faces any lawsuits, your personal assets are protected and your business assets will counter that risk. By having two separate bank accounts, you can keep track of where you are spending your money.
Plan out a budget
Elisha claims that, “studies show that people consume all of their resources. Regardless whether they are given a small or a large amount, it would be consumed entirely. Therefore, in order to avoid the mistake of consuming your resources, and particularly your money, create a monthly recurring expense to deposit a certain amount into a saving account. Get into the habit of saving. You will be delighted seeing your account growing steadily. After a few months, see if you can increase that amount furthermore. After a year or so, you can start thinking about investing your money to allow further growth of your business.”
In order to maintain a good cash flow for the business, it’s important to create a budget sheet and hire professional help that can keep your spending on track. Depending on which country you’re living in, you also need to look at the tax laws and potential costs.
You should always have extra money for your business, so that you can pay for maintenance and legal costs. You can also have extra money saved for your business so that you can afford to hire professional help, when needed. For example, you may need to hire a lawyer, accountant or marketing team for your business.
