4 tips before you quit job and start your own business?

Before the Spring Festival, every company is busy with an annual assessment, year-end bonus calculation, tailing, overtime delivery, and so on. In the thick happy atmosphere of the new year, there is always a subtle weird atmosphere. Some people are ready to start their own business after the New Year holiday!

According to the statistics of the Ministry of economy, in 2017, the proportion of small and medium-sized entrepreneurs in Taiwan was 97.7%. An increase of 2.08% compared with that in 2016. while 90% of new start-ups closed down within one year, and 90% of the surviving 10% packed their bags and went home to eat themselves within five years, that is to say, only 1% of new start-ups can survive for five years.

If you want to start a business, you definitely think that you can make money by seeing a certain market opportunity, but can it really be as you wish? Here are four “don’t start a business” prerequisites for reference:

1,Don’t start a business without money.

The first step of starting a business is to have “capital”, which can be roughly estimated, but the “hidden capital” needed to maintain the existing family life is often ignored!

In addition to the capital necessary for starting a business, you should also have enough “old capital” to cover household expenses, one or two years less, three or five years more, or the other half has enough fixed income. Many entrepreneurs fail not because their businesses lose money, but because they don’t earn enough money to spend at home.

2, If you want more free time, don’t start a business.

Many people start their own businesses because they don’t want to be tied to their jobs. They want to have more free time and do what they want to do, such as traveling, learning knowledge and skills, etc. if your starting point is this, it is impossible!

Once you start a business and become a boss, it’s normal to work 10 hours or more a day. Even if you have abundant capital and can hire enough employees to do things for you, don’t expect you to have more free time to do what you want to do. I’ve seen all entrepreneurs say “work time off, work time off”. People who want to distinguish work and leisure should not be suitable for Entrepreneurship!

3, Don’t start a business if you don’t understand the industry.

Entrepreneurship must have products or services that can sell and make money. If you don’t understand the market situation of the products and services, you just see others making money and think you can make money, then success depends on luck.

Many people start their own businesses to make food and catering because of their good skills. Later, they find that delicious food and making money are two basic things. Some people start their own businesses by joining in and hope to make money through a set of business model. Finally, all the family members become free employees and only make money for others.

4, If you can’t do business, don’t start a business.

Almost every entrepreneur starts his own business and talks about business. The business here refers to all negotiations and transactions, including customers, suppliers and partners who pay the bill. In addition to visiting customers in person to create revenue, we also need to negotiate with suppliers to obtain favorable cost conditions, which requires the ability of communication and transaction.

Some people know how to design and produce great products, but they think that they are introverted, not business materials. Then you have to force yourself to develop customers, face customers and get orders back, or you can only find a partner responsible for business marketing, but there are more problems to be solved in the business of the partner!

Two necessary management for Entrepreneurship: financial management and human resource management

In order to survive, entrepreneurs usually focus on how to increase business orders and even find experts and consultants to guide marketing-related work, but often ignore two management: financial management and human resource management. It is not until the beginning of profit-making that we know the importance of cost control and tax planning; unfortunately, when there is a labor dispute or labor inspection, we know how many provisions there are in the original labor law.

Entrepreneurship is usually the scale of small and medium-sized enterprises. Hiring professional financial accountants or human resources personnel has a heavy cost pressure. These two things are quite professional. It takes a lot of manual work time to do it by yourself. Therefore, you can entrust a professional company to help you deal with them first, so that you won’t be fined for breaking the law in the entrepreneurial stage of sprint performance.

In the early stage of entrepreneurship, we don’t need to spend a lot of money to ask experts to guide us to establish a system. First, we can use good information technology to solve these management problems. For example, the purchase, sale, inventory management system, human resource management system, or financial management system, etc. Those parts are already cloud-based and mobile app-based, So it’s suitable for small and medium-sized enterprises that are just starting their own businesses.

If you make up your mind to start a small business and looking for display fixtures, you can visit ANT DISPLAY or Unique Kiosk. Both of them provide awesome store fixtures and mall kiosks at an affordable cost.

There is also a big risk of failure: the difficulty of finding another job is increased! Because you have interrupted the original work experience, many companies do not like to hire people who have ever started a business. In a word, starting a business is no easy way to go!