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Starting a new business venture

RecordBen

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Thread starter #1
Hey Successful Dropouts,

I am about to take the leap and drop out of the mainstream workforce! I am excited and confident in the new path, but as I am sure you all know that doesn't mean I am not still a little scared shitless at the thought of leaving my decently paying job. I am going to be going into business loan brokering as my primary focus, where I will be working to help broker any type of business loan from Commercial Real Estate to the purchase of a business. I also plan to start some other freelance work and build up multiple sources of income. What advice do you guys have for a guy just starting out? What tips for tracking business expenses? Basically, what are the things you tell yourself now, "Man I wish I would have done this from the start?"

Looking forward to hearing your thoughts!

Aim Higher!
Ben
 

Gerrit

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#2
As a web designer I’m less fond of the financial administration. So this is probably obvious for you but still:
- set up a clear simple invoicing system with invoicing templates and an overview that gets the numbers straight from your invoices. There are plenty online tools but I just use excel.
- track your hours if you get paid per hour. I have hour tracker tools and I keep the invoice this goes on open so I can add it
- check out apps that track expenses, save business cards etc.

Just make sure that whatever is not your trade, but is still needed, takes as little effort and time as possible. This way you can always focus on your trade and not get annoyed with nonsense.

Also, if you do not yet have a website, a logo and/or business cards I would love to help you out.
 

Kylon

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#4
Excited for you man!

Literally the number one thing I would have told myself is NOT TO WORRY SO MUCH. I spend a lot of time worrying about both things in my control and out of my control. I would give a lot to have those moments back and instead just enjoy the journey. Turn stress into an adventure and enjoy the process of working your way to the top. For the things you can control, do your best everyday, then don't worry about it...you've done what you can. For the things you CAN'T control, it's not worth it...why worry? It's out of your control, stay positive and keep going.

Things will definitely get tough sometimes and they will also be really exciting. It will be like a roller coaster. But trust me, you will look back with fondness and pride. Nothing worthwhile comes easy, or everyone would do it.

You should for sure start a follow along in the forum if you haven't already so we can stay updated!
 
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#5
I'd take whatever your ambitions are and make them much larger (think 5x or 10x). Then I would consider finding a partner who can help get you there. Doing things alone makes it so much harder. All the better if it is a friend. You may own less of the company but you also will get to your goals much faster.

Focus on the critical success factors of the business and make them perfect. Every business has just a few of these - if you think there are 50 then you are likely not focused enough.

I work in healthcare with infinite complexity and hundreds/thousands of hours of work before you can open a clinic (from a standstill). And even here I'd say there are only a few critical success factors. Building everything around making sure they succeed is very important.

The last random thing I will throw in is the idea of building a small or medium sized network of fellow entrepreneurs/finance professionals / real estate professionals who:
  1. Know what you are doing and how hard you are working
  2. Can maybe provide some advice/insight at times, as you won't know how to do everything yourself (it may just be small things, but it's good to have friends to ask help from)
  3. Might think about joining you at a later date - they will be more interested in your success
  4. May eventually invest in your work if you are doing well and you need to expand, or even just to keep you afloat a bit
To paraphrase the above in favor of keeping "the right people" updated, here's a quote:

“Next to doing the right thing, the most important thing is to let people know you are doing the right thing.” – John D. Rockefeller

Best of luck, keep us in mind ;)
-Schneck
 
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