Last Updated on 2 years by Heyward CPA
In this episode, we will be discussing how to properly and effectively run your new business.
What we hope to discuss in this episode is primarily based on experience and not typically what you have researched on the Internet.
There are many resources out here to tell people how to start a business.
- Go file your LLC
- Get your Ein number
- Get a bank account.
These are all rudimentary. However, there are not a lot of resources on how to run your business and how to be prepared to take advantage of resources when available.
It is important to build relationships so that one can easily access political capital when needed. If you're a sole proprietor, how do you find the time to do that?
The key to that is discipline. You got to create discipline for yourself. And that can seem really hard to do because you're talking about time management and creating a schedule.
Another key to development is being an active learner. Learning, being open, and developing these relationships with people will help you along the way. The understanding that we have to come to is that it's okay that you don't know everything. When you look around and say, Where do I go? Just choose your options and go in that direction. And that direction will continue to put people and put things in the way of your learning as you go.
As a business owner, whatever reason caused you to start your business, starting the business cannot be your endpoint, you can't just stop there. It's different. You got to climb.
Since the Pandemic, lots of businesses suffer because they essentially ran out of money, not because they don't have sales. So money is the golden rule to keep your business active.
What happens is, in our community, the word loan is like, it's evil. One reason for this is due to lack of teaching, about money and about proper financial literacy. For example A 30-year term on a business loan, that's unsecured, is what you call my friend, free money. Read more Episode 3: The Power of Cash Flow
It is not too late to help your business recover. Watch this full episode for more info on how to help your business to prosper this year. Episode 6- Financing during the Pandemic and Beyond.