What are the Wrong Reasons to Start a Startup?

Trying to look cool - Complete Controller

Starting a business can be an incredible adventure. You are allowed to share your creativity and passion with the world. It is important to hold on to that passion while creating and operating your business to ensure that you never lose sight of your goals. There are several “do’s and don’ts” to be aware of in the business world to save time and energy while operating at maximum proficiency. 

  1. Trying to be cool

Many new businesses put all their focus on image and public relations. While this is important, neglecting to emphasize proper operations and procedures can cause a business to fail quickly. Taking care to provide quality goods and services will do more for your brand’s image than any elaborate marketing campaign.   Check out America's Best Bookkeepers

  1. Boasting more than necessary

Many businesses feel their concept is revolutionary and life-changing. While this may be the case, being boastful can result in a false sense of confidence that may lead to failure. It is important to remain cautious and listen to suggestions while also taking pride in your work. Practice mindfulness and stay humble. There is much to be learned from colleagues who have already succeeded in the business world. Keep in mind; you will encounter failures on your journey. Humility will prevent the harsh crash when these occur. 

  1. To become wealthy

While becoming wealthy is attractive to almost everyone, this should never be the sole reason behind starting your business. Also, focusing on getting rich quickly will almost always end in disaster. Instead, strive for a steady inflow of cash to your business and remember that most business owners are unable to take a salary for the first 18 months. By consistently grinding and making thoughtful decisions, you have a greater chance of achieving wealth as a by-product. Check out America's Best Bookkeepers

  1. Providing employment

While providing stable employment and salaries can be very fulfilling, this opportunity comes with great responsibilities. You must ensure that your staff is competent and well trained. You may also have to fire employees who are not meeting company standards. Creating jobs is great; however, it is important to take great care to ensure all your employees are assets rather than hindrances. 

  1. Freedom

The thought of spending most of their time stuck in the 9 to 5 workday, tucked away in a cubicle under those headache-inducing fluorescent lights, can be a nightmare for many people. Many people dream of breaking free from this system and gaining the ability to create their own schedules and work environments. However, while owning your own business may allow you more flexible hours, the effort needed to succeed is often 10 times greater. Those monotonous 40-hour workweeks you had so much disdain for may turn into 80 hours a week of strenuous and back-breaking effort that is needed to build your business from the ground up. Just because you are no longer obligated to punch in and out every day religiously does not mean you must not be disciplined and diligent with your time. Check out America's Best Bookkeepers

  1. To get rid of the boss

One of the most attractive aspects of starting a business is getting to be your own boss. The freedom that comes with working for yourself and fulfilling your unique vision can be the main motivator for many entrepreneurs. However, this role comes with many serious obligations.   

As a company owner, you are responsible for creating sales, production, generating revenue, and engaging in marketing for the company. The responsibility of business growth falls solely on your shoulders.

Additionally, you are responsible for ensuring your employees are contributing positively to the efficiency, productivity, and image of the business. Executing effective control over employees is no easy task. You must be compassionate and fair while also requiring respect.

When to start a business?

The best reason to start a business is to offer a solution. When your focus is on meeting the needs of the customer, everything else will fall into place. A business that offers a quality product or service will almost always see success, and all involved will be greatly fulfilled.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers