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How to overcome your fears and become your own boss
“…the entrepreneurial highway is littered with the wrecks of the dreams of founders who were unable to get investors to share their enthusiasm…”
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**If you want to comment on any of our articles you will need to create an account here.
There is no doubt that starting a new venture while also keeping your old job is a tough slog. You have to sacrifice your evenings and weekends and whatever spare time you have to work on your business. Obviously this means it will take longer for your idea to come to fruition and start gaining traction. After all, there are only so many hours in the day.
“…watch your expenses and cash burn like a hawk…”
One of the most important things in this phase of the business is to watch your expenses and cash burn like a hawk. If you are spending more than you can sustain with the income from your employment the situation will quickly become unsustainable and something will have to give. It is therefore vital that you do all you can to avoid entering into contracts where you cannot control what the final cost will be. Time based professional services such as accountants, lawyers and consultants are often vital at this stage of a business and these costs can be both expensive and difficult to control. This is why LCCS is tailor made for the bootstrapping business founder. Your accounting fees are not only low, they are known up front and fixed and they are spread out over the year. For tax and filing compliance reasons all businesses require accounting services. LCCS makes this one less cost to worry about.
Not only is LCCS’s monthly subscription model a dream for lean start-up businesses trying to control the purse strings, but the LCCS Live Tax Report does the same thing for your tax bills. When cash-flow is tight the last thing you need is to be hit with an unexpected invoice from HMRC. The LCCS Live Tax Report keeps you fully up-to-date with not only your company’s tax liabilities but also your own. Drawing an income through employment and also from a nascent business can be a minefield come tax time. The LCCS Live Tax Report tells you exactly how much you need to put aside from every pay packet and company drawing. This won’t guarantee that your company is a success, but it will make it much easier to look after the pennies and forecast your cash requirements.
The great thing about keeping your business costs under control and maintaining your income is it gives the rookie entrepreneur the time and space to learn and grow and develop their business idea. Without the pressure of VCs demanding a return or rapidly diminishing cash reserves you have the time to learn from your mistakes, alter your course and eventually find a winning formula.
Ultimately whether your business idea is a roaring success or just a fantastic learning opportunity doesn’t really matter in the end. Very few business owners get everything right the first time but you can never make a success of something you don’t even try. So if you’re thinking of starting a business why not give it a go by starting small, bootstrapping and growing. The worst that could happen is you lose a little money but gain a tonne of experience. And you know what they say, “you only regret the things you don’t do”.
How to overcome your fears and become your own boss
“…the entrepreneurial highway is littered with the wrecks of the dreams of founders who were unable to get investors to share their enthusiasm…”
*You can unsubscribe at any time here.
**If you want to comment on any of our articles you will need to create an account here.
There is no doubt that starting a new venture while also keeping your old job is a tough slog. You have to sacrifice your evenings and weekends and whatever spare time you have to work on your business. Obviously this means it will take longer for your idea to come to fruition and start gaining traction. After all, there are only so many hours in the day.
“…watch your expenses and cash burn like a hawk…”
One of the most important things in this phase of the business is to watch your expenses and cash burn like a hawk. If you are spending more than you can sustain with the income from your employment the situation will quickly become unsustainable and something will have to give. It is therefore vital that you do all you can to avoid entering into contracts where you cannot control what the final cost will be. Time based professional services such as accountants, lawyers and consultants are often vital at this stage of a business and these costs can be both expensive and difficult to control. This is why LCCS is tailor made for the bootstrapping business founder. Your accounting fees are not only low, they are known up front and fixed and they are spread out over the year. For tax and filing compliance reasons all businesses require accounting services. LCCS makes this one less cost to worry about.
Not only is LCCS’s monthly subscription model a dream for lean start-up businesses trying to control the purse strings, but the LCCS Live Tax Report does the same thing for your tax bills. When cash-flow is tight the last thing you need is to be hit with an unexpected invoice from HMRC. The LCCS Live Tax Report keeps you fully up-to-date with not only your company’s tax liabilities but also your own. Drawing an income through employment and also from a nascent business can be a minefield come tax time. The LCCS Live Tax Report tells you exactly how much you need to put aside from every pay packet and company drawing. This won’t guarantee that your company is a success, but it will make it much easier to look after the pennies and forecast your cash requirements.
The great thing about keeping your business costs under control and maintaining your income is it gives the rookie entrepreneur the time and space to learn and grow and develop their business idea. Without the pressure of VCs demanding a return or rapidly diminishing cash reserves you have the time to learn from your mistakes, alter your course and eventually find a winning formula.
Ultimately whether your business idea is a roaring success or just a fantastic learning opportunity doesn’t really matter in the end. Very few business owners get everything right the first time but you can never make a success of something you don’t even try. So if you’re thinking of starting a business why not give it a go by starting small, bootstrapping and growing. The worst that could happen is you lose a little money but gain a tonne of experience. And you know what they say, “you only regret the things you don’t do”.