Section One: Bad Choices
If you have ever wanted to run your own business, then all I can say is: Don’t go at it alone. You make several bad choices with your startup ideas and things of that nature that takes time to mature and get the ball rolling. Sometimes we work so hard in our own visions that we create a tunnel vision that blocks all outside views. While it should be self-explanatory why its bad to do that. It’s hard to move forward through life and through business with only an echo chamber of your own thoughts. So if you start a business, don’t go it alone. Get a sponsor, a good friend, or someone you know to help you lay the foundation for the business and to be there for you when you need someone to bounce ideas off of and things like that. If it doesn’t work out you can always just fire them or just close down the business and start again.
In my business, I have made several bad choices. First, I didn’t listen to good advice from friends and family in regards to what made sense and what didn’t. It is hard to make the choices I did, and the choices that I will make in the near future, but in short, follow those around you as they probably know more than you. Next, monetarily I spent way too much on my business and didn’t get enough in return. When you create your business, instead of buying what you like to make content on, to resell, or whatever your business model is – simply throw that out the window. Instead, look around at the industry, look at what is selling, and what isn’t. Choose the products that are on TV, or knock-offs that are similar, buy that in bulk and then sell the crap out of it – whether the sales be your content and affiliate marketing, or actual sales.
Finally, I was lazy, complacent, and just didn’t care about doing anything. Running a YouTube channel, going to school, and trying to live a normal childhood with relationships and the like is very difficult. I’ve always had issues dealing with people my age and I was raised around adults, so I clicked better and could understand those who where older than me most of the time before I could know what I was doing talking to someone my own age. This caused a barrier with people my own age and then pushed me aside, alienating me more, making me sometimes depressed and not wanting to make content. Since my business started as simply a YouTube channel, when I wasn’t making content, I wasn’t making money. So don’t get complacent and almost give up. While YouTube is a good revenue stream for new businesses, if done correctly, it has its issues and should be paired with other methods of making money.
Which leads me into section 2…
Section Two: Money Constraints
You may have a great idea, but if you do a business by yourself, you are forced to pay everything out of pocket until you get NET positive (“out of the hole”). Even after you are positive, you may still have to pull out of your own pocket every now and again. Running a business is EXPENSIVE from servers (~$50-50000/year), websites, tools, supplies, plugins, themes, etc. It seems like you will never go positive. But, if you have a few friends who start the business with you, then they can also chip in. Remember, that they get a percentage say in whatever happens with the business if they throw in money, so always put in slightly more than them so you can have your business still be yours. At the same time, don’t be an ass and make it so that they feel their contributions are worthless. Everyone should work together as a team. The end goal for your friends is still the same as you: Make the most amount of money, so you can make more products, so you can make more money.
Section Three: Legal Matters
While I am no lawyer or legal representative, I know most of the laws in the main state I do business. But there were many a time (and I am sure there will be many more) where I wish I had sought legal counsel. If you are getting into business by yourself, your bad choices with money, trade names, and more could get you into legal trouble. While I, thankfully, haven’t been sued just yet, I am sure it’s only a coincidence. It’s always better to protect yourself over trying to go at the law alone because the lawyers that you hire are there to do one thing: If you are innocent, they make you guilty; and if you are guilty, they make you innocent. Going at the law by yourself is scary, dangerous, and frankly a long and boring road. Am I saying to ignore the law so long as you have a legal team to help you? Absolutely not! Always know the laws in your area and if possible, sit down with the police chief or a a detective for your city to find out what you may or may not be able to do in that city. Know your state laws as well. I personally recommend reading at least 1-5 codes per day before you setup your business as it will give you a good insight into what you need to do to get your business up and running.
Often times running a business is a sinking ship. It’s rewarding, tiring, and sometimes boring. Stick with it, do it with a couple friends, and then you will be on the way to doing many great things with your career as a home business person. Remember: If you would like to make your startup business crowd-funded, you can do that now through sites like Start Engine and Kickstarter. While there is more paperwork for you to do, you can easily go through it with your legal team that I mentioned earlier in this article. Running a business isn’t easy, but with careful nurturing and proprietorship, you can make it great!
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