Know the Business You’re Starting

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Do you know all of the nuances involved with the business you’re looking to start and run? Starting and operating a business is both exciting and nerve racking.  It involves family, money and a huge commitment of time. Aspiring entrepreneurs are using savings, income or borrowed money to start the venture. For all of these reasons, they want to make sure they cover as many bases as possible in the planning stages before they start the business.

Know the Nuances of the Business

Many people who are in a business already know the nuances that are involved with the day to day operations of a business before they start their own company. They know many of the tricks of the trade. They can plan to avoid problems even before they appear. Their past experiences have taught them that.

However, there are many people who are changing a career when they look to start a new business. They may have more of a challenge. Why? Because as we all know, sometimes what we think something is can be completely different then what it actually is. Future business owners that fall into this category need to be extra cautious.

Apprentice Before Starting a Business

One way for people starting a business in a completely new field to get a better understanding of it may be to wait a while and take a job in the industry. It may not be something they’re dying to do and they may even see it as a step back to what they are looking to do.

However, doing this will help them see what the nuances are of the business. Also, instead of spending money on the venture they’re making money on learning the ins and outs of the business. It’s almost like getting paid to go to business school.

Learn About the Business from Everyone Involved in It

For those budding business owners that decide to work for a firm before they start out on their own, talking with people in the business can be very informative. The people involved in those conversations include not just the business owner and fellow co-workers but customers and competitors as well.

They provide valuable insight and perspective that can be insightful when it comes time to start and run a business. They may open the potential owner’s eyes up to either a larger opportunity than originally thought or a bigger potential threat than originally thought.

Among the many other things aspiring business owners can learn in working for a firm before starting their own business include goal setting, maneuvering around challenges and finding the bursts of energy necessary to keep going.

Having a business is a great undertaking for anyone who does it. For those brave enough to start one or thinking about starting one, working for a company that already does what they’re looking to do can be very helpful in guiding them through the nuances of having a business.

kolonji-murrayTaxAssurances, LLC is an independent financial services firm that provides expert advice and solutions in three financial disciplines: Accounting, Insurance and Investment Management.

It’s Founder, Kolonji Murray, has worked as a banker, accountant and financial advisor for a number of leading firms. He holds a degree in Accounting from Hampton University and is active in a number of civic and industry organizations. Along with being an Accountant Mr. Murray is Series 7 and 66 licensed in NY. He is also life, accident and health, variable life/variable annuities insurance licensed.

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