When starting over with a clean slate after divorce you may want to start your own business too. It is a wise, yet very rewarding step; however, making big decisions and great business plans as a single person can be actually harder than it looks. Below we have a few tips on how to enter the business world with less stress after a major life event such as your breakup.
Find someone who will watch after your children
After you have prepared your papers with OnlineDivorcer and obtained a legal divorce online, you may think that starting your own business will add more flexibility to your schedule; however, you are so wrong. Perhaps now you don’t realize how much time you will need to develop a business strategy, do a budget, and handle many other responsibilities in the early stages of your startup.
All of this will fall on you until you decide to hire workers who will share the burden of managing your business. And even then, you will need to give your company the time and energy it requires. Given the said, you should take care of your kids ahead of time. Find a person who will watch after them, cook for them, and help them with their homework while you work late hours.
Don’t expect too much
If you like what you do, you don’t need any incentive, such as a big, fat pay-check or more flexibility. If you strive to quit your paying job and start your own company only to make much money right off the bat, you risk falling into the trap. Before you make your final decision, ask yourself whether or not you want to do it pro bono, at least at first. If you do, then start and cash will be rolling in.
It will take much time to make real money
How do you think how soon you will start making real money? Now lower your expectations! The truth is that most entrepreneurs don’t see the real picture and thus often underestimate how much time they need to start making a profit. When you see how much money you invest and how little you get, it becomes hard for you to keep your spirits up. However, you should stay calm yet be patient; otherwise, you may take rush and hasty steps in a fit of anger that can lead to bankruptcy sooner or later.
Banks are not your business partners
You may think that you can get a loan from a bank. Of course, you can. However, you should understand that no bank will do anything for you if you have nothing to offer as collateral. It can be your house or vehicle, for example. Banks want their clients to succeed, but they will never take any financial risks.
Many entrepreneurs have love-hate relationships with banks. They are always there when you don’t need anything from them; however, when you need a loan, it is hard to get one.
Start as a sole proprietor
The form of business organization you will choose depends on many factors. All of them have their pros and cons; however, it is highly recommended to start as a sole proprietor, especially if you have little to no relevant experience.
As soon as you feel that your firm is growing and it is time to move on greener pastures, you may want it to turn into a corporation. While incorporating offers some tax benefits, dealing with a separate tax filing will add more cost and complexity that you need to be ready for.
Plan your budget accurately
When you do your business plan, your dreams, goals, and expectations start to make sense. What you believe your company will look like becomes a document that you can change or edit when needed. One of the most important parts of the document is budgeting. So, do it ahead of time and leave some space for any change as you may be deficient for money during the first few months. Do your best to predict what your cash flow will be like accurately before you start making a profit.
Take care of your mental wellbeing
Even though starting and running a business can be an exciting experience, not being prepared for its many demands can take a significant toll on your mental health. Sooner or later you may feel exhausted and anxious and you don’t need it, right?
Of course, there always will be stressful situations at work, but you should know how to handle them properly. Start taking care of your emotional wellbeing by incorporating more healthy food into your diet and spending more time with your friends and children when it seems like your stress levels are getting too high.
Find a mentor
If you are a beginner, then you probably have a few questions that need to be addressed. Be sure, you are going to have even more of them down the road. That is why it is important to have a mentor next to you who will help you when you need it. Of course, this person may not have the answers to your all question; however, be sure that he or she will always comment on your every decision so that you can be sure that you are taking the right step.
As exciting as starting something yourself may seem from first glance, doing so after you get a divorce can add more complexity to the issue. From the moment you filed your first divorce paper form, you can no longer rely on your ex’s either financial no moral support. Moreover, you need much more time not only for your new business but also for your new life as a recently-divorced person, which usually entails many child-related questions. Be ready that you will have highs and lows all the time.
While many believe that business people are rich people, whose lives are full of opportunities, don’t set your expectations too high. The truth is that having your own company is associated with many risks that you are supposed to take. So, learn how to feel comfortable when you are not and you will succeed with no doubt.