How to Successfully Start Your Own Business

Information verified correct on October 29th, 2016

Facts about business that will help you successfully start your own business.nins-business-professional

You have reached a very important phase of your life when the decision is finally made to move out of your parent’s home. It is a stage of life that we all reach at some time or another, maybe that's not entirely correct as some of us do linger a little longer than others, but the point is that when we do reach the point where we want to make in on our own, it is a sign that a certain maturity has been reached, even though you might not realise it at the time.

Make sure you can survive financially

The important thing about making it on your own is to ensure you have set yourself up as far as your finances are concerned. You do not necessarily need to have a lot of money in your bank, although that is always useful, as long as you know where your cash flow stream will be coming from and whether it will be enough to cover your expenses from month to month.

Many of us have to leave home early to obtain a higher education. Country people have to make this type of decision much earlier than their city cousins. In most of these cases mum and dad will have set up a bank account that you can draw from and will also have arranged accommodation for you. Even though you might have mixed feelings at such a young age, excitement at being in charge of what you do each day and sadness about leaving your comfortable bedroom at home where everything was done for you. You will now need to cook your own meals, do your own washing and make your own bed for example.

Finding your own accommodation

If you are older you will have to find your own accommodation which is usually a rental. Depending on where you want to live this can prove to be one of your biggest challenges. Rental accommodation can be quite expensive, especially if you want something special to call home. You can look at sharing but if you do you will want to make sure you know the person well who you will be sharing with as the last thing you will want will be a clash of personalities. Whatever you decide on as far as accommodation is concerned,  you won't want to pay any more than 30 percent of the income you will be living on.

Setting up your bank account

It can safely be taken for granted that if you are moving out of your parents home to make it on your own  you will either be financed by your parents, if you are a student, or financing yourself through your earnings if you have a regular job. This means you need a bank account either way. When seeking the most appropriate bank account you should look for one with the lowest fees.

It is common these days for young people starting out on their own to open a credit card account along with a bank account. Although this can have its advantages it can also have many disadvantages. It is best not to live on credit if you can avoid it, as whatever you borrow, the day will come when it will all have to be paid back with interest. You will be much better off in the long run if you limit yourself to a debit card rather than take out a credit card. You will experience the same convenience  but you will not run the risk of getting yourself into debt. If you can live within your means right from the very start it will put you in good stead later in life. Many people who start out living on their credit card are doomed to live in debt their entire lives.

The early bird gets the worm

When you are ready to start looking around for a flat or unit to move into, talk to a few people about you intention. You could be surprised about who knows who and it is often a good way to get started. Check the 'for rent' pages of the daily paper and even if it means getting up before dawn try to be the first person to answer the ad. Always try to beat the rush whenever you can. Don't forget that you will be expected to pay at least the equal to four weeks rent as a bond, plus at least another four weeks rent in advance, when you get lucky.

Most flats and units are unfurnished and you will therefore have to provide your own. Your parents might be able to assist here by donating your bedroom furniture from home. There are also many second-hand shops around where you can buy furniture and white goods at quite cheap prices.

Be Careful With Your Money but Don't Overdo it and Always Work to a Budget

Once settled in don't get into the habit of eating out. This will become quite expensive and you are now setting lifetime habits. It is far cheaper to eat at home and can be much better for you economically as well as nutritionally. This doesn’t mean depriving yourself of having a night out every now and again.

Once you become in charge of your own affairs it can't be stressed too much about how important it is to sit down and work out a budget. The first person you should pay each pay day is your landlord. This will ensure you keep a roof over your head. The next payment should be for your power usages. Even if you only get a power bill every quarter, don't wait for it to arrive before paying. You can pay money into your electricity provider’s account with BPAY every pay day, even if it’s only $20 or so. By doing this you will never get a large bill at the end of the quarter that, if left unpaid could leave you without heating and lights. If you suddenly find you have to pay such a large amount it could also mean you putting off paying somebody else and once you start getting behind it becomes quite hard to get in front again. Your other debts like car payments, mobile phone, etc. can then be paid. Always budget to leave yourself enough entertainment money so that you can continue to enjoy life now you are independent.

Setting goals

Now you are making it on your own you can start setting goals for yourself. This could entail an overseas trip before you settle down to marry and start a family. If so, budget to put aside a set amount each pay day so that your ambition can be realised. The money you put aside can go into a high interest savings account especially set up for that very purpose.

Always try to better yourself

If the job you have is only temporary while you look around for something better, still do your best and always give a little more than you have to. This will stand you in good stead when you leave and ask for a reference. As you move through life your references will gain in importance as potential employers can see how you have continuously tried to improve your lot and you are spoken well of wherever you have worked. As you gain experience in the workforce you will be building information for a sound resume. Keep this in mind at all time and the day will come when you will be well rewarded.

You have now successfully made it on your own and are now setting the foundations for your future in many ways. Keep your reputation sound and you should be assured of an equally successful life.

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