Are you considering starting a business in 2024? On the latest episode of The Small Business Show, we dive deep into the things entrepreneurs should consider before launching. Joining us is America’s number one small business expert, CEO of Quintessence Group, and best-selling author, Melinda Emerson.
Key Takeaways:
1. Emerson recommends to entrepreneurs seeking to start a business, first and foremost, “Do not quit your corporate job with the hope of starting a business.” Instead, she recommends starting a business while still working. According to Emerson, there’s so much to learn while starting a business that it’s better to do so while still collecting a steady paycheck.
2. To break even, it takes 12 to 18 months of paying basic business expenses. Therefore, Emerson believes entrepreneurs should build an exit plan with an intended date to work up to so they can still learn about their startup while eliminating the fear of not being financially ready.
3. “There are 12 things to do daily to keep your business from going under. So you don’t want to learn without a safety net,” Emerson says. These 12 things include overseeing your team, opening and closing, ensuring your day-to-day operations are up to date, and so much more.
4. When starting a new business, having a financial cushion of at least one year’s worth of emergency savings and working capital is essential. This is because banks usually don’t lend money to startups. As an entrepreneur, you will need to provide funding for your business, which makes having enough money essential.
5. On January 15, Emerson is hosting a Virtual Startup Bootcamp from 1-5 pm to give each entrepreneur her own ‘Becoming your Boss’ strategies and techniques alongside business experts to aid aspiring startups in successfully operating their new businesses.
“Don’t prematurely exit your corporate business without a plan.” – Melinda Emerson
