Business 101 with Keenan

What’s up guys, Keenan here, back again with some words of wisdom. If you’re like me, then you’re always on the lookout for ways to grow as a person and as an entrepreneur. I know that you’re smart and have great business ideas, but have you actually planned on making them a reality? It’s time to call yourself out and start planning for that awesome future you deserve.
Here are some tips to consider on your road to entrepreneurial success:


1. What’s your plan?
It all starts with a plan. Whether you want to hit up the bank for a business loan or recruit your trusted circle of friends to invest, you have to pitch them your idea and back it up with a business plan. If you need investors, you are going to have to motivate people to believe in your idea, and the best way to do so is to show them on paper all of your planned objectives and the strategies you’re going to follow that get complete them. You also need to show them that you know how to anticipate problems and what your plan is to fix them.


2. Save Your Money!
You’re an entrepreneur now, you want to make sure you’re investing your money on your business. Don’t waste it all trying to do it up for the gram. Remember that you’re business will have an overhead, which basically means the cost of running operations. You gotta keep that overhead low! Success is a long game and if you plan and save for it, your rewards will be even bigger than you ever imagined.


3. Take Care of Yourself
Now that you are your own boss running an operation, you have to make sure that you’re stronger and sharper than before. You can’t put in 10 or more hours a day into your project if you’re not getting enough sleep. This is why it is important that you eat well and exercise regularly. Great mental health is crucial in everything. A strong body equals a strong mind. After all, you can’t have a powerful company if the CEO is weak.


4. Know Your Market
We’ve all heard the saying, “the customer is always right,” but you have to go above and beyond that! Make sure that you’re constantly listening to your customers in order to understand how they think and feel. You’re not just trying to get your brand out there and selling whatever it is that you want to sell; what you want to do is create a long-lasting relationship where your target audience starts identifying with your brand.


5. Sole Proprietorship vs Limited Liability Company (LLC)
This one is key for the financial health and tax responsibility of your business. Do you know what can happen if someone tries to sue your business? Or, what will happen if a creditor comes knocking on your door, so-to-speak? The outcome will depend on how you initially classified your business. For instance, as a “sole proprietor,” you will be responsible for your business’s debts and liabilities. In an LLC, the LLC is responsible for the debts and liabilities, which may be highly beneficial if your business ever gets sued because the owner – you or your partners – will not have their personal bank accounts emptied.