Starting your own business can be an exciting and fulfilling endeavor, but it can also be a challenging and overwhelming experience. As a first-time entrepreneur, there are many things that I wish I had known before starting my own business. Here are a few key things that I believe would have been helpful to know in advance:

1. It takes a lot of hard work and dedication: Starting a business is not for the faint of heart. It requires a significant amount of time, effort, and dedication to get it off the ground and keep it running. Be prepared to put in long hours and make sacrifices along the way.
2. Cash flow is king: Cash flow is the lifeblood of any business, and it’s crucial to have a solid understanding of how to manage it. This includes understanding how to forecast, budget and manage expenses. Not having a proper cash flow management system in place can lead to financial trouble down the road. Businesses who review their cashflow monthly have survival rate of 80% whereas those who make it an annual event, its only 36%.
3. You need a diversified team: Starting a business with a team of people who all think and operate in the same way can lead to groupthink and limit the potential of your business. It’s important to have a diverse team with different skillsets, perspectives, and experiences.
4. Online presence is essential: In today’s digital age, it’s crucial to have a strong online presence. This means having a professional website and active social media accounts. Not having a strong online presence can make it difficult to reach and engage with potential customers.
5. Know your target market: Without a deep understanding of your target market, it’s difficult to create products or services that will resonate with them. It’s important to conduct market research, understand customer needs and wants, and tailor your offering accordingly.
6. Seek outside help: Starting a business can be overwhelming, and it’s important to seek help from professionals in areas such as legal, accounting, and marketing. Don’t be afraid to reach out to mentors, industry experts, and experienced entrepreneurs for guidance and advice.
7. Be adaptable: The business world is constantly changing, and it’s important to be adaptable and willing to pivot when necessary. Be open to change and be prepared to adapt your business model as needed.
8. Have a clear pricing strategy: Having a clear pricing strategy is crucial to the success of your business. Not charging enough or charging too much can both be detrimental. It’s important to conduct pricing research, understand your costs and the value you’re offering, and price accordingly.
9. Legal structure matters: Not having the right legal structure in place can lead to problems down the road, such as liability issues. It’s important to consult with a lawyer to determine the best legal structure for your business.
10. Have an exit strategy: It’s important to have a clear exit strategy in place, even if you don’t plan on selling your business in the near future. An exit strategy can help you plan for the future and ensure that you’re making decisions that align with your long-term goals.

Starting a business is a big undertaking, and there’s a lot to learn along the way. By being aware of these things in advance, you can take steps to avoid common mistakes and increase your chances of success.

Remember, it’s also important to learn from your mistakes, and not be afraid to ask for help. Building a strong support network of experienced entrepreneurs, mentors, and industry experts can be a valuable asset in navigating the challenges of entrepreneurship.  Business.com offers a useful “To Do” list that all founders will probably need to tackle, and amongst that list is to understand your finances, which sometimes can be a daunting thought.  Numberly.io have friendly experts who themselves have been founders and built their own businesses, so know exactly what you may be experiencing. Reach out to lean on their financial modeling expertise; they’re perfectly placed to support you with a powerful model thats super simple top use and interpret.