Phyllis Harbinger: Starting a Business
Today in The Lounge, Nick meets with Phyllis Harbinger to discuss what it takes to start a new business. They remark on the boon that easy access to the internet provides for start-up business owners, the funds and resources one needs to secure before striking out on his or her own, and what potential business owner must be capable of to attain success.
No Fun Without Funds
Phyllis strongly suggests that new business owners save up at least six months’ worth of money before trying to go out on their own. This is because the cost of starting a new business is high. The new business owner must be able to pay for the space they use to host their business, procure extra phone lines, hire staff, pay for medical insurance, business taxes, etc. A savings fund will not only allow you to pay for your necessities more readily, but it will also help cover any additional costs that arise unexpectedly.
Much of the money you gain should go toward marketing as well. Phyllis notes that building your brand goes hand in hand with building your business.
To be a successful business owner, Phyllis claims, you must be able to fulfill every role a business performs. This includes sales, which she and Nick agree is integral to starting a new business. Nick advises those wary of becoming their own salesman, to be more concerned with being authentic than making the biggest sale possible. For that is the best way to earn a client’s trust and loyalty.
Phyllis adds that if you do not have the motivation or skill set to be a business owner, there is no shame in being an employee. She says that if you are not sure you have what it takes, spend the time identifying your strengths and weaknesses before moving forward.
Tools of the Trade
Nick and Phyllis strongly advise that anyone looking to begin their business procure a lawyer very early on. A lawyer will not only ensure that you have the right documents when starting out, but he or she will also look out for your interests and keep them protected. Nick recommends interviewing lawyers as well as accountants to make sure one will suit your needs before hiring them.
Another aid Phyllis and Nick agree potential business owners should look at is tech support. Phyllis notes that there are many options available when hiring a person for such a role that does not require a separate department for them. Look around for freelancers, Geek Squad, current employees, etc.
Phyllis highly recommends that anyone who owns a design firm or is considering starting one should use Design Manager to help them with their affairs. Check the Phyllis Harbinger Instagram or send an email to email@example.com for a discount code on your first year of using Design Manager.
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