5 Tasks to Start a Business

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I have to admit, I was never really good in selling things. And for the majority of my life I thought, that’s what “business” is all about. Making deals and selling products. I just couldn’t imagine myself standing in front of another person and praise a specific product.

So, now I’m sitting here, thinking – how the hell I got into this? Why should I leave my safe job behind? Why should I work even more than my 40 hour workweek?

But at the same time, the dream of financial freedom drives me forward. The dream of eventually being able to live a basic life without doing a traditional 40 hour workweek. Maybe 8 hours a week 🙂

But, let’s get into topic.

The 5 tasks to start my business:

  1. The idea: What do I sell? I want to create Videos for business- and for private customers.
  2. The plan: Here I have to write a traditional busines plan, laying out the pathway of my company for the next 3 to 5 years. For example, when do I want to hire employees? What are my financial targets for the first, second and third year? What’s my unique selling point? Is this idea even profitable?
  3. The financial calculation: This is the hardest part about it. What should my product cost? What does it cost in production? Do I start by selling it very cheap and hope, that I can increase the price little by little? Or do I start with the full price, that I require, when I already have 3 employees, an office and a car to pay?
  4. The legal form: Also a part, which requires a lot of knowledge. Can I work as a freelancer or do I need to create a Limited Co.KG, an Inc, a GmbH or something else. For now, this is still one of the hardest decisions, since it can improve my tax-situation, but also has the ability to go the entire other way.
  5. The Financing: How much money, do I need to start and where do I get the money from?

This looks simple, but trust me: When it’s your first business, it’s a whole lot of work. Mostly reading, asking, talking with your tax accountant and writing down your plans. To put that into perspective I’m the type of guy who learns very quickly and works pretty fast. But – after two months – I’m still working on it.

Sometimes I even get scared by the amount of work that’s till to do. But I always remember this saying:

How to eat an elephant?  ……. dramatic pause …… You eat him piece by piece.

And then I write down a to do list, blind out my target and process the tasks.

What’s your trick to get a huge amount of work done?

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