Maybe you’ve got a business idea that you feel is better than anything you’ve seen in the last few years. Maybe you’ve got the money to start saved, or you know where you’ll get funding. Maybe you’re sick and tired of your 9-5 and you want more from life. All of that is great – but you should still proceed with caution.
In 2020, many people are able to start a business. There are so many free resources and help available, that we really do live in a great age to start your own business. That being said, erring on the side of caution is always going to be better than diving in head first.
A cautious business owner may keep their 9-5 and work on their business in the evenings and at weekends. They may not pay themselves a penny to begin with and instead invest everything back into their business. Even when their business starts to get off the ground and build momentum, they don’t spend ridiculous amounts of money on machinery, equipment, fancy cars, and designer suits. All of that will come much, much later down the line. Being cautious, even when your business is a success, is key.
Keeping a close eye on the economy is also an important factor in starting a business. Things that are happening in a country and between various countries can affect where and how you sell and who you market your business too. Economic sanctions may include various forms of trade barriers, tariffs, and restrictions on financial transactions, so this is also something to be aware of. Do economic sanctions even work? The infographic below can tell you more.