4 tips for first time business owners

“You’ve got to believe in what you do, you’ve got to be passionate about it. If you believe in your business and you’re passionate about it, then you’ll find a way.”

That’s what Mark Ribarsky, Senior Buyers Advocate and owner of Wise Real Estate Advice says about owning and operating your first business.

It’s a lesson he learned, leaving a successful career in the corporate banking sector, to start his own buyer’s advocate company.

Here are four pieces of advice, from one first time business owners like Mark to another.

Tip 1: Hit the books.

There’s never been a better time to learn. Between formal education and online resources, there is a plethora of information out there for new business owners.

Whether you’re changing careers or getting ready to launch your own business, education is integral to developing your skills and knowledge.

Mark got his start in banking after completing a business degree. When it came to moving his career into real estate, though, he had to hit the books again.

He spent three years working and studying a certificate 4 in property services at night school, before committing to his new direction and starting his own business.

Tip 2: Don’t put it off any longer. Start now.

If you wait for the right time, you may never get started. At some point you have to bite the bullet. There are always going to be challenges and risks when you start out. You just have to get going.

For Mark that time came shortly after the birth of his first child. He surmised that if he didn’t do it now, then he never would. He took the first step and hasn’t looked back since.

Mark’s journey began with networking, getting his name out into the industry and making that first set of contacts. Although, he says, each business owner’s first step will be different.

Getting started doesn’t have to mean leaving your current job and starting completely afresh. It’s about taking that first step, making a plan, and hitting the ground running.

Tip 3: Have a vision.

It’s not just about dollars and cents. Operating your own business gives you independence and freedom over your own career path. That in itself is extremely valuable.

It’s important to have goals, as well as an overarching vision. You’re going to have setbacks and sometimes you won’t meet your targets. That’s where vision comes in.

If you have a long-term vision, you can look past the short-term setbacks. You can see the full picture. You’ve got to know what you’re striving for and what you’re pushing for overall.

Tip 4: Do what you’re passionate about.

Mark grew up around real estate. He was the son of a developer and so the subject of property was regularly discussed around the dinner table.

With the help of his parents, he bought his first investment property at 18 years of age. By the time he was 30 he had an extensive portfolio of housing.

Real estate, investments and the property market had always been his passion. When he went into business for himself it seemed only natural, that this was the industry to pursue.

It’s this passion that has allowed him to persist through the difficulties of running his first business. That’s a vital component of being a first time business owner, being to be able to get up and do what you love.

If you are ready to get started, think about your business plan before you do. We have prepared tips on how to write an effective business plan to get you going.

Author: Mark Ribarsky, Senior Buyers Advocate and owner of Wise Real Estate Advice. To find out how you could benefit from an experienced buyer’s agent, visit the Wise Real Estate Advice website.

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