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Steve_Minshall
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Not4Resale, post: 87748 wrote:
Thanks for the replies people.

I think what I’m looking for is how the successful people built their ability to know exactly what to do each step of the way. The drive won’t die, I just want to know which direction I need to swim.

Hi,

I think you have made a good choice to continue your study part time. If you can get away with 2 evenings and a few weekends then a lot of people commit more time than that to Master Chef so you should be fine. It never hurts to have a masters degree in a business related subject.

Now there is no answer to what to do each step of the way but my advise would be before you dive in. Learn about money. It is the thing that lots of people over look and think their accountant will look after. They won’t. They will not run your business for you. They could well tell you too late when things have gone wrong. Learn about cash flows, what the real cost of purchases are, how much money you really make from a sale. What is the real cost of running an enterprise? What can a profit and loss statement tell you? How do you prepare a realistic budget that you can actually use to run the business? etc.

Accounting is not really considered the fun or interesting side of running a business. You will notice on this forum that everyone has an opinion about SEO or marketing for instance but ask a financial question and you can see the virtual tumble weeds blow through as every one says “ask your accountant”.

So learn about finances so that you at least know what questions to ask your accountant.

How did I learn? The Managing Director of the last business I worked for beat it in to me. I got incredibly frustrated with him at the time but I am sure glad he did.