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7 Essential Relationships To Look For Earlier than Taking Motion

This article was translated from our Spanish edition using AI technologies. Errors can occur because of this process.

The opinions of entrepreneurs' contributors are their own.

Because not only an entrepreneur lives with good wishes, the dream of founding a startup should be a process of "jumping", yes, but also include planning so that your vision does not turn into a nightmare.

At the end of the year there are countless balances of the 365 days that were left behind. Surely the balance sheets begin with the following sentence: "What a difficult year." It continues with: "Every year goes by faster" and there is no shortage of those who ask deep inside: "Have you paid the Christmas bonus yet?"

We tend to take stock of the balance sheet and that includes our income, but also the taste in the mouth that the year that left us leaves us. So common are the sensations of physical and mental exhaustion, the emotions that fill us with vigor are added, we are inflated with ideas and ideals and then the result of the balance is: “I will start a company (to live an independent life and leave The Godín world) ”. At this moment, dear entrepreneur, you are facing the biggest decision of your life and you have two options: start "like Borras" or go "through the pebbles".

Now I am going to share with you the relationships that I think are most important, based on the lessons learned from past adventures and from current work in a good startup that is close to its sixth birthday and growing at full speed:

1. Your partner

Talk to him or her about your plans. Talk about it! Never be surprised because your finances are closely linked to those of your family. The entrepreneurial journey is necessary for you, your family, and Mexico. It is the surest route to economic growth.

2. The Schufa

As my grandmother used to say, "Playing is not the same as being in the bathroom," so don't throw yourself so fast. This will only consume your energy, resources, and savings when you have them. Always have a good relationship with your credits and with the bureau that gives you a grade for good or bad dealing. A good qualification means increasing your funding options for what your business needs.

3. Your accountant

"Business that doesn't grow is not a business." I heard that last year and it can't be more correct. You have to envision a growth horizon. That means doing homework, researching the market, planning finances and building like the Chinese for their grandchildren. Many believe that an SA de CV is sufficient or perhaps you have already thought of registering as a natural person with commercial activity. However, the tax system is different and a SAPI, SOFOM or CA may be suitable for your company. Not only does this benefit your business, it is also critical to the future growth of your business.

4. Your creativity

Your priorities in the first year are: selling, guaranteeing quality and your team of employees. Your company is born out of your creativity and has to be worked on every day. You need to educate yourself, update yourself on the topics and knowledge and skills of your industry. It is common for entrepreneurs to try to invest in everything but their creativity and preparation.

5. The IMPI

When you register all of your intellectual and industrial property, you are practically buying insurance for your brands, ideas and creations. These represent the most important asset of your company and as such have a value in your financial statements. Taking them into account increases the value of the capital on which the banks calculate the risk of the loans you are applying for. Understand this: a nice brand and logo that doesn't sell is worthless; A website is not a business (it is a medium), just as a "LIKE" is not a sale (it is a simple "LIKE").

6. THE SAT and the IMSS

As Mexicans, we need to understand that it is possible to run a business that is growing even if we keep our commitments. On the other hand, if you don't stick to it or "buy bills" you can even end up in jail. Bet on a salary and don't use up your profits. Otherwise, you will build a business that will not grow because you are paying for your lifestyle. If your company isn't paying your (and your employees') wages, you are doing something wrong. And if you started with no savings to guarantee you at least a year of a living, you can have a terrible time.

7. Your insurer

Do yourself a favor and get insurance. Despite the lack of a broad insurance culture in Mexico, illness, house fire, theft of your inventory can mean the life or death of your business and family embezzlement.

You will find a way to discover new facets of yourself. They will change the way you view your bosses, your people, your finances, and your country. Congratulations entrepreneurs because whether your project is a movie, a video game, a new avocado growing method, or a school, you will begin a trail full of surprises and gifts. It is up to you to make it easy for you because it is also the most important decision of your life.

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