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7 key relationships that you should take care of before undertaking

This article was translated from our Spanish edition using AI technologies. Errors may exist due to this process.

Opinions expressed by Entrepreneur contributors are their own.

Because not only does an entrepreneur live with good wishes, the dream of launching a startup should be a process of “jumping”, yes, but it should also include planning to prevent your vision from becoming a nightmare.

With the end of the year come countless balances of what were the 365 days left behind. Surely the balance sheets begin with the following sentence: “What a heavy year.” It continues with: “Every year goes by faster” and there is no shortage of who, deep down asks: “Have they already deposited the Christmas bonus ?”

We tend to put measures in the balance sheets and among them are our income, but also the taste in our mouths that the year that left us leaves us. So common are the sensations of physical and mental fatigue, the emotions that fill us with momentum are added, we are inflated with ideas and ideals and then the result of the balance is: “I am going to start a business (to continue an independent life and leave the Godín world) ”. It is at this moment, my esteemed entrepreneur, that you face the biggest decision of your life and you have two options: launch yourself “like Borras” or advance “through the pebbles.”

Now, I am going to share with you the relationships that I consider most important, based on learnings obtained in past adventures and from currently working in a good startup that is on the eve of its sixth birthday and growing at full steam:

1. Your partner

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

2. The Credit Bureau

As my grandmother used to say: “It is not the same to be playing, than to be in the toilet” so do not throw yourself that fast. This will only consume your energy, your resources and your savings, if you have them. Always have a good relationship with your credits and with the Bureau, which gives you a grade for the good or bad handling you give them. A good qualification means increasing your possibilities of financing for what your business needs.

3. Your accountant

“Business that does not grow is not business.” I heard this last year and he can’t be more right. You must envision a growth horizon. This means doing your homework, researching the market, planning finances, and building, as the Chinese do, for your grandchildren. Many imagine that an SA de CV is enough or perhaps you have already thought about registering as a natural person with business activity. However, the tax regime is different and it may be that a SAPI, SOFOM or a CA will suit you for your business. This will not only benefit your operation but it will also be decisive for the future growth of your business.

4. Your creativity

Your priorities during the first year are: sell, guarantee quality and your team of collaborators. Your business is born from your creativity and it must be worked on every day. You need to continue your education, update yourself in the topics and knowledge and skills of your industry. It is common for entrepreneurs to seek to invest in everything except their creativity and preparation.

5. The IMPI

Registering all your intellectual and industrial property is practically buying insurance for your brands, ideas and your creations. These constitute the main asset of your business and as such have value in your financial statements. Accounting for them increases the value of the capital on which banks calculate the risk of the loans you are going to request. Understand this: a beautiful brand and logo that doesn’t sell are 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 have to understand that it is possible to have a business that grows even while meeting our obligations. On the other hand, if you don’t comply, or “buy bills,” you can even end up in jail. Put on a salary and do not consume your profits. Otherwise you will create a business that does not grow because you are paying for your lifestyle. If your business does not pay your salary (and that of your employees), you are doing something wrong. And if you started without savings that, at least, guarantee you a year of sustenance, you can have a terrible time.

7. Your insurer

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

You are going to find a path in which you will discover new facets of yourself. You will change the way you see your bosses, your collaborators, your finances and your country. Congratulations, entrepreneur, because whether your project is a movie, a video game, a new method of growing avocados or a school, you will start a path 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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