FTC Bans Noncompete Agreements
Considering launching your own small business?? The FTC just banned noncompete agreements, making it easier for you to break away from your desk job.
Effective September 4th, 2024, the FTC projects 8,500 new businesses will be created each year. The ban of noncompete agreements is expected to result in higher earnings for workers, lower health care costs, and help drive innovation, with an average increase of 17,000 to 29,000 more patents each year.
As you prepare to launch your new business, here are some things I have learned over the past 3 years:
1) "Revenue makes a business, not expenses." This quote from Scott Galloway really resonated with me. It is easy to continue to spend money on the business without being mindful about where it is going. Now I practice the Profit First Method, which ensures all your operating expenses are necessary and reasonable.
2) "If you don't like the way an industry looks... there's a responsibility there to leave it a better place than the way you found it." Reese Witherspoon on Adam Grant's podcast. I love the fact that you can do well, by doing good. I believe that everything you give away will come back to you 10x over.
3) "Ask those that have come before you." You would be surprised by the kindness of others, if you just ask. As I was launching my business I asked other professionals in my industry for their advice. 99% of them made time for me and this was immeasurably helpful.
4) "Maintain a Beginner's Mind." Shoshin is a concept from Zen Buddhism that promotes looking at everything as a beginner, even if you are an expert. The more you know about a subject, the more likely you are to close your mind to further learning. Humility fosters creativity and growth.
If you are ready to put your business ideas into action, but feel like you need help, click here to Book A Meeting. I help solopreneurs and business owners operate effectively & efficiently.
