Starting your own business is an emotional time. Perhaps you’re doing it in conjunction with a full or part-time job. Maybe you’ve taken the plunge, given up the security of a regular wage from an employer, and dedicated all your time to the new venture. Or perhaps it’s a hybrid version of the above.
Whatever the situation, you’re sure to be consumed by a range of feelings, including excitement, trepidation, optimism and – let’s be honest – a healthy dose of downright terror!
Emotions aside, any fledgling entrepreneur can learn from those who’ve gone before them. With that in mind, the following are some of the biggest takeaways that new business owners have said they wished they’d known before they started.
1. Don’t try to do everything yourself: Sure, the business is your baby. And no one knows what’s better for progress than you, right? While this may be true – to an extent – there are only so many hours a day. You can’t work 24/7, and overburdening yourself will have a counter-productive effect. Rested, energised minds and bodies are more efficient and make better choices.
Delegating simple tasks – even if you don’t have official ‘staff’ to begin with – leaves you free to deal with the big stuff. Even if you can’t afford to hire anyone at first, consider opportunities, such as remote workers, who can fulfil easier elements at a reasonable cost. You can budget for this by considering your hourly rate. If you ‘earn’ $50 per hour, then your time is far better spent focusing on more specialist tasks. If you have to pay someone $20 per hour to complete other work, then this still leaves a healthy potential profit.
2. Find mentors and connect regularly: Feeling isolated is one of the most significant downsides that many new business owners report. But this needn’t be the case. Seek mentors, perhaps through your online associates or local networking initiatives. Arrange regular meet-ups – it benefits everyone involved. Never underestimate the power such interactions might bring. From gaining leads and connections to signing up new clients/customers, these are just some advantages of rubbing shoulders with other professionals.
3. Give full attention to the legalities of owning and running a business: This can’t be over-stressed. Understand any state and national-level regulations to which your industry must conform. Read up on employer and employee law, check contract wording, get a lawyer to word your Ts & Cs… You get the picture.
4. Get savvy with financials: Sure, you might hand the money side of the enterprise over to an accountant, but the best directors still have a handle on their cash flow, expenses, tax obligations and everything else regarding business income.
Work out how you can make company money work its hardest. Can you put money in a high-interest account? Pay invoices on time, but if you have a month’s grace, let the funds accrue interest until you need to settle up.
What about credit cards? Working with an interest-free period could be your advantage. Stay on top of invoicing. Customers will only pay if you ask them.
5. Pay attention to detail: AKA, sweat the small stuff. It’s your business, and no one else will do it for you. A practical, profitable company stems from the little things being set up for success. These are the building blocks from which your business will grow, so this is essential to get right.
6. Work smart, not hard: While you’ll undoubtedly have to put in the hours, you should be sure that every minute you work is wholly productive. Discovering the smart-work ethic for your situation might take a bit of understanding. But this is where talking to others, such as your mentors, becomes liquid gold. For instance, they might tell you about tech that can ease the burden. Are there apps that can help you organise your day? What about accounting software, organisers, virtual assistants etc.? It might take some time to discover what will work for your situation, but spending a little time early on can pay dividends further down the line.
7. Hire your weaknesses: This is a biggie. It’s important to know your strengths, but even more important to know what you’re not so good at. Therefore, when you hire additional staff, you’ll ideally be looking to plug this gap. You’ll likely be a subject matter expert in your trade, but if you’re not so hot at sales and marketing, then hire someone who is. If your organisational skills leave a lot to be desired, then hiring a PA or EA who can keep you on track could be wise.
8. Look after yourself: Be aware that you’re probably going to be working way more hours than you would in a regular J.O.B. However, it’s still essential to have time off. Schedule these rest periods in precisely the same way as you do every other element of your business. Plus, don’t allow your workspace to overcome your living space. Even if you don’t have space to resign work to a separate location/building/room, be sure to clear everything away each evening. Failing to do this subconsciously means you’ll never get any downtime. And resist those midnight email checks – they’ll still be there in the morning…
Above all, stay confident, work hard (smart), don’t be afraid to ask for advice and always keep a forward-thinking attitude. Putting processes into place that will work at the start-up stage but can easily be scaled for growth is something many business start-ups fail to consider. However, such efforts will reap their just rewards in the future as your work ethic starts to pay off.
After all, you’ve started your own business to be your own boss, bring financial freedom and grow the company. Today the kitchen table; And tomorrow? Well, the sky’s the limit.
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