“There’s no safety net – being self-employed is the reward, and the risk.”
John Eager, Principal of WinAbu Consulting, shares his Top 10 tips for anyone starting in business. WinAbu Consulting is itself a 2014 start-up, and John’s tips here come from many years of advising and mentoring start-ups, and from the reality of 2014!
1. It will be harder work than you think – be prepared for long hours. Running your own business particularly in the early years takes a huge amount of your time and effort. No matter what amount of work you think you might need to do, there is always more. So just be prepared to put a huge amount of effort and time in and it will pay off.
2. It will take longer than you think – stamina and tenacity are needed in spades. If you have the energy and enthusiasm to start your own business, keep it up and stick with it.
3. It will cost more money than you think – plan well, financially. A good business and financial plan is well worth the time and effort and continuously monitoring your finances is essential.
4. There’s no safety net – being self-employed is the reward, and the risk. A lot of new business owners find the biggest challenge is going it alone. Many will have worked in organisations where salary is paid every month, pension is looked after, admin support is there – when you start your own business, you do everything. However, there are huge rewards and a huge sense of achievement – “I work for myself!”.
5. Choose a good brand – it will help with recognition as a new business.
6. Sales, sales, sales – this is the No. 1 activity. Remember that this is what will keep your business alive. You need a strong sales plan and you must keep it going. You need to be constantly marketing and selling your business. Looking after your existing customers and recruiting new ones. Don’t be tempted to take your foot off the pedal when your sales get strong, it is an ongoing process and will be (must be) the mainstay of your business.
7. Be prepared for mistakes and missteps – success is carved from experience and experimentation. Don’t expect to get everything right but also don’t be hard on yourself when things don’t go to plan. You will learn from your mistakes and the experiences will drive your success.
8. Have a good financial adviser. Probably one of the most important people you will need in your business, so choose wisely.
9. Keep healthy, keep your spirits and energy levels up. If you are going to put your heart and soul into your business, you need to stay healthy. The old adage that a healthy body is a healthy mind has been proven time and time again. Make time for your activities, see your friends and family, get those rich personal experiences, they are vital.
10. Have fun. This is the best piece of advice I can give you. Enjoy your business; it will form a big part of your life in the early stages of getting going. Laugh and have fun.
JE
Written by: Winabu
Date: July 31, 2014
