Updated: Jun 17
Last week we gave you 3 great tips for when you decide to become your own boss. Here we're tying it all together with the continuation of our 6 tips for when it's time to start your own business:
Do good work so that your work speaks for you when you're not around. I can almost guarantee you that the initial projects you complete as an owner, won't be your biggest or most profitable. But, they have the potential of leading down those paths. You want your projects to be done on time and done right. You want your clients to be delighted. Clients who have been delighted will refer you to friends, family, colleagues, trainers, teachers...you get it. They will create buzz and get your word of mouth campaign going. Recently, I had some work done at my house by someone who delighted us as customers. Their passion and knowledge for their work were obvious and they were easy to work with. Let me tell you, anyone within earshot who talks about wanting to do a reno or a new build will get a 5-minute sales pitch on the virtues of our builder. Free advertising from word of mouth works folks.
Step back and look at the big picture. It's hard work running your own business when you're just starting out. One minute you're the salesperson, next you're the lawyer, you answer the phone as the accountant, and you call upset clients back because you're also the customer service manager. Even in the midst of all of this, you need to find time to step back and take stock of how things are going. What are you doing well? Where can you improve? What resources do you need in place to grow your business? A recent article posted on entrepreneur.com mentioned that around 20% of businesses fail in year one. The US Bureau of Labor Statistics says that 50% of businesses fail by the end of their fifth year. Don't get trapped by the ostrich effect and keep your head in the sand.
Double down on work and play. Working seven days a week with no break will result in burnout. So many owners fail to balance work with the rest of life. They take every job that comes their way even if that means they can kiss family time, sports, and other pursuits goodbye. Don't be that gal or guy. Find a way to work and enjoy the rest of your life. We don't get redos folks. This is it.
Drop a comment below if you have other tips you'd like to share. I'd love to see what else we can add to this list.