Did you create yourself a job or a business?
When you started your business, was the driving motive to ‘create a business’ or to ‘create a job’? When you start out, the exhilaration of creating something new can overtake the need to focus on the business. I’ve seen this many times, where you resign from you’re job to take on the world, spending less time in work and making money in the millions.
After the first few months of running your business, you notice you’re working longer hours, making less money and you traded working from an office for your home. A great example of this is a marketing executive who leaves their job to start their own marketing company, but continues to work by charging their time by the hour.
To start looking at this as a business, the executive should focus on creating packages that can be sold, and basing the price on the value rather than time x rate. Over time, the time required to execute the packages will reduce, providing more free time, and increase your margins.
Does your business feel like a job? Contact us today to discuss how we can help you transition from an employee to the business owner and grow your business.
9 tips for new small business owners
- Know your USP: whether your business has many competitors or none, you need to find the point of difference in what you do better, smarter or uniquely in the market place. This will make selling your services or products a whole lot easier.
- Have a clear purpose: a business plan seems to be an inconvenience when starting up a business. But, analysing your business up front, understanding the market place, your competitors and having a strategic plan as to how you’re going to move forward is invaluable.
- Find your focus: When you’re looking at starting a business, or even reviewing a business that’s flat, you may tend to get lost with the 10-20 different operational tasks that need to be completed by yesterday. You may end up going around in circles. Start off by listing all the tasks required, and prioritising by return or impact. Working on one task at a time can make a big impact and can give clarity, allowing you to complete all the tasks sooner.
- Invest in yourself: If you are new to running a business or the industry you’ve chosen, it’s a good idea to get advice and training in running a business or industry. There is always something new to learn that can give you the competitive advantage. Call us to learn more about our training courses and workshops.
- Research and ask questions: Looking to invest in a franchise, import a product or buy a business. Research and calculate the risk and return. Make sure that what you’re being sold is a good investment and not a high risk low return proposition. If in doubt, seek financial advice.
- Surround yourself with experts: It’s easy in the early stages to be the chief cook and bottle washer and end working in the business and not working on the business. Delegate tasks that stop you from going out and creating more business. WA Business Assist has many experts that can assist you, from accounting to strategy.
- Marketing is important: Marketing is more than just brochures, websites and email campaigns. Engaging with your customer should be a daily occurrence. Whether it’s how you answer your phones, to social media and community engagement.
- Make your mark: When you start you’re business, customers are not waiting at your door to buy your products and services, unless you’ve just bought a franchise of Krispy Kreme in a location that has a high demand, and even then, building that demand would be a daily event.
- Work hard and have fun: If you’ve created your business because you want an easy time or you think you’ll make a fortune overnight, I’m sorry, you’ve been sold a fantasy, or a Krispy Kreme franchise. It will get easier over time, and will be enjoyable. If you wake up and are not having fun, call us to discuss how we can help improve your business.