Did you know that the 6th of Jan is the day that people are most likely to start a new venture? This time of the year is always a time for new beginnings and new challenges, so what key tips should someone take in their first days of business?
Working for yourself you expect late nights, hard work and a lot of effort. Getting to that busy stage though can take a long while and most people underestimate the amount of time you can spend waiting for prospects or waiting for sign off. A lot of people get fed up of working for ‘the man’ but instead of working for one boss, you’re suddenly working for a whole bunch of different bosses. Some of which will be clients from hell. There’s more resources than ever that can help give you a real insight into working for yourself.
Cash flow still king
Cash flow is still the number one killer of most businesses. Making money is easier than most people think, but making enough money regularly is different. You pay all your bills monthly, and yet clients can have all sorts of payment timescales and arrangements, and some you’ll have to chase. Getting tough on your finances is crucial.
Back to basics
When working for yourself the product you sell or the service you provide is actually a very small part of your working day. Prospecting is important, but also managing client expectations and communicating effectively once you have those clients is key. Take McDonalds, do they sell the best burger in the world? Probably not, but you know you can go into any branch and you’ll get the same burger for the same price in a fast time. They set expectations and delivering on them.
Start as you mean to go on
It’s easy when you’re a hungry new business to chase money, to cut corners, to do anything to win the work. That can seriously come back to haunt you. It’s important to implement the practices and procedures for you and your clients today to avoid trouble in the future. Spent time finding out what legally you should be doing and what that looks like in real life.
Business is a cut throat world with only a small rate of success so we wish you luck if you’re heading out on your own in 2016.
What other pearls of wisdom would you impart to a new business?