Are you prepared to work hard? And not just hard, harder than you have ever worked before in your life?
Are you prepared to experience and savour the intense highs of business success?
If yes, then read on...
Your first 18 months of business life will be a roller coaster ride. Being your own boss brings you true freedom to do what YOU want with YOUR business and take it to where YOU want to take it. Being your own boss is addictive and compelling, and after six months you will know for certain whether you ever want to go back to corporate life.
As your own boss you are not just plotting a course and steering the ship, but deciding what ship to steer and the reason why you need to steer it in this destination. Sometimes luck plays a part in business success, but more often than not any luck is underpinned by a lot of hard work and dedication. Your role as boss is to provide the drive, vision and motivation to take your business through the storm into the next port.
However, when it is just you in your business, with potentially a mortgage to pay, you need to be very focused and disciplined. This means motivating yourself to get up each morning and get to work – even if this is your kitchen table or study. It also means being able to finish what you have started, and focus on the strategy and plans which will build your business. Only your energy will take your business forward, no-one else will.
Discipline is more than focusing on a strategy or plan until you get the required results, it’s also about making sure the tasks that you don’t enjoy get done, and they get done on time. To survive the first two years in business, which 70% of businesses don’t, you need to keep an iron fist on your finances, and regularly monitor your incomings, outgoings and your cash flow.
Your time does now really equate to money. If you are focusing on something that is not directly linked to running or building the business, this is costing you money. Discipline is needed from you to work to your business plan, and make sure that you give yourself re-charge, reflection and planning time. This time is just as important as time working ‘in the business’.
Does the thought of building something from scratch for yourself appeal? Or are you scared at the thought of having to put in your own processes, systems, plans in place and constantly use your own initiative? If you are not ‘turned on’ by the thought of building it all from scratch you may benefit from buying a franchise – i.e. getting a ready-made business in a box.
Rejection is part and parcel of life as a business owner. To succeed as a business owner you have to connect with your inner tigger. I can guarantee that as your own boss, you will ‘suffer the slings and arrows of outrageous fortune’. Your inner tigger will help you bounce back and re-motivate the troops when your business has hit a setback. Because, if you don’t inspire people to get back up and going again, no-one else will.
So to summarise, you will need drive, passion, enthusiasm, vision and bucket loads of discipline and focus.
Are you up for the challenge?
Heather Townsend, The Efficiency Coach
There’s a dilemma when you are starting a company. There are lots of boring essentials like company formation, VAT, Data Protection Act, employment law and, depending on which industry you are in, a host of other legislation. Yet complying with these doesn’t help you to sell anything, build a customer base or most importantly turn a profit.
It’s incredibly difficult to find the balance between being too gung ho about regulations (with risks starting at inconvenience and ending in prison), or over egging things, with a bigger risk of business failure. Hovering around are lots of professional advisers with fees to match - that’s the accountants, lawyers and consultants. Unfortunately it’s hard for them to be entirely impartial as their business is about charging fees.
Here are my top tips for getting this balance right.
When you’re starting off, anything that isn’t directly related to making sales or pushing the business forward is an irritant. But completely neglecting other issues can cause huge frustration when you are forced to comply; it can also substantially reduce the value of your business or may even cause its demise.
It’s different if you are well capitalised and have had previous business success. But if this is your first start up, then these tips are well worth a thought.
Being a mum can be challenging, being a business woman can be challenging too. Trying to do both at once can be mind-boggling. I fight shy of the term mumpreneur, but if it suits you, then that's what I am. I run my small business from home and I am also full-time mum to two pre-schoolers.
I always swore I wouldn't and couldn't run a business, house and family at once and I was right, something had to give and sadly that was housework! If inspiration strikes but you think circumstances prevent you from acting on it, then ignore your head and go with your heart. Running your own business is a rewarding, fun, busy add-on to family life and just the challenge my poor nappy-brain needed. So a few tips if you fancy joining me on a self-employed mum adventure:
Good luck to you and I'd love to hear all about your experiences.
If your business is to continue to expand and grow, then plans need to be put in place for that growth potential to occur right from the start. If you make a smart choice when you set up your business Internet services, then you’ll have faith in its capacity to expand as your business grows. But if you don’t choose right first time, you may end up paying the price when you need to shell out to cover the expense of expanding your Internet operations each time your business or organisation grows.
If you wish to save time and money, then it’s best to choose an Internet services company with the flexibility for expansion built in:
Multi User VoIP:
Voice over Internet Protocol, or VoIP, is growing in popularity with businesses due to its flexibility, cost-effectiveness and quality of service. VoIP to VoIP calls are free and the system is easy to set up with no expensive capital outlay at the beginning. With Multi User VoIP, you can add internal extensions to your existing VoIP phone services quickly and without any additional cost, allowing your rapidly expanding call teams to respond to increasing demand.
Exchange allows you to share all your important information with others and access your mail on your computer or mobile device. Share calendars, files, and address books and ensure that everyone is using the same up to date details. As your needs change and your business grows, increasing your email services will simply be a matter of adjustments, not having to look for a brand new product.
The standard broadband should give you the fastest possible speeds that your telephone exchange will allow. Broadband should also give you a very generous bandwidth limit and direct access to a VoIP network, like the Gradwell. However, as your organisation grows and your needs change, you may need faster connection speeds, more bandwidth and line prioritisation with a separate line for data, to free up your VoIP phone line as the number of calls increases.
Getting reliable hosting for your web activities is vital from the start. Poor hosting leads to down time that damages reputation, productivity, confidence and sales. It’s important that your web hosting is reliable and robust enough to ensure your site can handle all the demands that could be made on it – particularly when an influx of new visitors occurs, if there’s a sudden surge of interest in your business. Many companies fail to plan for these surges and end up with their sites going down when visitor numbers spike.
Your web host should provide plenty of web space, quick speeds and reliable, expandable services, and if they don’t – maybe it’s time to look elsewhere.
Peter Gradwell, Gradwell