Are you starting a business or are you giving yourself a job?
Starting a #newbusiness is really exciting but it can come with it challenges. As a new business owner, you will be eager to get started and see your vision and dreams come to life, it's easy to get swept along with the adrenaline! However, it's important to understand the difference between giving yourself a job and running a business. In this blog, we'll explore the key differences between the two and the benefits of running a successful business.
When you give yourself a job, you're essentially creating a source of income for yourself. You might be doing something you enjoy, but you're not necessarily building a business. You may be doing all the work yourself, from marketing to #bookkeeping to providing the actual product or service. You're essentially working for yourself, but your income is limited to the hours you can put in each day...you are trading time for money...just as you did as an employee!
On the other hand, running a business means that you're building something that can grow and evolve beyond just a source of income for yourself. You're not just working for yourself, you're working to create something that can be successful and sustainable for the long term. This means thinking beyond just the day-to-day tasks and focusing on your long-term goals and objectives, building a business that can operate without you!
One way to ensure you're building a successful business is to seek out help from professionals who can provide valuable support and guidance, For example, a new business bookkeeper can help you stay on top of your finances, including #helpwithVAT and #helpwithtaxes for new businesses and #entrepreneurs. Write a list of all the tasks that you will need to do as a business owner, highlight the areas that fill you with dread! These are the areas you should outsource as early as possible. If you don't, these will be the areas you will neglect and get behind with, which could be detrimental to your business further down the line. Investing in a bookkeeper, copywriter, social media specialist doesn't have to break the bank! There are plenty of us out there who specialise in working with #businessstartups.
Running a business with the right support and procedures in place can also help you achieve a better work-life balance and more flexibility in your schedule. As a business owner, you have more control over your time and can make decisions that work for you and your business. This means you can prioritise your personal life and still achieve your business goals. Do you want to pick your kids up from school every day or take every Friday off...why not? Your business, your rules!
Another benefit of achieving a successful business is the opportunity for growth and evolution. Your business will change and adapt over time to meet the needs of your customers and your industry. You can hire employees or work with subcontractors, expand your offerings, and grow your customer base. This means you're not just building a job for yourself, you're building something that can be successful and sustainable for the long term.
In conclusion, starting a new business can be an exciting journey. However, it's important to understand the difference between giving yourself a job and running a successful business. Take advantage of the vast choice of professionals out there to relieve the pressure of tasks you don't want to do or are not skilled in and lean on them for guidance and support.
With the right mindset and support, you can achieve your long-term goals and build a successful business that can grow and evolve over time....onward and upwards!
Here are a few starter tips to consider:
Conduct market research - Look at what competitors offer but don't get caught up on their pricing. Just because your competitors charge certain fees doesn't mean it's right! They probably got their price from their competitor who got it from theirs and so on and so forth! Break the mould.
Develop a business plan - It doesn't have to be a 50 page plan, keep it simple! Look at your set up costs, where will this revenue come from? What do you need to earn to survive? What do you want to earn to live your dreams? How many products do you need to sell to achieve this? What will the monthly outgoings be?
Build a strong online presence - Let's get social! Set up your socials and be consistent, you don't need to present every day but post, like, comment and share regguarly! If you are not a fan of social media choose one platform that feels the most comfortable and business appropriate and focus on that. I hate Facebook so I don't use it! Get a website up and running, even if it is just a basic landing page to start with, explaining what you do and how to get in touch.
Prioritise excellent customer service - Repeat business and referrals are key! This won't happen unless your customer service is spot on. Consider ways to make your customer service stand out above the rest. If you have regular customers show an interest in their families or hobbies. If you have deal with new customers on a daily basis do something small that will make them remember you!
Manage finances carefully - Use accounting software from day 1 and have a separate bank account for business transactions. Get into the habit of taking a picture of your receipts/invoices as you go. I use Hubdoc for this which is simple to use and integrates perfectly with Xero accounting software.
Stay adaptable to changes - Business is forever changing, particularly in this climate! You will need to be ready to review your pricing, your procedures, your products regularly to keep up!
Network with other professionals - Networking is a fab way to get your brand out there, however, it is easy to fall into a rabbit hole and before you know you are attending multiple events and not achieving anything...except drinking too much tea! Try some groups out, whether online or face to face, pick two or three that you find beneficial and focus on growing your connections here.
Good luck on your entrepreneurial journey.