Tips to consider when opening your own business
Posted on February 20, 2013 by Caird Urquhart, One of Thousands of Career Coaches on Noomii.
This article recently appeared on blog.cx.com and offers Caird Urquhart's five tips to keep in mind when opening a new business.
As a business coach, many people come to me with thoughts and questions about opening their own businesses. If you’re considering starting one yourself, here are five truths I have come to know about starting your own company.
1. It is a 24/7 responsibility. If you think you will have more free time by running your own business, think again. You may be able to have some control over your time, which is a wonderfully freeing way to live. The reality is, however, that as the owner of a new company, you will think about it all the time. There is no going home at five and putting your feet up. The business goes home with you. It eats with you, it sleeps with you, it goes to the gym with you. It never goes away. You may hear entrepreneurs say that they don’t feel like they are working. It is because they are working at something they love, which doesn’t feel like work. Trust me, they are working, and working hard.
2. Don’t quit your day job. Whenever I am working with someone who wants to open their own business, I always ask, “What does your current financial situation look like?” Although it takes all of your attention to create a business, it is also important not to put yourself in financial jeopardy. It may be months or even years before you turn a profit. Unless you have financial backing, working part time while building your business can be one way to mitigate potential financial hardship. In advance of quitting your job, ask yourself, “How long can I last without an income before I turn into a pumpkin?”
3. Your brand is as good as your word. Under every good brand lie the values and mission of the company. Where do they come from? If it’s your business, the answer is you. You create the brand. It is a reflection and an extension of who you are as a person. The more integral you are, the more people will come to trust you and, in turn, your company. Your reputation is the most valuable thing you have. It takes years to build a solid one. Have a firm understanding of what you and your business stand for, and watch the loyalty of your customers help you grow.
4. It takes a village. Although you may want to be in business for yourself and perhaps even work from home, it still takes a village of people around you to keep the engine moving and growing. Too often, I see people trying to do it all on their own. This can be overwhelming. If we have too much on our plate, we tend to make mistakes. Make too many, and you can seriously damage your reputation. When I started my business, I farmed out two things right away. One was my IT, and the other was bookkeeping. I knew that those two things could be done much better by other people, and if I relieved myself of those responsibilities, I would have more time and energy to work on the areas I’m good at — best decision I made.
5. Be patient. Often, people give up just before their business is about to succeed. Be patient with yourself and the growth of your company. Create measures to gauge whether or not you are advancing. Profits, sales and number of clients are examples of ways to gauge your progress. If no advancement is being made, revisit your business model. There may be one minor adjustment you need in order to significantly improve your success.
In short, running your own company can be very rewarding, but it’s best advised to consider all the requirements that will be needed to do so.
Caird Urquhart is Founder and President of Newroad Coaching, a boutique coaching firm providing one-on-one personal and business coaching services. She is also author of 30 Ways To Better Days: How to Rally After You’ve Been Dumped. Find Newroad Coaching on their website, Twitter and YouTube.
