"If you do a job you love, you never do a days work"
But I have also learnt a lot over the last year about what it takes to run your own business, so thought I would share some of it with you.......
Money
When working out whether you can afford to take the plunge don't just look at the monthly costs. Think about those yearly costs like MOT's and insurance, take into account, birthday presents, christmas, petrol money to visit relatives etc...its amazing how much they add up.
Have a pot of money for emergencies, when you have no money everything will suddenly turn on you and break, in my case, the microwave blew up, the car windscreen got chipped and my clutch died.......
Everything costs more than you think, allow extra on everything.
I have worked out a weekly target. Its the minimum I have to make every week to just stay in business, its a great motivator.
Don't get sick or have family emergencies....you can't afford it.
Pay all your bills on time, companies appear far less forgiving if they think you are a business.
Expect not to make any money in the first year, anything you do make will go straight back into the business anyway.
Have more than one revenue stream. My teaching keeps me though the winter months and my selling through the summer when my students are on holiday.
Do your accounts weekly at minimum, if I can I try and do them daily, then you know where you stand all the time, and also no hassle looking for receipts etc at the end of the year
Planning
I would say have a good business plan and don't jump in until you know you are ready, but I can't really, as I didn't do that, but it is probably advisable. But if you are going to just do it, don't just dip your toe in to test the water. jump right in and commit totally. as Master yoda says
"Do, or do not. There is no 'try.'"
Within reason try to never say NO. I try my best to take every opportunity offered. If it doesn't work out I never do it again.
Trust your ideas, don't over think things, its a waste of time.
Promotion
Your local paper is your new best friend...they can really bring in business. I have never paid for an advert but I e-mail our local reporter every opportunity I have. I have got some great spreads in the editorial.
Everyone you meet from now on is a prospective customer, never be caught short without a business card. I chat to people in the supermarket queue and give them my card.
Reply promptly to all enquiries. People love quick replies and appreciate not being kept waiting, even if they didn't get the answer they wanted.
Day to day
Stay true to your vision, its easy to get sucked into, making or doing things you think will be money winners, they wont work as the lack of passion that you have, will show.
Never agree to any work unless you have a deposit that will at least cover your costs. Not even if you think you can sell it anyway. Its just not worth it
Your reputation is everything, don't give anyone an opportunity to bad mouth you.
If someone says they will come back later and buy something, never believe them. That way your wont be disappointed and wait around hoping.
Personal
The buck stops with you, you HAVE to make all the decisions, other people can only advise, but at the end of the day its your call. ( something I love, I always hated being told what to do, as I always knew I was right anyway :-)
Your business hours are every hour, you no longer have a personal life. You will bore your family and friends at every social occasion.You WILL turn into a work-acholic, if you don't, your not doing it right!
Have fun, there is no point in doing all this and putting so much in if you are not getting anything out.
Finally,
Even after all I have said, put it all into perspective, it is after all, only a job.....................................
not really!
Please leave comments if you have anything to add to the list above
Excellent Blog post...
ReplyDelete"Your local paper is your new best friend...they can really bring in business. I have never paid for an advert but I e-mail our local reporter every opportunity I have. I have got some great spreads in the editorial."
The above I haven't given a go yet, I'd love to get a bit of publicity that way.. but no idea what/where to start!
Mucky pup, when I first took on the studio, I e-mailed the paper just to tell them I had opened a new business , they came out and took a photo and juts really put in an announcement . I got the name of the reporter and her e-mail address and just send a update of what I am doing every month or so, she then chooses what interests her.
ReplyDeleteGreat advice Janice and very inspiring! I'm certainly not ready to take the plunge yet- still have lots of skills I want to master, so have to juggle my passion with 2 jobs and my children. One day I'd love to make it my business, but I don't have a business head!
ReplyDeleteLouisa x
Great post, Janice! :) xx
ReplyDeleteVery useful post. Came via the folksy head and am glad I did. Nicely written with some good tips
ReplyDeleteGreat read!
DeleteWhen the sales are low, it's so tempting to make something more commercial instead of what you are passionate about...
I will persevere!
Maria @ thedarkbluebird
So true hun and it's hard work that you never can get away from once you decide to 'Run a Buisness'. Makes it's even harder when 'people' don't see you 'Go out to Work' But use it like I do when that happens explain to them what is involved in runing a buisness it's the same as running one from an office bulding.
ReplyDeleteReally interesting read - thanks for sharing this
ReplyDeleteNever a truer word was put out into cyber space. I love what I do, however I do find that I work longer hours than when I was an employee and of course there's no such thing as holiday pay.
ReplyDeleteHaving said all that I wouldn't want to go back to being an employee because even though it's hard work I really enjoy the creative side, just wish the same could be said for the promoting side *lol
Sue
Excellent blog - great read and very down to earth.
ReplyDeleteBrilliant and inspirational blog. This has been a real help to me and I'm going to refer back to it a few times in the coming months.
ReplyDeleteThanks
Jane
Glad you found it useful
DeleteVery interesting read Janice, thanks for sharing. It's useful to be reminded of what we should be doing to get local promotion - I'm off to badger my local rag next!
ReplyDeleteYou can also submit items to the free online newspaper qlocal - you just email them your story and photo and they publish.
In business, having a good strategy and plan is a must! Following a guideline like this will not only help others to be organized, but also a preparation in case unexpected events happened. When I started my business, my dad asked immediately of what I think about insurance. I don't have any idea before and he said, “Get one!” Now, I understand why. This is a great topic that would inspire lots of business owners in years to come. Thanks for sharing it with us. :)
ReplyDelete>Cayla Dupont <