So you’ve done the research, created a business plan and secured financing. You may think you’re ready to start your business and plunge into entrepreneurship, but there are still a few things you should know. Here are five things to consider that you may not have thought about yet.
It’s Not All Roses
Many people will tell you that if you do something you love, you’ll never work a day in your life. These people are wrong. Every job involves some unpleasant tasks, and working for yourself is no different. In fact, business owners wear many hats and often do it all in the beginning, and some of it isn’t fun. It will all be worth it in the end, but don’t expect every day to be sunshine and roses. In some cases, you may even want to explore other business opportunities before investing in a traditional startup business, such as a network marketing company or a franchise.
Office Space
A lot of businesses start in basements or garages, and working from home has many perks. It has downsides, too. Working from home is isolating, and you may find yourself tempted to work all the time without taking any downtime. To prevent burn out, cabin fever and social isolation, consider some sort of office alternative. Some co-ops now rent workspaces, many of which provide office equipment you may not have yet. Meet Work Connect offers affordable Co-Working and Meeting Space in Oxnard, CA
Hiring Relatives
You’ve just started a new business. You need some help, and your brother needs a job. Hiring your brother probably sounds like a win-win; until you realize your brother isn’t very good at the job or doesn’t take working for you seriously. Now you have to fire your brother, which might make Thanksgiving dinner a bit awkward. The moral of the story? Don’t hire anyone you can’t fire.
Get Your Fee
As a new business competing with established names, you may be tempted to win clients over with low prices. This strategy often backfires. A client who hires you at a low price point might suffer sticker shock when he learns what you’ll really be charging once you’ve established yourself. While a new client discount isn’t a bad idea, don’t slit your own throat. Charge what you’re worth and let your reputation for quality work bring in business. Don’t offer low prices unless you can afford to keep them low.
Work Half Days
Since you’ll be setting your own hours and schedule, you might be thinking that being the boss will allow you to work half days. It will: you can choose whichever 12 hours you want to work on a given day. You own the business, so the buck stops with you. Whatever doesn’t get done during normal work hours will still need doing, and you’re the one who will do it. You can knock off early one day, but be prepared to make that time up elsewhere.
Starting a new company isn’t easy, but most entrepreneurs will tell you it’s worth every ounce of effort. Knowing these five tips will help you avoid some of business owner’s potential pitfalls and help prepare you for the road ahead.
If you are starting a new company and don’t know where to start with getting it out there to the public, the professionals at Free Press Marketing can help you!
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