I guess you heard that starting your own business can be challenging and it is. You have a lot of work to do and most probably you will be the one who will do or supervise all the process: the capital, product sourcing/shipping, warehousing, logistics, getting clients, building a website and so much more. However, there are a lot more to know about.
Home office
If you start your business from home and shift from an office to home believe me it’s a big shock. It may look great, and it is, if you can find a balance. Working from home means working on home dress which sometimes can be a pyjama. When I speak about balance, I mean make sure that you distinguish the hours working for your business and your time free, take your time to get in touch with your friends. Get a lunch, take a break coffee. Dress properly even you are home. Try to do the same routine as you were in the office. Trust me, it is the best for you and your business in the long term.
Stress
Being your own boss, means at the beginner to know what stress is. Stress of managing fluctuating income, taking clients, maintain clients. Sometimes to reduce the stress related to fluctuating income and growing the portfolio you may accept the clients that you may not want. Be selective on the clients even you have to face with stress it will give you a big reward for long term. The other option to avoid or reduce stress before to jump on having your own business make a business plan, have enough savings to support your business financially at the beginner. The success stories of “I quit my job from 9am-5pm and just went for it with zero planning!” are few and far from the reality.
Clients, business income and money paid
You want to jump at every chance when you start your business because you need to build your customer portfolio and bring the money on the table. Slow down! Vet your clients. Take deposits. Have a system in place for invoicing. Be very clear about your rates, terms and conditions. Be organized as you wish not as the client wants. Getting paid (and paying your own vendors) is one of new business owners’ biggest frustrations, so have your systems for AP and AR in place before you get started.
If you need help for implementing the procedures to help your business, feel free to reach out at info@deklaration.ca
