"You own your own business!" is a frequent response when I meet
new people. The perception is that business owners make tons of money,
get the flexibility with work schedules and are not in danger of being
fired or laid off. I can tell you from personal experience, owning your
own business equates to a lot of responsibility and many sleepless
nights. The following are a few concepts to consider before starting out
on your own.
1. Examine your work ethic. If you like to sleep in until 10:00 am, wear your pajamas all day and then go out with friends for dinner and entertainment every night, you may need to stick to working for others. I keep a daily task log - some days are 3 pages in length. I wake up at 6:00 am and begin to prioritize my work load. I am responsible for meeting my deadlines. I do not have a secretary to keep track of these things. I will wrap up in the evenings with tying up loose ends and sending e-mails.
2. You need to love people. I am not kidding here. We have a service industry where the customer can fire us at any time. We work hard to treat others with dignity and respect. We need to be friendly and find a common ground with others. If you are in the business to help others and you are unkind and unfriendly, your business will dry up and wither away.
3. Budgeting is key. I use QuickBooks but other accounting software is available. If labor costs are too high, or you are working on a contract and losing money, you need to be aware of this early so that you can make adjustments. Often, in the early stages, the owner may have to defer a salary. If you hire folks, you have to be sure you can pay them a living wage. Your employees and their families are dependent on that salary and you need to take that seriously.
4. Look for new ways to grow and expand. The dynamics of business is changing. One example is the big box stores are losing revenue to the convenience of on-line shopping. You have to adjust and adapt to market trends. We offer various services, so that we have different kinds of revenue streams. We have also automated a lot of our services for the convenience of the customer. People are busy and appreciate when businesses respect their time.
5. Network with those that are successful. Look for an organization that will help you keep updated on innovations and regulations affecting your business. I have been enriched by my continued association with the Independent Water & Sewer Companies of Texas. I am able to learn from others about the trends in the water industry and the regulations impacting our industry.
6. Keep learning. Don't assume that you know everything. Take time to read trade journals, updates in state and federal regulations and attend seminars. The Texas Commission of Environmental Quality presents an annual 2-day drinking water conference in Austin and it is free to the public, but fills up quickly. I have been for six years and each time have learned new and better ways to run our water operations company.
7. Have a positive mental attitude. Everything is not going to go smoothly. There are issues that arise that have to be dealt with. If you have a difficult time managing stress and you take your temper out on others, it is crucial that you work on that before it damages your business relationships and those that work and live with you. It is difficult not to carry stress with you as a little black cloud always ready to rain on your parade. It is important that you manage the stress so that you are better equipped to deal with business operations.
8. Keep an open door to your customers and your employees. Don't hide from difficult customers or keep your head in the sand regarding negative situations in the office. Communication is key. If you are approachable and allow others to have a "safe zone" with you where they can talk about difficulties relating to the business, there is a lot you can learn. Be aware of those that are toxic, meaning, always being negative, talking about others behind their backs and being disloyal. If the opportunity comes to separate yourself from these types of people or limit your contact, it will be better for the business (and your mental health) to make the change.
9. Stay focused. When you are on your own schedule, it is easy to get side-tracked. Some interruptions are opportunities to let your business shine. Be able to discern what the unnecessary distractions are. When I was studying in law school, I had to find the bottom floor of the library in a study carrel far away from talking or footsteps. It was so important for me to laser focus on my studies that I had to remove all distractions. In the business world, it can be just putting your phone on silent and letting it go to voice mail and returning those e-mails and phone calls after the important task at hand is completed.
10. Stay professional. It may be tempting to show up to work in pajamas and a "man-bun"- but that might be the day your biggest potential client walks in and needs to be impressed. There are a few days that I need to be "in the field" with a warm jacket, boots and jeans. In the office, I keep it business casual. In meetings, I am in more business formal. You can set the tone for the work place. If others in the office have a more casual approach, just collaborate with them on an office dress code policy that is professional.
For those in the business world, this list may seem obvious. For the younger generation wanting to start out on your own, this list may not be intuitive. There are rewards from working hard as a business owner, but not without setting goals and a lot of hard work.
1. Examine your work ethic. If you like to sleep in until 10:00 am, wear your pajamas all day and then go out with friends for dinner and entertainment every night, you may need to stick to working for others. I keep a daily task log - some days are 3 pages in length. I wake up at 6:00 am and begin to prioritize my work load. I am responsible for meeting my deadlines. I do not have a secretary to keep track of these things. I will wrap up in the evenings with tying up loose ends and sending e-mails.
2. You need to love people. I am not kidding here. We have a service industry where the customer can fire us at any time. We work hard to treat others with dignity and respect. We need to be friendly and find a common ground with others. If you are in the business to help others and you are unkind and unfriendly, your business will dry up and wither away.
3. Budgeting is key. I use QuickBooks but other accounting software is available. If labor costs are too high, or you are working on a contract and losing money, you need to be aware of this early so that you can make adjustments. Often, in the early stages, the owner may have to defer a salary. If you hire folks, you have to be sure you can pay them a living wage. Your employees and their families are dependent on that salary and you need to take that seriously.
4. Look for new ways to grow and expand. The dynamics of business is changing. One example is the big box stores are losing revenue to the convenience of on-line shopping. You have to adjust and adapt to market trends. We offer various services, so that we have different kinds of revenue streams. We have also automated a lot of our services for the convenience of the customer. People are busy and appreciate when businesses respect their time.
5. Network with those that are successful. Look for an organization that will help you keep updated on innovations and regulations affecting your business. I have been enriched by my continued association with the Independent Water & Sewer Companies of Texas. I am able to learn from others about the trends in the water industry and the regulations impacting our industry.
6. Keep learning. Don't assume that you know everything. Take time to read trade journals, updates in state and federal regulations and attend seminars. The Texas Commission of Environmental Quality presents an annual 2-day drinking water conference in Austin and it is free to the public, but fills up quickly. I have been for six years and each time have learned new and better ways to run our water operations company.
7. Have a positive mental attitude. Everything is not going to go smoothly. There are issues that arise that have to be dealt with. If you have a difficult time managing stress and you take your temper out on others, it is crucial that you work on that before it damages your business relationships and those that work and live with you. It is difficult not to carry stress with you as a little black cloud always ready to rain on your parade. It is important that you manage the stress so that you are better equipped to deal with business operations.
8. Keep an open door to your customers and your employees. Don't hide from difficult customers or keep your head in the sand regarding negative situations in the office. Communication is key. If you are approachable and allow others to have a "safe zone" with you where they can talk about difficulties relating to the business, there is a lot you can learn. Be aware of those that are toxic, meaning, always being negative, talking about others behind their backs and being disloyal. If the opportunity comes to separate yourself from these types of people or limit your contact, it will be better for the business (and your mental health) to make the change.
9. Stay focused. When you are on your own schedule, it is easy to get side-tracked. Some interruptions are opportunities to let your business shine. Be able to discern what the unnecessary distractions are. When I was studying in law school, I had to find the bottom floor of the library in a study carrel far away from talking or footsteps. It was so important for me to laser focus on my studies that I had to remove all distractions. In the business world, it can be just putting your phone on silent and letting it go to voice mail and returning those e-mails and phone calls after the important task at hand is completed.
10. Stay professional. It may be tempting to show up to work in pajamas and a "man-bun"- but that might be the day your biggest potential client walks in and needs to be impressed. There are a few days that I need to be "in the field" with a warm jacket, boots and jeans. In the office, I keep it business casual. In meetings, I am in more business formal. You can set the tone for the work place. If others in the office have a more casual approach, just collaborate with them on an office dress code policy that is professional.
For those in the business world, this list may seem obvious. For the younger generation wanting to start out on your own, this list may not be intuitive. There are rewards from working hard as a business owner, but not without setting goals and a lot of hard work.
Heather Nehila is the owner of Aggregate Water. To learn more
about having a customer service inspection, well operation servicing, or
utility billing services please visit http://www.aggregatewater.com/contact-us/
Article Source:
https://EzineArticles.com/expert/Heather_Nehila/2381739
No comments:
Post a Comment