What You Should Know Before Starting a Business - The Exhausted Entrepreneur

"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.

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

6 Awesome Tips for Starting a Business Overseas

Let's do this step-by-step. It's a challenging road to success. I ran an online business in Asia focusing on providing a platform for local and foreign businesses to integrate and automate paid advertisements on social media. The platform provided unique written, designed and tested campaigns, which could be tweaked accordingly. It was a very challenging task to meet all the demands of (potential) customers, but it was well worth it.

Before packing your bags, start reading these 6 awesome tips for starting a business overseas:

1. Local Culture

The local culture and habits are extremely important for any entrepreneur who's looking to start a business in another country. It is essential to know the ins- and outs of the local environment and how to get around. As hard as it might be, try to find a local investor or a business advisor who can inform and explain key factors of doing business in a specific area. Depending on your business and target market, get to know local consumer behavior. It's key for your potential business to have local partners who are trustworthy; this key point can make or break your business.

Local business events are a great way to meet new people in the area. In case you are looking to build a network before flying out, which is a smart thing to do, use your current network to see if you can connect to someone doing business in that area. Another possibility would be to join expat communities and ask questions there. Join Facebook groups! They are surprisingly effective.

2. Language

Studying a new language is hard and very time-consuming. It may even present a bigger barrier for you than running an actual business. However, learning the local language will prove to be a huge advantage when doing business with local people. Especially in Asian countries, people will show you more respect and trust when you speak the language. Besides the fact that communication will be easier, it's easier to meet new people and you'll most likely get better deals.

3. Way of Life

Integrate with the local community and neighbors through events and other get-togethers. This is a great way to meet new people, potential clients, potential business partners and besides that, a great way to learn more about the country and its culture. It's an awesome experience to see, understand and feel how the local people live their life. Learn about their values and vision in life. Study the local market and local economy and how that knowledge can profit your business.

4. Competition

It is critical for entrepreneurs, regardless of country or business industry, to fully understand the competition. However, entrepreneurs should not only focus on the current competition model. Have a look at what happened in the past, try to find companies in your industry or somewhat related who have failed to succeed. Examine their conditions and learn from the mistakes those companies made. After all, learning from mistakes is a highly valuable asset. Also, find companies that have succeeded in their market and compare them to the failed companies. Figure out the key differences and implement this in your own business plan.

5. Network

Networking is one of the most important key aspects of running a successful business. As you make the move to another country, the network you build in your home-country will become less valuable abroad. Therefore building an international network is increasingly important. Meeting the right people at the right time can make a huge difference in your business' growth. As mentioned earlier, try to connect with expats or already established communities in the local area. Many Asian countries have specific groups that organize events for members for a small monthly fee. Or join Facebook groups that are free and offer a community atmosphere.

When I moved to Asia to build my own startup, I tried to connect to many businesses at a very early stage by emailing or calling them. It was extremely beneficial to meet businesses and other entrepreneurs and resulted in a lot of new connections and trusted contacts. It turned out to be a valuable for both sides, short- and long-term.

6. Health Insurance

An obvious, but often overlooked, factor when moving to a different country is health insurance. Many expats don't necessarily recognize the importance of good international health insurance coverage. I highly recommend finding a health insurance plan that fits your personal needs and select the most suitable plan for you. For example, if you require routine visits to a therapist or chiropractor, finding a suitable doctor in another country can be difficult. Check with your insurance provider whether they keep a list or communities of the best doctors in your new country. This will take the stress out of searching for a doctor as you're simultaneously settling in.

Starting my own business abroad was single-handedly one of the most exciting things I've ever done in my life, but it was not an easy thing to do by any means. Don't just randomly choose an industry or country, but take your time, be patient and come prepared. Of course, keep in mind some of my tips, I'm positive it will contribute to your success and give you an experience of a lifetime, something you will never forget!

About Marcel de Jong - An entrepreneur living in Asia for the past 12 years and specialized in individual & business insurances. His passion is traveling and to deliver relevant information and easy-to- use online tools. Since 2013 he's blogging for Now Health. Check out more information at https://www.now-health.com/en/

Article Source: https://EzineArticles.com/expert/Marcel_De_Jong/2416413