Precious tips for succeeding in your business

Tips for business

Starting up a business is something which anyone can do, but taking the business to a higher level is not everybody’s cup of tea. According to a survey done by ‘Small Businesses Administration’ only 50% of the businesses are able to survive their fifth year and more, rest all of them see a pitfall. While starting a new venture, keep in mind the concept of ‘slow and steady’ and see your business improve with time. Also below given are few special tips which will help your business withstand the up and downs.

  • [Tweet “Do something that interests you”]

Remember that you will be spending a considerable amount of capital in your business along with a lot of energy and time. Hence, it is important that the work you do is of your interest. Doing a business or any work which does not interest you can be frustrating, hence it’s really important to deeply enjoy the work you are doing as your business.

  • Start the business before leaving the job

How long can you stay without a regular income? The answer is- not very long, may be a month or two. Don’t expect an immediate profit as you start your business, because it will certainly take some time to get established. It would be great if you do some pre-preparations, start saving a fragment of your salary of the last 3 to 6 months and use it when you need while running your business. Better to start your business while you are already employed somewhere.

  • Search a partner or a ‘mentor’

No matter how strongly you begin your business, you will require a support system in the starting, as well as afterwards. A reliable friend or family member should always be there by your side, to provide you valuable ideas, suggestions and to listen to your problems which very likely to occur in a new set-up. It would be greater to find a mentor who always stands by your side and helps you in all possible ways; someone who is experienced and financially sound would be great.

  • Start Building relations before only

Don’t expect that your business will attract customers as soon as you open it up officially. You have to do homework to attract them even before your business starts. This would ensure that you have enough customers before you start offering your products or services. Start networking and make contacts. Start selling unofficially- it’s ok if you do it. Also, start marketing your business by searching places to find clients.

business plan

  • Note down the business plan

Building up a business plan even before starting up a business can help you in lot many ways; mainly it will help you in avoiding frustration and sinking of your business in the beginning. There are many other reasons which you should know as to why you need a good business plan. It’s not important that you have to build a fully fledged business plan each time with a new business idea, but a quick layout is important at every step. Do a bit research work and find out how to prepare a small and quick layout for new business ideas.

  • Do a detailed research

All aspects of the business require a lot of research and homework. Before you step out in the business you need to become an expert about it from all sides. Research work isn’t required just for building the initial business plan, but at every step to be the industry’s expert. Joining a professional association of the related industry and meeting like-minded people would be some great ideas.

  • Take help from professionals

Now becoming an industry’s expert doesn’t mean that you need to be a lawyer, accountant or a bookkeeper. When you are into the business now, you will need some other industry’s experts for sure. Hire them and concentrate on your work. If you try doing their tasks on your own, you will end up wasting your time, energy and also peace of mind. Hire a good accountant, lawyer, HR etc and delegate your tasks to them for concentrating on your business.

  • Create a Back-up Plan

Try to save as much as possible in your initial stage of your venture. When you have sufficient back-up you can approach potential investors and money-lenders for the growth of your business. Find out for a financial fall-back plan if available. Don’t approach a bank or the traditional money-lenders without a financial back-up because they don’t like offering funds to new businesses or set-ups without previous track records.

  • Behave professionally from beginning

Professionalism has many facets. You must try to have as many as possible in your attitude. If you have hired employees under, doesn’t mean now you have more leisure time, instead you need to be more disciplined and professional than what you were as an employee. Sometimes, it might happen that you spend more time at your work than your employees. Whatever may be the working hours, be scheduled and professional always. Also keeping all the professional accoutrements like separate business contact number, a business email, business cards etc is a good way of putting the positive impact on people. Also, behave and treat people in a courteous and professional manner.

  • Check out the legality and tax issues from the beginning

If you don’t check out the legal and taxes issues at an early stage of your business you might get entangle in those issues very badly. Detangling the curls then will be much more expensive and frustrating. How will your business be registered? Who will all need to be paid for doing your work? Will your business deal with payroll taxes or you’ll go for employee compensation Insurance? How will your business type affect the amount of income tax you pay? Ask yourself many more similar questions and learn about all the legal and income tax liabilities before starting up.

Following the above advice before starting up a new set-up will make your journey smoother and stress- free. Also, the new venture will start with a positive impact and last for a longer time.

All the best!

Bring sales hike in your business without much expenditure

Business sales

Are you running a business and wish to increase sales? The answer would be definitely ‘Yes’. If you wish that your business sale should hike up, it doesn’t necessarily mean that you have to spend thousands of dollars for it. You just need to keenly observe your business and look at what is working in your business and what’s the successful element. The Direct selling Education foundation, a national partner of BBB has surveyed businesses and extracted the following ways of increasing sales without spending too much money.

  • Recognize your loyal customers and provide them extra

Certainly there are some special customers in each business who spend more on your brand than others; you need to pick up those key customers and treat them in a special way, by offering them more; yes much more than what they are already getting. Like for instance, initiate a VIP program offering special promotions, rewards, incentive and exclusive insight to the new products and service to the special customers. When the special customers will receive that ‘special treatment’ from your side, they will certainly feel appreciated and will become more inclined towards your business. They will also share their positive experience with their family and friends. This type of publicity will have a remarkable and long-term positive result on your business.

  • Customize sale pitch differently for different customers

Remember no two customers can be same; each has its own taste and liking, hence they should be treated accordingly. Don’t mug-up a similar sales pitch and portray it in front of every client. Each individual should be given special attention and if possible a bit research should be done about him. While talking to each client, incorporating some personal interest in him or her into sales pitch will leave a deeper impact on them and chances of them converting into loyal customers from just prospects become more.

  • Increase target referral and see sales rising up

Increase the number of referrals which are being targeted each month or each week. It doesn’t mean that you have to take a very steep hike, a 30% to 50% hike is enough initially to boost up the sales process. Like for instance if you are targeting 6 referrals each week or month, make it 8 or 9. Obviously, this will require a modification in your timing schedule, do it smartly and see your sales pitching up quickly with time. Once you find that you have become habitual to the new schedule, try to increase your goals again. Make it 10 now. It simply means that business should never run in a straight line, instead, it should be targeting an upward direction to maintain success and growth.

  • Interact personally with clients and take Feedback

No matter what type of business you are running, whether it’s wholesale or retail business, always keep a habit of interacting with your clients on a personal level. This may seem a bit tedious but again it will have some outstanding results. Also, make a habit of taking feedbacks from them once the sale is made. This will have a positive impact on them and they will build a trust on your products or services. If you can do much at this point, try to learn few personal things about your customers, like their names, facts etc. This will make sure that they will come to you each time they want to buy that product. This fact has been proven to be very effective through surveys.

A continuous research work is always needed to know what will increase the sales and what is best for your business, so come out of the comfort zone and start thinking high for your business.

Social Media and Business : Now Husband and Wife

Social Media and Business

With the day by day increasing demand of rapid promotion of a business in order to earn more benefit, things have become dependent over social media marketing a lot. The extensive growth of social media marketing involves the inclusion of all those social media sites in business which bears millions of users to whom the business will be visible. According to a recent report, it is really surprising to see that how widely big and small entrepreneurs are using social media for the elaboration of their business that reviewers don’t mind comparing social media and business with couples. Yes, social media is now being considered as ‘wife’ of business (husband) that cannot grow well without it’s better half. Although it seems a little funny but when compared on real aspects, social media is truly supporting business nowadays like a wife supports a husband on every step.

Many smart entrepreneurs are using social media as a business tool smartly because it is one of the best platforms to promote a business on a wide level. The most important factors to be taken into consideration here is that you can reach your prospects, suppliers, customers and trading partners easily. The second important thing to notice is that social media based promotion is always lesser time consuming, cost effective and quick way to catch the attention of relevant stakeholders.

What is social media?

Implementation of social media networks for the achievement of marketing communications and branding goals is called as social media marketing. This kind of marketing strategy covers various activities that include sharing product reviews, video contents and images for marketing. Well, settled businessmen use this method as a part of their promotional campaigns and post updates on their services and products time to time, on the other hand, budding businessmen should never ignore the idea of hiring a social media marketing platform to display information about their products or paying for similar services. Here are some highly reputed social media sites where you can promote your business –

•    Facebook – As Facebook offers a funny, friendly and casual platform, this can be used as the best marketing strategy.

•    Youtube – It is one of the best places online to display video contents.

•    Google+ – Like Facebook, this site also offers a casual atmosphere for displaying information about your products.

•    LinkdIn – It is one of the greatest venues for professional social media marketing

•    Twitter – This effective social media platform helps you in broadcasting your updates in the internet

•    Pinterest – Being one of the image based content publishers, this site is ideal for retail businesses.

social media and business

How to use social media; step wise guidelines

Definitely, use of social media marketing to promote businesses pays always but to be assured of getting the best result in this direction, you need to follow step wise process in this direction. Here are some simple yet effective steps to start using social media as a business promotion tool

Determine the platform

The first step is to determine which platforms are being used by your customers and clients. By keeping this outlet in mind, build your social media presence in various social media sites.  Set some objectives earlier than moving forward in this direction so that you can achieve all the predetermined goals and measurable objectives. With the help of business professionals, decide some key performance indicators that will help you to evaluate the impact of social media marketing on your business. This is how you can scale up the pace of benefit and determine whether you are going in the right direction or you should change the strategy.

Set objectives for success

It is very important for you to determine the purpose, location and size of your business that will simply leave positive impact on your social media objectives. You can involve the ideas of increasing company credibility, referral traffic to the sites, driving lead generation and eCommerce purchases and demonstration of corporate identity etc. in this field. Also, don’t forget to plan a way to receive feedback from customers as well as provide some additional avenue for customer care services.

Spreading brand awareness

Your main objective to work behind startup of social media marketing in order to promote business is spreading brand awareness. Represent your services and products online in an attractive manner. Display your products everywhere you think you can target relevant stakeholders, for instance, post link of your E-commerce website in an FB group of young girls. Creation of brand identity and regular communication with the target audience is secret to success here. Strive hard to project a positive image of your product online.

Blogging

Always remember that content is king when it comes to social media marketing. Like all the other online marketing tricks, social media marketing also requires good and high-quality contents for the promotion of products. Always be sure that you offer valuable information to your customers. Blogging provides you a good platform to share a wide range of information about your services and products.

Benefits of using social media

As mentioned above that for smooth business growth, it is mandatory to promote it through social media more than 50 percent of adults follow certain brands and 4 out of 5 internet bees go through blogs and social platforms as per a report on social media marketing. This shows how important it is for you to represent your business online in social media so that you can get good response from customers. This is how; you can simply promote your brand on social media sites for a good start. The overall infographic in this direction suggests that smaller businesses are more aware of using the social media as a business tool. They strive hard to run online promotional campaigns in ordered to reach their existing and new customers for dynamic growth.

Interesting to know here is that small business start promotions with the help of online marketing deals. Some of the best social media websites are Facebook, LinkedIn, Twitter. Over 57 percent of budding businesses utilize these impressive websites to offer handsome speed to their progress. Actually, these social networking sites work in an awesome manner by boosting sales and promoting brand awareness within a huge group of people. You can simply increase the rate of brand awareness up to 27 percent higher by promoting your products on these social media sites.

Taking care and advantage of technology in new business setups

advantage of technology

Irrespective of the nature of your business or the nature of products you sell, technology has a major role to play in it. The business can reach an advanced level only if it incorporates latest technology within it. If you make sure that your business is making use of the basic technologies in the correct direction you are sure to succeed. Just put up the right technology in the right place and see your business flourish.

Make your business set-up flexible with flexible hardware

Gone are those days, when the offices used to be decorated with similar looking desktop computers, arranged neatly in cubicles or in straight rows. Those conventional desktop computers are still very popular; but having only them in your office is certainly not a good idea. There has to be flexibility in the hardware. A blend of desktops, laptops and few tablets is the best option one can have in his office.  This can be called as technology mixture; it can be incorporated in office with ease but few points should be kept in mind with each.
•    The desktop computers should be space saving, energy saving and wireless (as much as possible).
•    Keeping the desktop updated with the advancements is not as tough as it used to be earlier, but make sure that the desktops you use have enough room to become an upgrade version each time.
•    Workers, who are mobile, should use the laptops.
•    The laptops should have the ability of video conferencing.
•    They should be equipped with high clarity camera, microphone and speakers.
•    They should have enough technological advancement to save important data and to recover the data if any is lost.
•    Lastly the how the tablets will be utilized is decided according to the nature of business.
•    They are versatile hence; they should be handled with utmost care.

Installation of the following technologies in your office in compliance with other technologies in your office will give you some additional results.

Safety and Security of your Office Infrastructure

If you own the above described hardware, its certainly great, but one thing that should be kept in mind is its maintenance. It is the biggest challenge to keep the laptops, desktops and tablets, all under working condition at the same time. The IT services are costly; remember the repairing services are costlier than prevention services.

The maintenance might not be problem for the tech setups but for the non-tech setups it is a must to hire additional IT services for maintenance of the hardware and its repair, whenever required. A staff member who is tech savvy can also handle this job, but it’s not a permanent solution. Luckily now there are several IT companies which are offering software and maintenance services at very nominal price. The services of such companies will include prevention and recovery of the ill effects of IT failures.

Arranging office suites and other major software

Office does not only mean having hardware all over, proper software are needed to run them. Many business owners get confused on how much they need to pay for the software to make the hardware run. Different operating systems are installed in the systems by default but many other important software and office suites require additional expense and installation.

Again luckily, there are many options for open source software and their installation. Many of them are available for free. However those free versions often create compatibility issues and the staff might get annoyed with their interface. It’s better to purchase the licensed version and keep your employees away from such issues.

Mostly the software that were licensed earlier are now available as service. It means that the business start-ups will now be able to hire them as subscription instead of paying a large one-off amount. The new start-ups will find this way much affordable. The software, as services have some additional benefits like constant support and cloud storage etc.

Another software solution that the new businesses must consider is few form of BIS i.e. Business Intelligence Software. This software is generally installed with the accounting software and lets you keep an eye on the forecasts and insights of your business data recording capabilities.

These were few ways for the start-ups to use their hardware and software in the best possible way. With these instructions they can be made flexible and capable of your business helping it to grow.

Incorporating BYOD policy in the office

A popular trend, which is running amongst most of the businesses across the globe, in which the employees are allowed to bring their devices at work to perform their tasks using their personal devices only. Garner, the technological research firm has estimated that 90% of the firms will be supporting BYOD in their office premises by the end of 2015.

Why is it becoming so popular and how does it affects the business, let’s find out.

Increases the productivity : According to the survey conducted by Dell, around 66% of the companies have already started practicing BYOD in their business and have seen a noticeable increase in the productivity of their employees. Also 50% of the employers believe that they would face a competitive loss if they prevent BYOD. How does BYOD increase the productivity of the employees? Its simple; employees who are use their personal devices at work also use them at home, which reduces the fine line between professional and personal life. Also the workers are able to take advantage of the skills which they have developed using their own device.

Saves Employer’s money : Companies that incorporated the BYOD plans in their working have found that the employee becomes more valuable than before. The companies were able to save approximately $3000 per year on such employees. So its not just the matter of productivity but also of saving bucks. Also there will be no expense of buying the newly joined employee a new tablet or laptop.

This way you can make use of technology in different ways and make it flexible according to your business requirement.

Precious Business Ideas of 2015

business ideas 2015

Few businesses that are small and easy to start have been listed below. A small business idea that does not involve much capital initially is quite feasible for everyone. Biotechnology, resource extraction, food industry are some fields which have business opportunities, however not every small business owner would be able to avail every opportunity in each industry but he can choose the most appropriate one.

Firstly, there are several fields which can be considered for starting up a small business. Choose the field that interests you.

Secondly, the businesses given below are easy to start and do not require a number of degrees or million dollar bucks but there can be other entry barriers which you need to take care of.

Thirdly, make sure to complete all the legal formalities before starting and within the business tenure.

With no delay, the best-picked business opportunities of 2015 are:

Gluten-Free eateries

Gluten-free eatables are highly in demand these days, removing gluten and wheat from the food is not something which can be adopted only by some particular brand of eateries, but it is something which everyone wants to adopt. Now the big chains of bakeries and restaurants are making more and more items on their menu, gluten-free. There is enormous opportunity to start up a business in this field if you offer real, tasty, fresh and hard to find gluten-free foods such as sandwiches, soups, and bread.

Play school, day care and Nanny Services

The Vanier institute of Canada has estimated that the available child care centers which are regulated properly can accommodate only 22% of the children under six. This was even published in an article titled “Million Dollar Babies” written by Tamsin McMahon. The shortage of affordable alternatives has led to a booming market of babysitters and nannies. In the same article, it was also mentioned that the domestic nannies’ and babysitters’ wages account to approximately $19000 to $21000 annually.

The business opportunity does not say that you become a nanny yourself but to open up a properly regulated day care centers and provide nannies, baby-sitters to others.

Patient Advocates

Our loved ones, friend or a family member might have sometimes or the other encountered a serious illness or hospitalization. We all know that how painful it can be to navigate the entire medical system. Your role, as a patient advocate will be to help people who are undergoing such situation in getting the best possible health care.

You don’t need to have a medical background for becoming a patient advocate, although it could be an added advantage. Trish Torrey, a patient empowerment expert has detailed various types of patient advocacy which you might choose and take specialization.

So you want to be a patient advocate?

Tattoos, Piercings and body ornamentation services

Few years back, getting a tattoo done on the body was not done by any respectable women, she would not even think about it. Now the time has changed and every youngster of either gender wants to have at least one piercing on their body. The craze of tattoos is also booming up. There are other body decoration types too, which can be a good business opportunity. Each day tries to improve and become ahead of the mainstream. Provide fresh and clean experience to the clients and watch the number of visitors increasing in your parlor.

Transport services for the non-mobile

This business opportunity might pop-up as the best business opportunity in the near future because the demand is there but supply is negligible. This requirement will be making this business opportunity to boom in the future. Not just the senior citizens, there are people who face mobility issues because of many reasons, such as obesity; any person, who is totally dependent on a wheelchair or scooter also will not be able to climb up a taxi or a bus immediately. Find a place with a high number of senior citizens and a motorized vehicle can bring you a good luck along with money.

Home care

The very first baby boomers turned 65 in 2011. By 2030, the entire generation of Baby Boomers will turn 65 and one-fourth of the entire US population will be considered as elderly. Unfortunately, this generation will be living for longer years than the previous generation but they will also spend more years of sickness as reported by United Health Foundation USA on senior’s health. Combine this with the crowded medical system’s shortage of beds for the elderly care and you will find a large and growing need of home care. Develop your own company which offers such services or you can even buy a senior care franchise available.

Developing mobile apps

The app, Angry Bird was the beginning of something big and now there are several apps for every day-to-day from monitoring you heart rate to managing your spouse. The later app was made to remember important dates and information so that your relation always remains in a good health. Develop the skills of building apps and develop an app which becomes popular or takes cash for creating apps for the increasing number of big and small businesses that are demanding branded apps of their own.

Tea variety Stores

Every year people in Canada drink around 10 billion cups of tea, as reported by Statistics Canada. This makes tea business a great opportunity to start over. By 2020, the consumption of tea is expected to rise by 40%. This survey and reports on food consumption trends were provided by a government agency of Agriculture and Agri-food Canada. The agency has the interest in health and wellness of people all across the country. If you start a tea business, you should know that it is now available in the various stranger and peppier flavors like popcorn, maple, birthday cake etc.; tea cocktails are also making their presence stronger. Don’t just limit your tea store to black and green tea, offer all.

E-commerce trading

The eCommerce stats are really astonishing- the trend of window shopping of products in various retail showrooms and then purchasing it from an online store, usually as a lower cost is becoming quite popular in not just the North Americans, but all across the globe. The U.S retail eCommerce business saw a hike of 15% before the recessions, the sales reaching up to $186.2 billion (the highest annual growth reported before the recession). The overall global eCommerce sales crossed $1 trillion in 2012 for the first time ever, leveraged by the hike in the Asia-pacific region and North America. It is expected that eCommerce will be seeing, only growth in the near future.

You too can set up an eCommerce store very easily. Choose the right products, place them online and you could make your own profitable business.

Financial planners and advisors

Very few people, as less as 20% people in Canada are confident about their financial planning and money skills when it comes to plan a financially secure future. This survey was conducted by Ipsos Reid – the results clearly depict that there is the large mass of Canadian who would require help in financial planning. It makes a large room for the financial advisors and planners. The financial planning and advising jobs are likely to grow rapidly in the US in the next decade. The survey conducted by Bureau of Labor statistics has projected a growth rate of 32% between 2010 and 2020. Financial planning for retirement, small business safety, insurance etc. are the specialties in which the financial advisors have a bright future.

What’s special about these business opportunities?

The business ideas given above won’t make you a millionaire overnight, but yes these business opportunities will provide you an easy way to make money and earn your livelihood without much investment. Although there is no guarantee here that how much good luck the business will bring in but remember ‘Hard work never goes waste’.

Stop thinking and get in action

Seven ways to be a happy and stress free businessman

businessman

There are many advantages of having own business over being in a job. While a self business brings freedom from service, it also brings challenges and hard work to make it successful. Many times the business owners have to work on the off days also. They also need to wear many hats and perform many duties to get the job done. High level of dedication will bring success in the small businesses but it can also bring burnout, loss of motive and overall happiness. But would you ever want it to happen with you, if you are running a business? The answer would be a big ‘NO’. Below there are 7 ways which you can practice and revive your passion for the work you do. Also you can be more joyful and stress free if you follow these ideas.

Get started with these ideas

Do what interests you the most

There might be some tasks of your business which you might like doing more than the other tasks. You wouldn’t have started the business if there wouldn’t have been an interesting part in it. But as you start your business and it starts growing, the more important tasks can surpass the task you like doing. Although you can’t ignore the work within the business which you don’t like, but you can ensure that you spend more time on the task which you like.

Everything should be planned

Starting a new business without having proper planning is like walking on an unknown path. If you start the business without proper planning, you will be stressed without any reason. You can create a bigger plan and outline just before you start the business and after that at each step you can build up small outline plans and put them into action. When you will see your plans are becoming successful, automatically you will have a sense of happiness.
If you are thinking how to build an effective business plan, this link will help you in creating an effective and simple business plan.

How to create a simple business plan?

Start delegating the tasks

One simple fact which many small entrepreneurs take a very long time to accept is that they don’t have to do everything on their own if they are running a business. There are many small things which can be delegated to the industry’s experts and a lot of time and energy can be saved for improvement. Like for instance if you find the process of billing messy and time consuming, simply stop struggling with it and hire an accountant, who can keep a record of your finances in a much better way than you would do. This will save lot of time and energy for you and it can be utilized in doing the tasks which you like to do.

Grow your network large

If you own a small business, don’t isolate yourself, even if you are working from home. Strive more and more to interact with people, which will ultimately open the opportunities to expand your network. It would be great if you join a commercial organization like a chamber of commerce and attend as many networking events as possible.

Take out time for self appraisal

Living a life with stereotyped routine can enhance the overall productivity of the business but can reduce the happiness of personal life. One of the best methods to come out of the similar lifestyle of each day is to take out some time from the schedule and utilize it in enhancing your skills or to learn something new. You don’t need to necessarily attend a physical classroom, but yes you can go for online courses that are short term but teaches you a lot. This activity will provide you new talent as well as happiness and satisfaction.

Keep alive the ‘Why’ factor

You have started your own business because of some reason. You definitely had some goal in mind or an aim of achieving a certain height. You believed in yourself and took the risk of starting a business. How often you think about that ‘Why’ factor on the grounds of which you started your business. Never ever forget that ‘why’ factor. Always keep reminding yourself about it and why are you working so hard and why you are confident about your work. This will fill in you immense happiness and satisfaction in your work. Hence keep touching the ‘why’ factor frequently.

Schedule Breaks

Just recall when you took a break last time and what quality of that break was? By ‘quality break’ we mean here that the break you took was totally free from peeping into your mobile, laptop, computer to check emails or anything related to work. It’s certain that it might have not had at all, but we suggest that it should happen. Taking a break doesn’t mean having a one month long vacation without worrying about the business at all, even few minutes or hours can also provide you that perfect break which you need to increase the level of satisfaction in your work. Next time whenever you feel low or dull in performing the tasks of your business, don’t just take a break; take a ‘quality break’.

Try the above tips in your business and share with us how did they help you transforming your perception in comments below.

Take a Step Forward: From employee to entrepreneur

employee to entrepreneur

A great idea in mind and excellent connections are just two ingredients (out of many) for becoming a successful entrepreneur. Making a switch from a busy and systematic life of a full-time employee to an uncertain life of an entrepreneur requires some mental preparation and homework; often it is being overlooked by many. Truly speaking, the habits which you might have built over time for being a good employee might not necessarily work when you become an entrepreneur. According to the Small Business Administration, only 50% of the businesses survive up to five years or more and rests of them see a pitfall. If you wish to have that mental make-up which is required to become a successful entrepreneur from an employee, keep on reading further. Below given are seven tips which will help you to survive in the long run as a successful entrepreneur:

Switch from ‘Yes’ to ‘No’

An employee from an established company is habitual of saying ‘Yes’ to any requests which comes across his way. You might have also done this many times to proof that you are reliable and have the ability to do anything which is asked. This might have earned great reviews from your manager. However as an entrepreneur this approach needs to be changed. As a beginner, doing every task is not possible. Being an entrepreneur you need to set an agenda and start delegating your work efficiently to others. Stop molding yourself according to others. Make a habit of saying ‘No’ to everything else accept your priorities.

‘Perfection’ is a past now

If you have been an employee of a big enterprise, you might have faced a manager who wanted everything as close to perfection as possible; or your work might have been checked numerous times before finalizing it as ‘done’. This method may work at large companies but small set-ups which have just begun won’t be able to work this way. 100% perfect work may not be delivered always and as a fresh entrepreneur you need to accept this. If the work is revised several times, it might slow down the speed of your business ultimately. Target high priority and high-impact tasks first and if they are done 80% or less perfectly, it is fine. A popular Facebook poster says, “Done is better than perfect”, very true for the new set-ups.

Employees Working

Accept the extended working hours

Many new entrepreneurs assume that they will now have to work only four hours a day or they can log-in sitting anywhere. Both these might be possible, but not always. A new entrepreneur should be working longer in his office than his employees. Many days you might find that instead of 9 to 5 you are sitting at the office till mid-night. Don’t worry about the extended working hours, remember you are chasing your own dreams and working for yourself and not for someone else. Hence it is important to start loving what you are doing and not be afraid of the extended working hours.

Be ready to become ‘Jacks of all trades’

As an employee you were least bothered about a disconnected LAN, dirty floor and toilets, or dried out plants in the balcony or a power-cut in the office, but when you set-up your own business, you have to scatter your mind on all these issues. You have to play different roles; from sales person to marketing executive, from tech support to accounting and even cleaning. Be ready to play all these roles, but remember you need to keep your ego aside. Just think over all this before starting a new set-up, whether you will be able to play all these or not.

Don’t let the social isolation happen

While working as employee, there definitely might have been hard feelings for some or the other employee in your mind. You might have been obstinate and might have complained about them to your senior or just behind their back. Once you leave the office and start up your own venture, you will realize that how much hard work each department was doing and the entire office relied on their work. The initial period of your set-up could be tiring and shocking especially if you are not at your home. Try to overcome this social isolation as much as possible. Always be in touch with your ex-colleagues. Sit in a coffee shop and work from there. Attend as many social gatherings as possible and build your own network.

schedule

Create your own schedule

Is your new venture hugely autonomous project work? Is there no schedule at all, because you are starting from scratch? As you make a switch over from an employee to an entrepreneur, you need to make a proper schedule for your work and try to stick to it as much as possible. You are your own boss doesn’t mean that you will get a four hours leisure time during lunch or more free hours. Developing a schedule will help you and your employees remain in discipline and productive.

Many professionals have chosen self-employment over a job because of the strict schedule of the companies. Certainly there shouldn’t be a similar kind of schedule for you in your business but there can be somewhat different schedule which involves both hard work and recreation with your family. You need to decide which type of schedule will be best for you and stick to it strictly.

Develop an entrepreneur cash Pool

As an entrepreneur if you succeed, the success should be visible in your attitude as well. This will perhaps require some considerations- mainly cash. From a salaried employee you will be earning cash in a different way. It is advised to take out some part of your salary of 3 to 6 months (or more) and keep it aside before you leave the job. This will be entrepreneur cash pool and it will help you in concentrating on your business instead of worrying about how you will maintain those extra expenses which will come across your new venture.

Infographic: Employee to Entrepreneur