How to avoid becoming a slave to your new business

When starting a new business you have a lot on your mind. "Am I going to make money?" "Are people going to like what I have to sell?" "Will I be able to make everything work?" All of these are valid questions, and although there is no way of saying whether or not you will be the next big business owner or not, there are ways to avoid becoming a slave to your new business.

In order to avoid becoming a slave to your own business you need to sit down and consciously make choices and rules that you are committed to stick to. You need to be prepared to set boundaries, accept risk, and realize your limitations.

Set boundaries of...

• Time (How often and when) - What are your office hours? If you are going to be working from home, make it clear that certain hours are for you to be working. Do not take personal calls at this time. Perhaps you need to arrange for a babysitter to come to your home. Stopping every so often to take care of all the little things around the house is not going to leave you with enough time to run your business.
• Resources - How much are you willing to spend on work related expenses? Without a financial plan in place, money can easily be depleted and you will be left wondering what happened to it all. Know what you are willing to set aside for your business and don't compromise personal funds to make up for any bad business decisions.

Make Sure you are...


• Passionate - You have to love what you do to make a business out of it. When you are the sole operator of a business day after day after day, you can bet that things aren't going to work out if you can't stand doing what you do after a short period of time.
• Skilled - You need to make yourself an expert in whatever it is that you have to offer to the customer. Customers will not spend their hard-earned money on some have baked ill-educated product. You need to be the best or as close to the best as possible.

Get and Stay Organized...


• Physically (office and home) - You get a lot more done when your work area is clean and clutter free. Wasting time trying to find that one document that was filled incorrectly is wasted money. Have an orderly business and home and your thoughts can be on your work rather than the pile of nobody knows what over in the corner.
• Mentally (emotionally and interdependently) - Becoming overwhelmed is common among new business owners. There is certainly a lot to think about and a lot of emotions to manage. Really take the time to address issues of anxiety or stress. Make sure that you still have time to do things outside of operating your own business. Everyone needs a break from work every now and then. A home business is no different.

Know and Accept the Risks

• Financially - Have allotted funs set aside for your business. Some will say that you cannot see big results without big sacrifices. Others make big sacrifices and are worse off than before they tried to start their own business. Decide what kind of financial risk you are willing to accept ahead of time to avoid too many unwanted surprises.
• Overtime, Over budget, Overloaded - Expect to feel this way every now and then. Starting a new business is not an easy task. It is ok to take a break if you need it.

Have the Right Equipment

• Computer - Keep electronic information organized and keep yourself informed via the internet (usually a cheaper alternative to constantly buying manuals or attending seminars).
• Fax/copier - A fax machine and copier can save you time, money and stress. It is more often than not worth the investment.
• Filing system - Stay organized! It will be the difference between being frustrated and confused or being well-informed and confident.

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Categories: Choosing the Right Business,

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