For many of us, 2020 was a moment to take stock of our lives and reflect on our careers.
For many of us, this means going into business for ourselves. According to Forbes Magazine, there have been more businesses launched at the current time than any other time in the past decade. If you are one of these new startups, then here are some top tips to make sure your business stays sustainable for years to come.
Don’t Get Lonely
If you are used to working in a busy thriving office environment, then the chance to work in the comfort and quiet of your home may seem blissful. But after a while, this working arrangement can make you feel lonely, and you can see your motivation begin to dwindle.
Co-working spaces help you to separate your work and home life and give you the camaraderie of the office while working for yourself.
A luxurious working space, like Beehive Lofts, can offer you meeting spaces as well, so you can conduct business with clients in a professional atmosphere too. Using a co-working environment will also help you stay focused on the business work, and you will not be distracted by the pile of last night’s dishes or laundry that still needs to be done.
Value Your Time
You may be a new business, but your time and expertise are still worth something. You must charge appropriately for your time. Of course, you may want to offer introductory prices to secure clients, but you should be clear that the price will rise and that your expertise is worth paying for. If you undercut yourself too much it will become difficult to raise your prices to a reasonable value for your time, in the future. For instance, if you charged £10 for a haircut, but the next month you are charging £50, customers may be confused by the drastic increase. £50 is a much better price for your expertise and costs, but customers will only notice the sizable difference.
Keep Track Of Your Finances
Your business success is largely dictated by how well you manage your finances. If your outgoings outweigh your income, your business will soon fold. Therefore, it is vital that you issue invoices shortly after work is complete. This means that your customers will receive the paperwork when your work is still fresh in their minds. Put a clear due date on the invoice and chase up any payment that is not made on time.
Chasing up on an invoice can be done politely but firmly with a well-worded email. Similarly, try to pay any incoming invoices quickly too. If you leave payments outstanding, then your bank account and cash flow may suddenly plunge as you pay your creditors all at once. Taking some time each month to track your books will also make filing tax returns less arduous.
Pay For Expert Advice
Every successful business needs a lot of skill sets to help it grow. You cannot be an expert in everything, and it may distract you from your skills trying to master new aspects of your business. Whatever your trade, you should consider outsourcing to receive expert support for your business. For instance, you may want to bring an accountant on to ensure your tax returns are filed correctly, and you have claimed all expenses allowed to you. Another example would be hiring a marketing expert who can help you develop an online brand that reflects your products or services.
Remember Why You Became Self Employed
Finally, remember, a new business can become all-consuming, and you can find yourself working at all hours of the day to help it grow and thrive. However, you should always have at the front of your mind the reason you became self-employed. If you want more time with the family, protect that time. If you want flexible working hours, ensure the business stays flexible. Do not let the business success get in the way of the lifestyle it enables you to have.
Always prioritize your lifestyle goals in any business decision you make. Ask yourself, will this new deal help you get closer to achieving the aim. If not, then ask yourself, is the sacrifice worth it in the long run? Will this new deal help you achieve what you want out of life in the future? Of course, priorities can change, but do not let them drift away if you still feel they are important to you.
