When you decide to make the move from employed to self employed, it's a huge leap of faith and one you should be very proud of! There is no greater feeling than the sense of accomplishment and achievement you get when you start building a future for yourself.
The sense of excitement can soon be replaced with a sheer sense of panic, as you realise the enormity of the task ahead! The mind can become over crowded with thoughts of what needs to be done, when it needs to be done and what happens if you miss anything crucial!
1st Thought Business Support is here to hold your hand every step of the way.
This week we are starting from the ground up as we bring you or handy A-Z Guide of Start-up business essentials!
A is for Accountability
One of your first lessons in business is that the buck stops with, yup, you. Accountability is everything. Record everything you do and make sure that you do it correctly. There is no one else to blame when you work for yourself.
B is for Budget Setting
Knowing how much you have to spend and when and where to spend it, will stop you over spending. It’s a common and costly mistake when you start your own business.
C is for Communication
Become an expert in communicating with others - Whether that be with clients, contractors or colleagues. It’s crucial to pick up the phone or meet face to face, much can be lost in translation when you hide behind emails.
D is for Data
Data is not only your friend - it's crucial when you work for yourself. Understanding your customers, knowing where they are, understanding their buying trends and what they look for in a business will be crucial in growing your brand.
E is for Email Signature
First impressions are everything. Much of your business will be done electronically. Make it clear from the start, who you are, what your company is and how you can be contacted.
F is for Filing System
Whether this is an electronic filing system or a good old fashioned filing cabinet or folder - you need to know where your most important documents are at the drop of a hat. This will save you hours of time and will prevent you mislaying important information. This is particularly important in the day and age of client confidentiality and fraud.
G is for Generosity
Small acts of generosity can make a massive difference in building long standing relationships with contractors and clients. It can be as small as buying your staff a cake on Fridays or as big as offering a long standing customer a discount for continued loyalty.
H is for Holidays
Give yourself time to reflect and recharge. Burnout is a common complaint when you are your own boss. Even if that holiday is just one day, or just one hour, schedule it in.
I is for Insurance
Business insurance protects you against a multitude of issues. The most common business insurances are “Professional Indemnity” and “Public Liability” but there are many other types to consider, we will be covering that in our next blog.
J is for Jargon
You are now a business professional, no doubt working in an industry specific arena. Make sure that when you talk about your business, product or service, you know what you are talking about. Keep up to date with industry information, speak to your peers, keep relevant. Clients are extremely savvy and they will spot “blagging” a mile off!
K is for Kettle
Let's face it - we are a nation of tea and coffee drinkers! Make refreshment a key part of your day!
L is for Lateral Thinking
This is the art of solving problems through an indirect and creative approach, typically through viewing the problem in a new and unusual light. Sometimes you have to take a step back to see things clearly.
M is for Meetings
The best relationships are built on face to face meetings. Your understanding of their requirements will be far better when you take into account the non verbal signs as well as the verbal signals.
N is for Networking
Get yourself out there! Networking has become a fundamental cornerstone of business of recent years. Breakfasts, lunches, dinners, sports events, art events - these are all great places to meet like minded individuals and potential clients and allies for the future. Go to specific networking events but remember every social gathering could be an opportunity.
O is for Operational Support
It’s important to remember that you can't do everything. Support may come from having a team around you, or working with virtual business support such as “1st Thought Business Support”. It will save you time and money - as well as stopping you having a nervous breakdown!
P is for Planning
If you know what you are doing, you know where you are going! Think of business planning as a road map.
Q is for Quality Control
If you are going to do something, do it properly, or not at all. Cutting corners is not an option in business. Whether it’s making sure you pass on correct information, or that your quotes are spot on, or that your products meet the kind of standards you want your company to be known for, check - double check - and triple check!
R is for Recognition of achievement
Pat yourself on the back, pat each other on the back, give a hug, crack a smile or all of the above, when something good happens! Gratitude is a wonderful quality to possess.
S is for Social Media
Love it or loathe it - it’s one of the most powerful tools we possess in business in the modern age. Not only can you showcase your work - but it’s invaluable for collating data and as we have already mentioned - data is your friend!
T is for Taxes
You must make sure your taxes are in order from the off. HMRC offers lots of information on how to do this. My personal advice - invest in an accountant to avoid the pitfalls!
U is for Umbrella
Let's face it - living in the UK - this is a business essential! When you are heading out to networking or meetings, getting caught in the unpredictable weather is almost inevitable. This all falls under the category of planning! If it was good enough for Mary Poppins, then it’s good enough for us!
V is for Vision
Learn to see the bigger picture and don't just look at what is in front of you. It gives you something to aim for. Vision boards are a great way to get your thoughts out of your head and will give you focus.
W is for Writing material
Pens, pencils and notebooks are king in business. It's psychologically proven that writing things down, helps you remember things far better than constantly relying on using your computer. Additionally this is the number one tool in meetings. Note taking not only shows intent, but gives you a reference point once you walk away from your potential new client.
X is for Xenia
Be hospitable at all times. A welcoming and friendly face in a sea of strangers can be an oasis in the business environment.
Y is for YOU!!!
You are the face and driving force behind your business. Don't be shy, let people know who you are and what you are all about! People will love you even more for it!
Z is for Zen
Remain calm, remain relaxed and “just be”. Getting stressed will get you nowhere fast! As Edward Monkton wrote:
“He knows not where he's going,
For the ocean will decide,
It’s not the destination,
It's the glory of the ride”
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