So, you have been working 9 to 5, 5 days a week. You fulfilled your responsibilities as an employee but now you know it’s your time to switch over to the startup mode of business. It is going to be tough for you, we know but that is also a challenge and you cannot afford to leave it out. Switching over to a different mindset and having fulfilled the requirements of your new business successfully is going to be your first step to success.
This transaction is not all about capital; it also requires incorporating a great idea along with the realisation of becoming a boss from an employee. When you were an employee, you did rely on someone else for putting on the lights and paying those bills but after stepping into the entrepreneurship, you know you will also be keeping a track of all these basic things.
It’s now time to set aside a few tasks and rather start planning for the future of your company. It goes without saying that time and money management is going to play an instrumental role here. However, even after all those little things we have mentioned here, we would still suggest these are not only going to be counted as your best moves. As someone who has started as a business owner recently, there are plenty of opportunities that lie ahead.
Before you consider focusing on the issues that really matter to your business, here are things that can help you get rid of the typical “employee” mindset. We shall now mention what can exclusively impact your business performance in the long run.
Busy work is not your kind of thing now!
It is often seen that the employees try to keep themselves busy and more engrossed in work so that they can put a good impression on their bosses or employers. While as an entrepreneur, you will still need to work hard, only working whole heartedly to show only when someone cares does not make sense at all.
You will have to ensure that you keep a check on your own work and can deliver the best of your talent even when no one’s watching. Basically, you will have to realise that you’re a watchdog of your own and others noticing you or not noticing (during work) should not affect your willingness to work and perform.
You have to come out of the mentality of handing paperwork on time as you used to do as an employee, rather focus on the quality of the work and deliver as per expectations or deadlines. Remember, working like an employee with sincerity and obedience as one of your USPs is not going to help you generate revenues as an entrepreneur. The parameters of your reward offering are going to vary.
Don’t think of going without a plan
The kind of plans you used to make as an employee are usually quite different from the ones you make as an entrepreneur. When you were an employee, you did things when you were told. As an entrepreneur, your actions depend on your own willingness, requirements and preferences. Since you are the one who will be giving directions to others as well as to yourself, don’t even think you can do away without a plan.
A lot of entrepreneurs skip making good plans for smooth functioning of their business and straight away plunge into taking actions which often put them in trouble if not then, sometime later. Make sure that before you proceed, you have answers to the following, as your business performance will largely depend on the business strategies you make and how you implement them. Take a look at the concerns you must have a focus on:
- Why should your customers buy from you or consider availing your service?
- What segment of the market will actually value your offerings, products and services?
- How will you finally reach your target market and with what kind of messages?
If you have the convincing answers for these, you will probably be able to market it to the right kind of the audience and in a right manner!
Network with the right people
We agree that networking can change the entire look and feel of your business but make sure that you know what kind of people you have to reach to. Whether you’re meeting them in person, via mails or through social media, meeting the right people and conveying the right message and in the most suitable time can bring a huge difference to your business operations. If you’re not meeting the right people in business, you’re probably eating a lot of your own time as well as theirs.
Don’t hesitate in pricing your efforts adequately
It’s your business, efforts and now – your price! Yes, you got it right – this is the time to decide on the price at which you will literally “sell” the output generated from your efforts. You may be afraid of approaching clients with a price you thought of, that may lead into them tuning out. You will have to keep in mind that once you hesitate in raising your fees, you’re probably going to feel frustrated in the long run.
You may then realise that whatever you have been charging for your service isn’t something that is going to reap you the desired financial benefits. This may bring you to a point where you will have to reconsider on negotiating the price. Hence make sure that you set a price for once, be logical, negotiate less (and depending on the benefits you can enjoy from your clients) and consider the efforts you will need to put.
Figure out the amount that you should charge in order to make your business profitable and yourself content and happy. Remember, if you fail to find people to pay you the desired amount, you’re probably going to fail in the venture, as a result of which your business might soon begin to collapse. If things seem to perplex you, there’s simply no reason why you should not consider following the successful and experienced entrepreneurs. Learn from their mistakes and adapt to the changing trends in the industry.
About the Author: This article is contributed by Joshua Reynolds who works at Convex-mirror.co.uk, a leading UK based supplier of convex mirrors.