Imagine starting a business, having the flexibility of working for yourself and the freedom of being your own boss. So many people dream of starting a business for all these reasons and more but it can be a daunting prospect.
How do you know if you’re making the right decision?
What if your big business idea falls short?
Where will find any help that you might need, in order to make a success of your new venture?
All of these questions and more can cause you to second guess yourself and your new business, and make you wonder if it’s worth taking the risk.
The good news is, with some forward thinking, a rock-solid business foundation, and a sustainable development plan, starting and building a successful business is well within your reach.
Starting a Business Mistake #1
Don’t try to do everything yourself…
A successful business owner doesn’t rely solely on his/her own abilities. He/she utilises the skills and talents of others to build and grow their business.
When you’re just starting out, it might seem more cost-effective to do everything yourself, but this is not always sustainable. This method can create a build-up of stress and ultimately lead to burnout. Trust me, I’ve been there and it’s not an experience I’d like to repeat. It took me a long time to recover and find my way back. And the most frustrating part is knowing that all the time I spent recovering I could have been building my business, but instead I had to start again from scratch!
Build a business by leveraging the talents of others
Here’s a simple way to make the most of your unique skills and leverage the contrasting skills of others:
First, make a list of the tasks you love doing and are especially good at. These are the tasks that will make the best use of your time and showcase your personal talents.
Second, identify the tasks that aren’t your strong points. Either you dislike doing them, don’t have the knowledge to do them or they simply aren’t within your skillset.
Next, create a solid plan to delegate the second set of tasks, removing them from your to-do-list and outsourcing them to someone who can do them extremely well.
This will allow your business to become more efficient and free up additional time for you to spend on the tasks that generate more income.
If you feel like you can’t afford to outsource any tasks just yet, plan out which tasks you will outsource first and commit to a specific time when you will outsource them. You may also need to manage your expectations and be realistic about the things you can achieve, working by yourself, within any given timeframe.
Starting a Business Mistake #2
Don’t work all the time…
The trouble with working from home is that you also live at work. There’s no clear distinction between your work day and your home life making that all important work-life balance practically non-existent.
Building a successful business takes a lot of work and there’s always something to be done. It’s easy to find yourself working every available moment, especially when you love your work. However, this can also have a negative impact on your mental health, your relationships and even your productivity.
Here’s a few tips to strike a good work-life balance:
Set working hours
Decide what hours you are going to work and stick to them as much as possible. There may be times that you need to adapt your hours slightly, maybe you want to attend a school assembly and so you work an hour later to catch up the time you missed
Establish a cut-off time
There will be occasions when you have a task that needs to be completed but will take you over the days working hours. Establish a work cut-off time to prevent working late into the night and then you can start refreshed the next day.
Spend quality time with your family
Working day and night, 7 days a week, doesn’t leave any time for the most important people in your life – your family! Time is precious and once passed, you can never get it back.
Be kind to yourself
Building a business can be hard work and stressful at times. Working yourself into the ground will not alleviate these symptoms, if anything it is more likely to acerbate them. Don’t push yourself too hard and make sure you take the time to do things you love (non-business related).
Establish a healthy work-life balance for long-term success
Starting a Business Mistake #3
Don’t create a business that cannot function without you…
At the start of your business, you may need to be ‘in the office‘ more and work longer hours, but you should still be planning for a future when you can take time off without the fear of your business collapsing.
There are times you may need to be ‘away’ from your business for an extended period of time, such as taking a holiday, an unexpected emergency or medical issues, etc.
Put these things in place to allow your business to function without your continuous daily input:
- Make the most of automation tools such as autoresponders and scheduling tools.
- Create repeatable processes so that you’re not doing the same work over again.
- Document the various systems that you use on a regular basis, in a step-by-step guide.
- Find a business manager, or someone that you trust, who can take the helm when you’re unavailable to work.
These simple steps can provide peace of mind that while you’re away, your business is well looked after.
Make your business work for you not rely on you
When starting a business, most people don’t realise that the flexibility and freedom they desire doesn’t begin the minute you launch the business. It takes time, work and effort to build a business that will allow you these luxuries. But, don’t let that discourage you!
Follow the advice above to avoid making the 3 mistakes that most new business owners make and you can build a sustainable business without becoming overwhelmed, overworked or running yourself into the ground.
Register for this FREE masterclass recording, where I share the secrets to successful business planning.
Including how you can get better results for your efforts, how to create your personalised plan and how to implement strategies that will increase your income.
We'll also take a look at how you can use the planning process to improve your productivity.