The worst of the recession may be over, but recently, I have started to take on new clients, who were let go and now out on their own. Many are living the dream of working for themselves, but as they start, many ask me if I have any advice about building their business.
As a matter fact, there are certain things you can do to turn a job into a successful business. Here are my favorite tips:
1. BUILD A BUSINESS MODEL – If you’re tired of spending too many hours at work and not enough at home, then you might want to re-evaluate your role in the company. Your business model should rely less on you and more on the kind of business you generate. Do you sell a product or service? Is there a way you can have others sell that product or service, while you work on making the product or service better? Could you mentor a protégé or even two? The answers could help you turn self-employment into a successful business.
2. PICK THE RIGHT TEAM – Hiring can be a double-edged sword. It means your business is growing, but if you hire the wrong person it can cripple your team and company. It may cost you a few dollars upfront, but invest in a background check on potential candidates. Mark Hurwitz of Crossroads Investigations is a former CIA officer, who conducts background checks. Check out his website at www.xinvestigations.com or contact him at email@example.com for more details.
3. HAVE SYSTEMS AND GOALS IN PLACE – Once you have the right team in place, make sure you have measured business systems to support your employees and conduct business in an efficient manner. Train your team properly on those systems and make sure they are using internal controls daily. You can check in with your team by conducting regular staff meetings. At Brigade Bookkeeping, we meet with our team once a week, undergo regular training sessions and keep the lines of communication open daily.
4. OUTSOURCE WHAT YOU’RE NOT GOOD AT – Rather than spend hours doing something you don’t like, or even worse, stressing about something you don’t like to do, hire someone else to do it. So many of my clients are so creative in their fields. But they do not like or don’t have the time to invoice regularly, call for payment collection and keep their books up-to-date, so we do it for them. The cost of outsourcing is less than hiring another employee.
5. BE PASSIONATE – Wasn’t it great in school, when you had a teacher who really loved a subject even though you hated it? You learned more and enjoyed the class because of the teacher’s love for the subject. You should love the work you do; your clients will see the value and refer others to you because of it.
Turning what you do into a successful business is possible with the right product or service, team, and systems in place.
Until then, keep doing what you love and always do it the best that you can!