How to Survive as a First Time Business Owner

Launching your own business is no easy feat. Despite so many outside voices raving about the “be your own boss” lifestyle, when it finally happens. How prepared are you for it? Read or watch the video by our franchise on to learn how to survive the first year of your small business.

 

1) Change your mindset

If you’re transitioning from an employee to an employer, then you need to change your mindset. As an employee, you’re given a set schedule, task lists, deadlines, and a time to clock off and head home. However, as your own boss, be prepared to work around the clock. From answering emails, phone calls, or replying to online reviews, there will always be something for you to do for your small business.

As your boss, you will have no one to manage your progress, review your work or tell you how to do what you need to do. You have to be prepared to be your own faculty. From doing your own invoicing, sourcing stock, reaching out to clients as well as fulfilling your service. You will need to be switched on all the time.

2) Create Long term and Short Term Goals

Long-term goals help you visualise a direction you wish to grow your business, whereas short-term goal helps you take the steps to get there.

For example, a long-term goal would be to expand your business to multiple locations, whereas a short-term goal would be to set up a social media account for your new business.

By getting into the habit of creating these goals, they can help boost your organisation skills, and planning and push you to fulfill them each and every day.

Short-term goals are great for mentally pushing you to reach your long-term goals. As humans, we can be easily discouraged if things don’t happen as soon as we want to. If you’re only focused on reaching your long-term goals, with no short-term goals in place, then you will get easily burnt out and discouraged.

3) Reflect on your reactions

We’ve all heard the expression “learn from your mistakes” When you’re your boss, the mistakes you make can be a huge detriment to your image. That’s why it’s so much more important that with each mistake you can fully rectify and provide solutions to amend them. Reflecting on what you did wrong will help you grow and progress in the future. If your customer points out a mistake you have made, then all is not lost. Communicate with your client and work with them so that they feel like their concerns were heard and that you will do whatever your can to fix them.

4) Be Organised

Since you will be in charge of everything, it can easily get hectic. Being organised and taking notes each day will help you stay on top of things so that you won’t get overwhelmed.

Especially if you’re meeting with a client, making sure that you’re actively listening and taking notes will show them how invested you are in your business. Forgetting key points will make you seem unreliable and unprofessional, which can in turn diminish your brand. Keeping a journal or a diary can be an easy solution to enhance your organisation skill.

5) Improve your Communication

Customer relations are key to a thriving small business. One bad review can sink your brand and your motivation. That’s why Client communication will always be a crucial component of development in every company. Regardless of your expertise level, speaking with new clients may be a very stressful process. Your interactions with customers have a significant impact on how they see your company and have the potential to make a lasting impression.  Being able to listen to your client, express your services and answer their questions makes all the difference when talking to a potential client.

Do not be afraid to ask questions! Sometimes your client might not be aware of some of the services you provide. By leading the conversation, you can help clarify any grey areas. This will benefit you in the long run as it ensures that you’re fully aware of what your customer wants. Although they may not have mentioned it if the result isn’t what they hoped for then they may not be satisfied with your service.

 

Get in touch with Jim’s Group right away if you’ve been bitten by the entrepreneurial bug and want to invest in your future this year. We receive many more leads each month than we can handle, so we’re constantly looking for more driven individuals to join our expanding team. To talk about the next steps, dial 131 546 or send an online enquiry. To know more about how to start a Jim’s franchise read this.

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