Build A Solid Business Foundation
When starting a small business, you (as a new business owner) have to base it on a solid foundation and remember to set aside time for you. If you aren't careful setting up and sticking to a work schedule, it can easily take up a 24 hour day. When run properly, having your own business can be exciting and become very lucrative if you stay on track with your goals, dividing your time between business and "me time."
A solid foundation for your small business requires a delineation between business and "me time," utilizing a game plan, owner/operator compensation, rating your business operation and having a backup plan.
Delineating time between your business and that spent decompressing with family, friends or accomplishing other goals, requires at least three things. 1) Having an office designated for work only. 2) Keeping a strict schedule, breaking for lunch during a workday and having a clear cut-off time to spend with your loved ones after working hours. 3) Maintaining a separation between your business and personal bank accounts.
Have a game plan so that you aren't swallowed up with the daily operations of the business, such as writing checks and customer service. Refer to your game plan: your business objectives, goals and end points. If you stick to the plan, getting lost in the mundane and everyday affairs won't sideline your business.
As a business owner, you have to compensate for yourself. Define the costs of the services you provide and hit the monetary targets that you want to reach. Also, give yourself bonuses when you overachieve your goals and don't forget to set money aside in a long term savings account.
Rate your performance by getting your clients involved in how you are doing. Is your performance up to par with your business objectives? Have you exceeded your goals? Consult with your clients, have a suggestion box with a rating scale from 1 to 10, or if applicable check your online business review.
Finally, have a backup plan. Know how much it costs to get through a month on up to six months. Set aside enough money in a business savings account to get you through the lean times. It will make all the difference between staying in business or having to close your doors.
Sharon J Geyer is from the northeast originally but has made her home on the west coast first in 1980 for nearly eight years, then returning in late fall of 2009. She currently resides in La Jolla a place that brings her heart joy being that she is near her favorite beaches where she learned to swim at Children's Pool in La Jolla Cove. She takes delight in writing and hopes to impart knowledge or entertainment that the reader can use for their betterment or in which to find pleasure.