A Quick-tip guide for the Startup Entrepreneur
Boy oh Boy, I cannot even wrap my head around it being November already. What a year this has been. As a startup entrepreneur, I thought I’d drop in and give some food for thought so that you can learn from my mistakes instead of having to make the mistakes on your own.
The Startup Entrepreneur + Procrastination
There is absolutely no room for procrastination: Your workload is light this week, so you take your time and don’t rush to get it done. After all, your a start-up entrepreneur; client calls have been light, so what’s the rush, take it easy, take your time – NO! Here is something you should never forget. You have to work as if something is coming your way that you don’t yet know about, why? – Because something is coming your way that you don’t yet know about! Trust me, it happens to me time and time again. Stay Ready! How else are you going to be ready for that big opportunity when it comes.
The Startup Entrepreneur + Don’t do it yourself
Get help! Stop being so cheap about it. Yes, I know you’re saying, “I can’t afford to get help… if I pay for help, I won’t make any money.” Well, in the beginning you have to decide whether you’re building a job for yourself or a company. If you plan to build a company, then you have to get comfortable with not making much if not anything in the beginning. Why? Because you’re setting up the groundwork for the company to have a great network of clients that bring in a reputable cash flow. And as a startup entrepreneur ,if you’re going to try to keep doing all the work yourself, then you’re not going to be able to grow. Set up contract workers to help you get the work done or you’ll be too busy working in the business and fall short on actually running the business.
Think about it, there is only so much time in a day. Do the ground work, and in the end you’ll have a startup company of employees that cover your back so you can step away once in a while for a much needed vacation instead of running yourself ragged doing it all yourself. Train yourself to manage workers and work to run your business with less working in the business and you’ll soon have a bonafide company and not just a job.
For some of you, this may mean having two jobs: working for someone else with a pay check to fund your growing business (your second job). And others of you will have capitol to sustain you until the company begins to turn a profit. It’s not easy becoming an entrepreneur and not everyone is cut out for it so plan well.
The Startup Entrepreneur + Office Space
Have a professional meeting place for both clients and workers to gather at. This is important for even you as the owner. I have found that most people are more productive when they are not working at home with distractions. If you do work at home, you really have to set aside a spot strictly devoted for business and be very disciplined; not everyone can do it. But what I would suggest is an office space be it commercial or a virtual hourly based office space. We have used both. I found that both clients and workers take me more seriously because I have a commercial space. Clients have more respect for me and my business and our prices too! If I had gotten a commercial space 10 years ago, I would be much further in my entrepreneur goals than I am today. I wasted so much time. Don’t do like I did and assume you can’t afford it; ask and ask and keeping asking, till you find a space you can afford.
The Startup Entrepreneur + Cash Flow
Create and offer a maintenance or subscription to your clients giving them the option to pay to keep connected to either your expertised skills, your service or replacement product. This has been a big help in our business. Although we deal in a product that is specially customized for clients, we made sure we gave clients an added standard service. Offering our clients a maintenance plan has helped our cash flow cover the overhead of the business including paying our contracted workers. It has been a startup entrepreneur life savor. So be creative and figure out what your clients need, offer it, and make it easy for your clients to get it on a monthly basis. Hint: Your job is to make your clients life easier. Don’t forget, it is never about you.
The Startup Entrepreneur + Money
Track your money! Keep good records of the money coming in and going out of your company. This is absolutely one of the most important things you must do as a startup entrepreneur and usually the area that distinguishes the “wanna be entrepreneurs” from an actual entrepreneur. Without tracking your money, you’re just flying blind. You can’t make crucial decisions for your business without knowing your number. If you’re not tracking your numbers, then you don’t have a business; you have an expensive hobby. Get this right from the beginning.
Accounting programs can sometimes be intimidating. If you’re looking for something easy to manage, I would suggest FreeAgent. It is such a great system for freelancers. And great for a startup entrepreneur looking to track the cash flow. You can always upgrade to a more intricate system such as Quickbooks when you have more time to devote to learning a more advanced accounting system. And if all else fails, outsource it.
Here is a 10% off code: and link for FreeAgent. I’ve just given you a startup entrepreneur life preserver. Your Welcome! You can thank me later because I know that it is going to change your life and upgrade you as an entrepreneur. Keep track of yo’ money!
Until we meet again, Stay Strong, Stay Focused, Stay Determined – You’ve Got this!
