Running your own business

Running your own business can be challenging in the first few years. It takes more than courage and self esteem to keep afloat and generate the much needed income.
We have researched and compiled a few tips from other entrepreneurs with years of experience to help get along the way.

1. Don't work for less than you can afford to, but do offer a discount to customers or clients who sign contracts with you. Working for less than you can afford to, is like taking jobs for the sake of keeping busy and where expenses for doing the job are normally higher than what you make. You should also set terms for collections. Collect your money in a maximum of 30 days. Keep the terms short so that as soon as you do the work, you're getting paid for the work. The Always make sure to get money from your clients quickly and effectively.
   
2. Find people who will refer jobs to you and connect you to prospects for the future. If they send you nightmare jobs, make sure they're balanced out with rewarding (profitable!) ones. Networking has always been key to start-ups.
   
3. Surround yourself with supportive people and don't be discouraged by anyone. If your idea is good and you're determined to stick with it through the first few difficult years, your chances of success are great.
   
4. Be flexible in your thinking. Prepare to change the way you work, the products you use and the services you offer, in order to meet the demands of your customers. Remember, at first you might not have a clear niche of customers, so while establishing your niche, allow flexibility.
   
5. Admit your mistakes, correct them and carry on. (For example, if you purchase a piece of equipment that does not meet your expectations, send it back, sell it or exchange it!). Too many a times, entrepreneurs get caught up in arguments like, “client requested this and now they are changing to that” and loose the chance to forget the client and move on to better paying and service appreciating clients for the fear of loosing the client. If you review these issues, in most cases, clients that bog you down with arguments normally neither do pay well on time nor appreciate you no matter how many times you bend down for them.
   
6. Develop a good relationship with your bank manager and creditors. Show a genuine interest in solving problems. Pay as much as you can afford to, to everyone whom you owe money. Believe me, when you need their help, they'll remember every time you did not pay them well or afford them a good service.
   
7. Get trained! You'll be spending a lot of time doing things that have nothing to do with your area of expertise, like bookkeeping, marketing, and IT support! Remember, you are the boss of a starting business now and sometimes cannot afford outsourced services or professional staff.
   
8. Avoid isolation. Even if you work closely with your clients, you won't be part of a gang anymore. Develop your own network of entrepreneurs that you see regularly and bounce ideas off. Ideally they'll allow you to vent your anger and share your successes.
   
9. Separate your work and personal life. Set your working hours and stick to a strict timetable. When you're not available to clients, leave a message on your answer machine letting them know when they can expect a reply from you. Let them know how to reach you in an emergency.
   
10. Plan some ‘thinking time' into every day. If you pack your diary with back-to-back meetings, it leaves less time to think things through and strategise for the next day. Remember, you are the boss and the good of the business depends on your well being.