If you are self-employed, chances are good that you are working your dream job, but as any self-employed person can tell you, dream jobs still take a ton of work! While working for yourself allows you a great deal of freedom, it also introduces some extra pitfalls. Consider these five tips for running your business even when you are just getting started.
Have a Backup Plan
As with any business, the possibility of making it big is almost the same with the probability of not making it at all. Businesses who have made it through thick and thin have one thing in common… a backup plan for those times when the unexpected occurs. Let’s face it, going into business for yourself is a risky venture. There is no assurance that you are going to succeed, though it is always important to act as if you are going to. Make sure that you have some money to carry you, or a backup plan if things go south. This plan can be as simple as relying on a spouse to make up the difference, getting a job flipping burgers or selling some property; just having the plan can keep you on track.
Keep Your Credit Good
A lot of self-employed people run on credit. They cannot afford to fall behind, and the truth is that sometimes, small businesses need a bit of credit to stay in the black. If you are nervous about your current credit score, talk to the pros who can help you with services for credit repair. This is something that can help you keep your business afloat during the slow times.
A word of caution though, as with all things, too much credit is not good for any business. You might find yourself in over debt without any means to continue your business. Make sure that you are earning more than what you spend and borrow combined.
Strong Customer Service Pays Off
One of the biggest advantages that a self-employed person has over a large business is that they can provide unique individual service, Hone your memory and treat every client like they matter. You can solve issues on a one-on-one basis without needing to worry about company procedures.
Work While the Working’s Good
One of the best things about being self-employed is that you get to make your own schedule. A study on New York city taxi cab drivers showed that drivers who were willing to work when there was a lot of business and were willing to relax when things were slow did better than drivers who worked the same hours no matter what. If there is work coming in, jump on it!
One of the hardest things to learn as someone who is self-employed is how to relax. Relaxing is something that needs to be done. If you just work without stop, you are going to find yourself burning out before you know it.
Take a moment and consider what you need to do in order to stay on top of your business!