Making the jump from employee to employer
Published
31st Mar 2013
by bathamm
It's natural to worry about running a business; every successful entrepreneur has to contend with doubts, fears and mistakes on the steep learning curve that is business management, says Lee Perkins, managing director of Sage's Small Business Division.
The question is: how do you overcome your fears and embrace your entrepreneurial spirit?
Fears about starting up a business are not irrational. If you manage them correctly, they can actually help you to fulfil your ambitions by channelling your energy into creating a successful business.
Following these five tips will help you minimise risks and maximise the rewards of starting your own business.
Manage your finances
No one wants to lose money. Many successful enterprises start with tiny pots of cash. Be sure to structure your salon business in a way that keeps costs low, limits your liability and protects your personal assets. In the early days of any business, revenue is likely to fluctuate; it's wise to start with a cash buffer to give your salon a chance to get established.
You don't have to be a financial wizard to run a business - although it helps - but do get good advice from an accountant and a lawyer to help you with financial and legal issues - accounting software will also help you to keep on top of your finances.
Create a positive attitude
Self-belief is vital. Asking others for advice and feedback can boost your confidence - but beware the voices of doom. Surround yourself with positive people, find a mentor, network with others in your sector and read about other successful people with common ground. Many people are worried that their business will take off in ways they hadn't anticipated or prepared for. Don't panic, use advice and experiences from others to plan how to handle success as well as failure.
Clarify your USPs
Remind yourself what you do for people and how it makes their lives better. Write down your unique selling points (USPs) such as a great personalised styling service, and your business objectives. The best way to banish doubts is to be clear about what you are doing and why.
Make an action plan
It's essential to make a thorough business plan. Being specific about what you have to do can help to shrink your fears and provide a blueprint for success. Prepare to succeed and you'll maximise your chances of getting there. Small things matter in business, but you have to prioritise - you'll feel like a failure if you set yourself too many goals and are unable to meet them. Focus on a few key tasks and make sure you get them done.
Improve your skills -- and get help
Identify gaps in your knowledge and areas of weakness - improve the skills you already possess with refresher courses, or expand the range of services offered at your salon by learning new techniques and treatments. To allow you to focus on your strong points, delegate your weaker areas to specialists such as accountants or web designers - some tasks are best left to the experts.
