Starting a business is the most thrilling thing in the world since you’ll be getting your independence from your current employer and have all the freedom in the world to do whatever you want. But transitioning mentally from the corporate world to the business world is quite hard.
Since your mind will still be accustomed to the way things move in the corporate world( at the speed of social media). Your salary comes in on time with your benefits attached, you have your lunch in time, you leave work in time, you have no idea how the accounting team and the marketing team bring in the money.
You enjoy complaining about how uptight the accountant is and how out of touch with reality he/she is. You are not bothered by losses or business growth because your sole end to the game is getting your salary at the end of the month until you open up your own business.
That is when you realize how hard running a business is, managing the employees and keeping them happy is, how taxing accounting is, how hard it is to get and keep customer interested in your product and how crazy marketing plans sound and yet yield so little.
But let this not frustrate you because help is on the way, I might have been frustrated on some days but you shouldn’t.
How to deal with Customers: Since you’ll be so fresh in business the hardest thing to do is trying to forge a relationship with a total stranger. Smile as much as you can and talk to them like they are your personal friends.
Since you have to make that sale happen so go make the customers feel like your favorite and make them feel like they belong with you and your product. You can make that happen by brushing up on your conversation skills. Have genuine, friendly conversations with your customers.
Treat them as friends and don’t be afraid to share a little bit about yourself with your customers. It’s all about creating a connection.
How to deal with the issue of salary: This is a very contentious issue since at work you used to receive your salary at the end of every month but in business you may go 9 months without a substantial payment because a month or two haven’t been your best so all you have is working capital.
I know that is biting and frustrating it may make you reconsider the freedoms you thought you’d be awarded when you start your own business. But in order to overcome this set back you need to take your eyes off the money and look at the future.
Counter plan for this set back next month and think of innovative ways in which to supplement your income to be able to pull through the hard times.
Accounting: As an employee you had never handled the numbers you may find it hard to work out a plan in which to keep yourself a float since the expenditure burden of a new business is high sometimes. Most startup’s rent out space, require operation cost, taxes and buying merchandise since you have not yet forged a relationship with suppliers who can give you merchandise to sell and pay later.
That means you pay for everything in cash which is of course a good practice in future but not a supportive practice at the beginning of the business.
That means you’ll have to save up let’s say at least 20,000 per day and by the end of the month you have a decent 600,000/= to start with in savings besides the working capital.
Your debt burden may be lower than that or even higher but the savings will surely take you from a very tricky position to a position of planning.
Keep up the employee morale: Since you are the only employee in your company and you carry out a lot of tasks, it is very important to keep up your morale.
So you have to appreciate yourself once in a while just like your bosses used to do, take the weekend off.
Buy yourself something new, re-design the work space or pin up empowering quotes that will keep you encouraged all year long.
Write down customer feedback about your service if it is positive pin it up too, it will help you get energized on those days when you feel like not showing up.
Above all just start, Mark Zuckerberg was once quoted saying“done is better than perfect”, if you have an idea just START because apparently that is the hardest thing to do.
Draft a strategy quickly before hand and work on fixing it as you go on.
Hope I have been of help.