1. You can’t do it all yourself no matter how good your time management is!
2. Learn from your mistakes!
3. If you go into Business ensure everything is done legally.
4. Cash is king!
5. Being good in your profession doesn’t guarantee a successful Business.

 

1. You can’t do it all yourself no matter how good your time management is!
A trap for solo Business owners is thinking that you should always be doing more and more, but that is a path to burn-out.
Tip: Identify between important tasks that can help move your Business forward, rather than wasting energy on ones that simply keep you busy.

2. Learn from your mistakes
Most of us make mistakes! The lesson is to learn from them. Treat it as a lesson in what not to do and how to do it differently next time.
Tip: Remember there are professional Business advisors you can turn to when making key decisions.

3. If you go into partnership ensure everything is done legally,
regardless of partnering with family, friends or others. The same checks apply if entering working arrangements. Formalise a legal partnership Agreement.
Tip: Evaluate potential Business partners to see if you share goals or compliment what each brings.

4. Cash is king!
Aim to get paid on time and also pay on time! It is critical to that you get paid for the work you do if you are to be a viable Business. Paying your own suppliers on time positively builds your Business reputation and your credit record.
Tip: Staying on top of your cash-flow is essential even if it means having that awkward conversation, sending a ‘demand letter’ or tightening up your terms of trade with your customers.

5. Being good at your profession doesn’t guarantee a successful Business.
Just as you gained skills in your profession so to as a Business owner you need a range of specific skills. Business planning, sales, and marketing, financial literacy are some skills needed to run a successful Business. These are the Business accruements beyond the skill set of your ‘tools of trade’
Tip: Seek professional training/ Courses and engage experts if needed.