“In the middle of difficulty lies opportunity”

Albert Einstein

Are You Really in Business? 

Getting into business is not easy.

 WE SEE MANY clients who have the “entrepreneurial seizure” syndrome. They get fed up working for a boss. They decide the profits they have been making would be better in their own pockets.

The day comes when they hand in their notice and have a go themselves. They work hard and the business grows. They might enjoy a bigger income than when they were employees, but they have merely swapped bosses from their former employer to themselves.

They invariably work long hours. They probably earn, after taking into account the evenings and weekends spent on accounting and preparing quotes, much the same rate per hour as they did before going out on their own.

These people are self-employed. They are not in business.  A business is a money-making machine. You should be able to leave it for a long time and it will continue to make money in your absence. It should not depend on you. A McDonald’s franchise is a business.

The question is, how do you switch from self-employment to business?

  • Start by finding a mentor. This is someone outside your business who has been successful and can help you analyse what you do and how you can do it better.
  • Be ruthless with yourself. If someone else could do the job, don’t do it yourself.
  • Remember you don’t have to delegate to your staff alone. You can outsource services.
  • Make full use of modern technology. Make full use of your word processor. Use standard letters. Use cut and paste. Use the internet to access information. An outworker at home could access your computer just as easily as a person at your workplace.
  • Plan to make yourself redundant and measure your progress. Others can do your work when you have given them systems to follow. Focus on systems for your business. This includes scripts when selling and checklists when performing work.
  • You should be the ideas person, but never forget if you have staff, they also have brains. Use them. If you encourage contributions from your staff and reward them, they will help provide those ideas.

 

People in business do not need to work long hours. The test of being in business is – how long can you stay away and the business function

Author: - RSM Prince & Partners