Self-employment is most people’s dream as it gives a great sense of empowerment and freedom. As an entrepreneur, the ball is in your court and just like a captain, you decide where to steer the ship. The success or failure of your business is in your hands as you make decisions and carry the vision.
Running an enterprise at any point takes more than many people can imagine. Whether it is a startup or an established venture, it takes a lot of effort, skill, and grit to be a successful self-employed individual.
Here are some important tips for everyone who wishes to run a private venture successfully.
1. Time Management
Self-employment means that a lot of things need your attention. There is, therefore, more things to do with limited time. To manage the ever-growing “To Do” list, one needs effective time management skills. This refers to the creation of processes and tools that allow you to accomplish more in little time.
A good place to start your journey as a self-employed individual is to identify key uses of time. Once you identify that, then ask yourself if the engagements and activities are worth the time. Do they add value to the business, your career, or vision?
You do not have to do everything to perfection, focus your time on critical activities and set your priorities right. Learn when to say yes, and when to say no.
2. Emotional Intelligence
Some sources argue that emotional IQ supersedes paper smart. The soft skills associated with high emotional intelligence like the ability to empathize with others are crucial for the success of any self-employed person.
Entrepreneurs work with many stakeholders like clients, suppliers, investors, among others. It is crucial for anyone in this position to have a better understanding of other people’s feelings, needs, and general situations.
Since people with high emotional intelligence have their emotions under control, they make better and sober decisions even while facing intense pressure. You will rise above work-related hang-ups and annoyances, hence an easier person to deal with and work with.
3. Networking
People are one of the most important resources that any self-employed person may have. Cultivating meaningful relationships is a wise investment that every entrepreneur should consider. Starting a business is a nerve-wracking and inherently lonely journey. It is crucial to get out and mingle with like-minded people who understand your struggles. Take time with family and friends to avoid burn-outs. People in your inner circle can provide the much-needed venting points to ease the pressure that comes with self-employment.
Networking also makes it possible for you to learn from others as they share their experiences. Professional networking forums are mostly attended by people in a similar or complementing profession. The forums also open you up to new opportunities as one can get more clients or offers.
4. Increase knowledge, research and learn
There is no end to learning, and when you set out to start a venture, you need to equip yourself with as much knowledge as possible. Make a point to attend educational forums and seminars in line with your business. Read books and research. The more you know about your products, will make you an expert in your field, hence more trusts from clients.
Enroll in related courses whenever you get a chance. Knowledge is power. Seek counsel from the ones who have been there before regardless of whether they made it or not. If possible, get a mentor to walk with you through the journey.
5. Get organized
Not everyone has a great money sense. Finances are crucial to any self-employed person, hence need to have a grip on cash flow. Employ a bookkeeper if you have to, but ensure that books are up to date and all the relevant information captured.
Keep records and ensure tidy spaces when working. Good records and well-organized work stations boost productivity and save you time when looking for something. Cluttered rooms cause an overwhelming feeling making one tired without doing much.
6. Provide value
Self-employed people may need to work twice or thrice as hard as their employed counterparts. Set out to work on your product and seek to provide value. One of the easiest ways to win a large client base that every business is after is by giving customers value for their money.
Aim to surpass your clients’ expectations. Putting your clients’ needs as a top priority will drive people your way. A good place to start is to identify your customers’ needs and create a suitable product.
7. Set goals
You cannot start a journey without knowing your destination. Setting goals allows you to identify and get the required resources. Besides the resources you need, setting goals helps you stay on course. Self-employment is a process with many distractions on the way.
While you may be working towards the bigger picture, setting small goals helps you build confidence, strength, and courage you need to get to your ultimate goal. Celebrating small wins will build the momentum you need.
8. Create boundaries and uphold integrity
Business gets tough and most of the time people tend to compromise and take the short route. This is detrimental to any establishment. Set boundaries and maintain integrity. Throughout the seasons, remain consistent. Habits like overcharging, false impression on advertisements, substandard goods and services are fatal business sins that self-employed people should steer clear from if you wish to succeed.
Seek integrity in business and you will win the trust of your client, suppliers and coworkers. Doing the right thing pays.
9. Build a team
Limited capital base is one of the major challenges small business people have to contend with often. To save on the little money, you may want to run the show all by yourself. Building a team has several advantages among them; the business will run even in your absentia.
People are also gifted differently and allowing experts in different fields on board will make your business a winning team.
10. Rest
Ensure to include time off in your busy schedule as a self-employed person. Every human has a limit and when pushed too far, the body may give in. Enough rest rejuvenates the body and mind making you more productive. It also sets your mind in the right frame to think better and make sober decisions to grow the business. Taking time off from the norm and going for off days, leave days and vacations are strongly advised. Rest is one of the key ingredients for a successful self-employed person.