Top things I’ve learned running my own business
If you’re like most people, the idea of running your own business- by working freelance, consulting, or selling your own products, has at least crossed your mind.
If you’re considering taking the plunge, here are some things I’ve learned running my own business:
Know your worth
Know what happens when you undercharge? You end up working yourself into the ground to simply make ends meet. You procrastinate, feel taken advantage of, and your creativity and motivation dry up.
This is why it’s so important to know your worth and charge accordingly. As a business owner, you’ll be paying your own taxes, health insurance, and business expenses. And you need to build these costs into your rates.
Make sure you have a rate you won’t go under so you know where you stand when negotiating. While it’s normal to undercharge a little while getting started, you’ll eventually need to raise your rates if you want to be taken (and take yourself) seriously.
The same goes for knowing what other people are worth. If you want the best people to work for you, you need to pay them well. Find the right payroll service, and make sure your team is always paid on time.
Remove the emotion
Business is business, which is something that’s important to remember when it comes to clients and customers. If someone isn’t happy with something they’ve received from your business (whether it’s a product or service), it’s crucial that you ignore that feeling of rejection. They’re not specifically out to get you. Keep this in mind, and focus on always improving your business.
Always be learning
If you’re not moving forward, you’re going backward. That’s why it’s so important to always be learning as a business owner. This may mean networking with others in your industry, attending conferences, and/or taking courses. Markets are constantly changing, and you need to stay up to date with the latest trends and best practices so your business can stay relevant.
One saying I’ve learned to embrace is ‘hope for the best, prepare for the worst.’ This couldn’t be more applicable to businesses of all sizes, and it’s a good way to live life in general. Make sure your business has access to enough cash flow, you have a good amount of savings, and you have a plan B if your current clients or customers suddenly dry up, your suppliers increase their rates, or you face any other challenge.
Do you run your own business? What have you learned as a business owner? Leave a comment below and let us know your thoughts.