Your Guide to Success in Small Business after Losing Job

It can be quite daunting when you first leave the world of work behind to set up on your own, and even more intimidating if this is your first time dipping your toe into running a business. Not everyone’s cut out to make millions. In fact lots of new businesses, and start-ups fold within five years. Still, there are a few key things you can do to give yourself the very best chance at success before the ink on your company logo’s even dry.

Time Is Precious

The first thing you’ll need to do is get yourself a work phone and a totally separate number. The second thing is to remind yourself that no one, not even the President of the United States of America, works 24/7 and your mental, physical, and emotional well-being will suffer if you attempt it. That’s not to say there aren’t going to be some difficult months, long nights and countless meetings ahead but it’s also important that you don’t neglect family and that you give yourself a schedule. You wouldn’t expect to phone clients at 10 pm and have them answer, so why should you? Remind them that you’re available only in standard office hours and firmly turn your business phone off in the evenings.

Get Organised

New businesses can’t always afford to hire PA’s, secretaries and HR teams right away so you’re going to need to do these things yourself. While we suggest getting a temp to answer the phone, otherwise you’re never going to get anything done, you are going to be responsible for your own paperwork, taxes, and invoices. Don’t get caught breaking employment law! Make sure you register with the appropriate authorities and file the correct papers. Each morning before the start of the working day make a list of what needs to be done and prioritize tasks accordingly. A perfect place to secure sensitive documents, necessary files and time sensitive information is in a monitored off-site location like a sage 300 hosting service. This means that if your internet connection suddenly drops out, or your computer breaks unexpectedly, even if the original files become corrupted a back-up is safely waiting in the wings.

Never Stop Learning

We learn something new every single day and running your own business be it a financial, culinary or creative venture will bring with it countless learning opportunities. Managing a start-up, or new business is no doubt a stressful occupation, you’ll need to network as much as you can not only to promote your services but also to make industry contacts while expanding the client base. No matter how much experience you have, you’re going to find there’s someone out there who has more so go ahead and learn from them. Remember what they teach you, using the skills, knowledge and contacts you may have been given in order to take your business to the next level. Be aware that these days digital technology is constantly being updated and you may have to get to grips with new software, programs and social media platforms in a very small space of time.