Too many people jump straight into business with little to no experience, only to get burnt because of their lack of preparation and knowledge. Remember: the ability to establish and run a successful business requires a unique skill set that needs to be nurtured and developed over time. So how do you maintain your sanity when starting a new venture?
Gavin Sequeira is a business speaker, coach and author of Break Free From Corporate: Be Your Own Boss, and runs a program designed to help people as they embark on their new venture.
Here are his four simple strategies that will help you maintain a clear head as you launch your business:
1. Start your business part-time and outside of day job hours
Your new venture will require you to not only have a steady income to pay the bills, but a calm and steady mind as well, says Sequeira.
“The biggest thing you can do to ensure you get your business up and running, is having cashflow to support it, especially in the early days,” he says.
Whether you are working full-time or part-time, keep that job while you are setting up your business as you will need a steady flow of income. It’s important to have the resources to fund your business and be in a credible position to attract business – no one will be interested if you are acting out of desperation and fear because you are running out of money.
2. Plan for the future and focus on the present
“While you put a lot of effort into planning your business and working on all the different components needed to make it work, don’t let this distract you from the job at hand.
“If you are at work in your corporate job, then put 100% into doing the best job you can. Plus you need to keep that job going till you have managed to create another income source, which will give you options down the track.”
3. Surround yourself with smart and talented people
From sales and marketing to accounts and admin, it’s difficult to be wearing all these different hats, and Sequeira says it makes sense to get help and advice from people in the know.
Identify what tasks can be done as part of a team, and what can be outsourced at a very low cost. You can save yourself thousands of dollars outsourcing website design, social media management and bookkeeping, he says.
“Know what your time is worth and do the work that will grow your business as much as possible. Outsource everything else, within reason. Having this mentality early on will be one of the smartest things you can do.”