- December 11, 2021
- Posted by: Robert Brown
- Category: Investing
By now you are pretty much up and running with your new house cleaning business. Of course starting a business is not as easy in real life as it sounds when reading our series of articles. But overall the articles help you to go into the right direction. They are pretty much a framework that you can follow to be successful.
The mind of a business owner
Starting and running a business is not something that you can do just like this. Put your heart into the business. Live and breath business and you will be successful. Remember – running a business is a little more than the normal 9-5 job. Expect 10-12 hour work days 6-7 days a week – especially in the beginning.
Many new business owners make mistakes that cannot be corrected easily and the business is setup for failure. But if you follow a few easy rules you will be able to avoid common mistakes.
Don’t spend money that you do not have. Do not go onto a shopping spree and buy a new car for your business unless you can a) fully justify the expense and b) have the income to support it. Just because you are now self-employed means that you are rich and have to show everyone that being self-employed means that you have money to spend. Be frugal and act responsible.
The check you receive from a customer is not your income. It is your revenue. You have to deduct business expenses, tax, and other cost factors first. Whatever is left is your profit. I know this is only a very simple and vague description, but it shows the point.
Be frugal and live below your means. If you follow this generic rule with how you do business you are on your way to success. Spend less than what you make. Re-invest money into your business and build value. Outsource work where needed if it saves you time and brings better results (example: web design for your website; accounting;). Educate yourself about running a business and about your industry on a recurring base.
Join your local chamber of commerce as well as you should try to join local lead or networking groups. Building a network of contacts and staying in touch with other business owners can have many advantages. You might gain new clients or made aware of issues affecting your local economy. Knowledge is king.
Think like a business owner and stop being an employee. Stop whining about how hard it is to get customers. If you are looking for an easy way to make money, running a business might not be for you. It is hard work. And when employees leave for the weekend they do not worry about the business (work) until Monday comes along. As a business owner your worries are with you 24/7. You better get used to it.