Five Important Points For New Business Owners

Having been a business owner for 23 years, my advice to others is based on the experiences I have had during the past two decades—sometimes, by learning the hard way. Here is what you need to know, if you are a new business owner:

 1) Get everything in writing.  The numbers of small business owners I have come in contact with, who don’t use contracts, surprises me. During my college days, this was drilled into me in Business Law 101. You never know when you may have a bad debt to chase after, so having a signed agreement is your protection. Point out to your clients that it helps them, as well, by protecting both parties--so there are no surprises.

 2) Know your policies and prices. Keep this information handy. Store it somewhere nearby and within reach. Potential clients always want to know how much you’ll be charging them. If you have a breakdown of various services you offer, you’ll need an accessible listing to quote from. You’ll also have to memorize your policies regarding refunds, warranties, etc. If you have to hunt for this information, the client may be hesitant to work with you. You want your clients to feel that you are knowledgeable, whenever referring to your own policies.

 3) Set your boundaries. Clients will call you on Sunday mornings, Saturday nights, and every time in between. You’ll need to figure out when your workday begins and ends. Decide whether or not you will be answering calls during the evening, on weekends, on holidays, etc. With cell phones and home-based businesses, it becomes especially tempting to answer calls at odd hours. You may find this works for you. However, business owners with families may find their family members disagree.

 4) Be prepared to work a lot of hours and you can’t call in sick.  Unless you have someone to take over for you, you’re the boss and there’s no one to tell you won’t be in that day. If you get 200 e-mails a day and skip a day, then you have 400 the next day. If you are doing your own invoices, record keeping, marketing, etc., some of your working hours will not be billable.

 5) Be known for giving back. After you have operated the business for a while and have settled into a routine, get involved with professional organizations, community projects, pro bono work, etc. You’ll feel rewarded, and the exposure will give your company a good name.

As you grow your business, ask questions, attend seminars, and read publications geared towards running a successful operation in your field. Stay well organized, so your desk is an inviting place to be. Enjoy your new role. But, most importantly, don’t forget to call it a day and have some fun!