Catch 22 for Entrepreneurs

Photo by HHphotography

There are more and more people starting their own business, as we reach a fork on the road with our careers and lifestyle choices many decide that working for someone else does not really provide us with enough balance and flexibility that we need in our lives.  So we take the plunge and fly solo, and this means we do EVERYTHING, from the actual work to administration, marketing, promotions and even become our own PA. Surely there are not enough hours in the day to do all those job roles and so many of us work after hours including weekends and even during our holidays after all we do not get the employee benefits anymore and we need to be available for our clients.

So where did the balance go? We want our cake and eat it too, which means we are chasing our tails and often doing tasks that bring no joy as this is not want we are passionate about, we want to talk to people, create, do our thing.. Yet we find ourselves sending out flyers, typing up proposals,  making cold calls or going to the post.
What we really want is to outsource and employ people who will do those tasks that we can delegate to but there lies the dilemma. We are not making enough money to cover our salary and our expenses to really justify another head count. So how does one get ahead?

Many pay themselves last, well that is not going to go very far as you still need to pay the bills and provide for your family. So ensure you pay yourself a wage! It most likely won’t be the same as when someone else paid you, but this is your business your passion, remember that!

Keep a record of your expenses and know that to grow and establish yourself your overheads will increase. So consider:

1. Getting a virtual assistant, get a PA online to delegate some administration tasks and allocate funds month by month depending on your needs.
    
2. Find other similar businesses and ask what they do, perhaps you can share a supplier/vendor and get more buying power.
    
3. Get a marketing guru for those things that you are not good at, they can find the copywriter, and have contacts in your line of business. Again shop around for a virtual marketing professional.
    
4. Be ruthless with your finances and allow yourself the luxury of getting outside help. As you need to be working on your own business and if you are spending your time with those mundane tasks you are going away from your purpose. So think about that! This just distracts you from what you should be really doing.
    
5. For those who have 2-5 employees think about getting Human Resources Help, again they are around and use them as you need to ensure you have all your employee legislation covered.
    
6. With diligent planning increase your debt by getting a loan or increasing your mortgage, I know this sounds crazy however this will give you the time and financial resources to establish your business with the right people and really get it moving. (Keep in mind you need to get your ROI within a specific time frame.)
    
7. Another important thing to remember, entrepreneurs need a holidays too. Make sure you plan for some well deserved time off and make sure someone can look after your business. (You can always login remotely IF you have to!)
    
8. Which leads to ensuring that you DELEGATE to others, trust them and let go, if you hold your business in your head and if it crumbles without you then how will you take time off?

So being an entrepreneur means you think outside the box, you leverage of other people to get to your destination and you make every situation a win-win. This gives you more creativity and you stay on your course being the true creator of your destiny. And remember you want to work smarter in your business so it makes sense to implement one or more of these tips.

If you are an entrepreneur and have any tips to share, Ieave your comments below.