The best days that Central New York Has to offer us weather-wise are Upon us. Now is the time to get out, soak up the sun, and step away from the daily grind. No matter what stage of entrepreneurship you are in, it is far too easy to get sucked into wearing many different hats, […]
The best days that Central New York Has to offer us weather-wise are Upon us. Now is the time to get out, soak up the sun, and step away from the daily grind.
No matter what stage of entrepreneurship you are in, it is far too easy to get sucked into wearing many different hats, working too many hours each day, and never allowing yourself time to recharge. After all, isn’t this the reason you chose to become an entrepreneur? —to make your own schedule, allow inspiration and creativity, and spend more time with your families and friends. These are the most common reasons I hear from startup entrepreneurs on why they want to launch their own business. But too many times, I hear that within months, they have already reached burnout due to trying to manage it all themselves with little to no financial or labor resources.
“Entrepreneurs are often celebrated for wearing multiple hats and logging numerous hours. But working without letup is a bad habit that can jeopardize business, health, and the life you’re supposedly working toward. That’s counterintuitive in a culture programmed to believe that it takes near-nonstop work to get the sale, beat the competitor, or do whatever is needed to succeed. For most entrepreneurs, rest is considered the province of lesser mortals, put off for a future that never arrives,” contributing writer Joe Robinson explains in an article for Entrepreneur. To learn more on this topic you can view the full article at www.entrepreneur.com/article/237446.
To avoid this burnout, here are five suggestions on how to plan for the chaos of starting and growing a business.
1) Create a work model that fits your business vision and personal needs. Creating a business plan is a way to develop the strategies you will need to be successful. In this plan, create a business model that will allow you to live the life you desire. Truly think about what is your most important reason for becoming an entrepreneur. If it is to have more time with your family, then be sure you develop a strategy to make that happen. For example, this could mean having certain business hours, working from home, or hiring employees to cover times when you can’t be available.
2) Build your team. Who are the key players you will need to get your business off the ground and support you as you grow? This could include your BAIL team (banker, accountant, insurance agent, and lawyer) but also could include others such as IT support, social media, marketing, public relations, human resources, bookkeepers, and yes, employees. Nobody can effectively manage all of these areas alone, so admit you need help and ask for it sooner than later.
3) Make sure you are paying yourself appropriately. Before you get started in your business endeavor, have a clear understanding of what you need to make to live modestly yet comfortably while you are growing your business. Whatever this amount may be, it needs to be incorporated, just like any other bill, into your monthly cash-flow projections. Financial stress can take a severe toll on you, either personally or in your business. Planning ahead for this can reduce unnecessary stress and create a solid foundation moving forward.
4) Understand your financial cash flow. This is one of the most important aspects of a successful startup. Not having sufficient cash flow causes severe stress and is one of the first reasons why small businesses fail. Take time before you invest all that you have to thoroughly examine your cash-flow projections with a professional. This will give you some peace of mind that your concept will be feasible and viable moving forward as you grow.
5) Take time to evaluate and recharge. When you do take that precious time off, make sure that it counts. Only focus on things that will truly refuel your brain and body. Concentrate on what is working and make plans to change what is not. After all, you are your own boss, so you have the freedom and ability to make changes when needed.
Dan Sullivan, co-founder of Toronto–based Strategic Coach and co-author of “The Laws of Lifetime Growth,” has built a multimillion-dollar coaching business in part by advising entrepreneurs to do the last thing in the world they would ever think to do: take time off. His anthem is that productivity and performance start with free time, which he argues is the fuel for the energy, creativity, and focus that lead to success.
“It’s not the amount of time you spend working each day. Entrepreneurs get paid through problem-solving and creativity. You can create a solution in a shorter period of time if you are rested and rejuvenated,” Sullivan says.
So take some time today to plan a much-needed mental retreat and evaluate your next moves upon your return. Tell us your best rejuvenation tricks as an entrepreneur at https://www.facebook.com/onondagabizwiz/.
Keyona Kelly is a certified business advisor at the Small Business Development Center located at Onondaga Community College. Contact her at k.r.kelly@sunyocc.edu.