Published On: Fri, May 1st, 2015

So you want to be your own boss? 4 essential tips for the almost-entrepreneur

You’ve decided to be your own boss and you’re probably feeling like a bull at a gate, ready to get out there and conquer the world, build your empire.

Perfect! The energy and enthusiasm of the honeymoon period can accelerate your progress tenfold. Channel this energy into a clever strategy though and you’ll be light years ahead of your new entrepreneur buddies.

Here are 4 essentials tips for the clever entrepreneur

Network smart not hard

Networking means to interact with others to create professional contacts and exchange information. It is an incredibly useful mechanism when you are just starting out as an entrepreneur. Through networking you can connect with potential mentors, investors, collaboration partners and employees.
One mistake that is common amongst new entrepreneurs is to network en masse with EVERYONE. If anyone advises you to attend semi-relevant, large-scale networking events almost every day of the week until you run yourself ragged, that should be the last piece of advice you hear from them.

This method is equivalent to fishing for tuna by trawling.

Networking is an art form.

Have an intention before you start. Know what RESULTS you want.

Aim to create mutually beneficial relationships.

Be selective about how you choose to network and what events you attend.

If you are considering attending an event, ask yourself ‘what is the event’s target audience?’ and ‘how will that audience be an asset to my network?’

Value your time and energy, be discerning about how you choose to network.

Manage Expenses

When you become an entrepreneur, at some point you will notice more money coming in that you’re used to. Money that is entirely yours to spend how you wish. At this point it’s pretty enticing to drastically change your lifestyle, and convince yourself you need a brand new car or to fly all over the world for ‘the good of the business’.

Increasing your spending like this is one of the quickest ways to end your business.
Be selective about where you choose to spend your funds. What will give you maximum return on investment?

Entrepreneur Self Care

If you’ve decided to be your own boss, YOU are the one that breathes life into the business.

With your new found enthusiasm and so many things to get done, it’s easy to work long hours and overlook some basic but important needs.

Look after yourself.

This includes
• Ensuring you have time to exercise regularly and eat well.
• Maintaining an income that supports you (if your business doesn’t take off immediately, consider another source of income).
• Setting your own boundaries. Put yourself first, others will respect your honesty and eventually respect your time.

For more on setting boundaries as an entrepreneur check out #4 in this article about being your own boss.

Automation

Automation in the entrepreneur context means to put your business function on ‘auto pilot’ i.e. parts of your business run themselves. Automation, in the cut throat environment of today, is not a luxury, it’s essential.

Start with the end in mind. Keep your eyes open for any opportunity to automate parts of your business especially payments, mailing list auto responders and any streams of income that don’t involve you trading your time for money.

If you haven’t read this book already, The 4 hour work week by Tim Ferris is a must for any would-be entrepreneur.

About the Author

- Australian-based entrepreneur Claire Emma is the founder of claireemma.co, a movement that helps people use their talents to positively contribute to the world and make great money. Claire is an important part of the female entrepreneur community. She runs Like A Boss, a leading female entrepreneur retreat in Australia and is the founder of Nikita Handmade, a social enterprise educating female entrepreneurs in Cambodia.

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