The title sounds a tad odd you will say, however is that not most of us do? We literally walk away from having or seeking a J.O.B to becoming our own bosses, oh I forgot to mention that it does not come with a manual. If you do have one then can you please share it with the rest of us, that is to the world.
So if we did not receive a manual then let us create our own. As the President and CEO of my company Olive Media Network which later was incorporated and became Olive Media Network Ltd, there were many decisions to be made. One was to whether to incorporate my business for I wanted to insure that there were no liabilities on my personal assets and the company will absorb any legal ugliness. That is correct lawsuits can be devastating to many companies especially the smaller businesses.
Create own your manual however here are a few tips I will share:
1. As mentioned, the first thing is to find a really good affordable accountant to register the company for you.
2. Have a lawyer to review documents and or contracts if you are not familiar with the outlines and jargons.
3. Create a website which is “sexy” to the visitors and will draw attention to your products and services. It must be clean, simple, user friendly, mobile user friendly, and also use the correct colours for your industry.
4. Request all your passwords for your websites, hosting and all the rights to your website and please do purchase your domain yourself. Here was one error I made however in all fairness to me and I did not know this at the time and this is to avoid using plugins for they will be required to either be replaced or updated after a period of time. It will cost you a lot of money to have it literally cleaned up.
5. Images and stock footage for your marketing and branding ensure that you know the source of the origin. If you will be using “free” image, then you do your homework before using it. Copyright infringements are costly basically it is a lawsuit.
6. Hire a web designer who is has experience in coding and not just WordPress for example. Do not do it yourself unless you have a IT background and you understand the language and you have the time.
7. Business insurance is not a once size fits all. Media has a different coverage than a traditional business and that I learned and also work with an insurance agent who has the knowledge of the industry.
8. My belief is that you do not have to know all the positions/departments in your business however have enough knowledge of how they operate and if you have the budget then hire the right candidates. Be prepared for fast turn overs if they are too over worked on a low salary.
9. Have frequent departmental meetings even if it only you in the business.
10. Hire and out source what you do NOT know.
11. Know who is your target market.
12. Know your competition and how they operate their business.
13. Create a business/financial plan even if you are the only one who will ever see it. If you seeking investors, then hire someone to create a more intensive detail plan.
14. Work out your monthly budget. Keep your personal finances separate from your business cash flow and that you have the best banking account plan for your business. Service fees can be expensive.
15. Have in place very solid agreements when you bring on partner/s in the business. Leave the emotions at home or some where however do not bring it with you to the meetings or your business.
16. Do not listen to your friends and family when you need advice. Work with a mentor, an advisor or coach to keep you on track and give you the guidance you need. You get what you pay for.
There you have it for this is the beginning just to get you started off on a straighter road. Many of us just woke up one morning and just then decided to enter a career of freedom, I want financial freedom and make the millions and be my own boss. It is doable of course however the question is, did you wake up on the left or right side that day? I know I just wanted you to smile and laugh.
You may say by reading the check list above a few things like; I already know that, I heard about that, I know better that to let that happen to me, that will never happen to me, I am smarter than that, who me I am never going to let anyone mess with me and the list goes on and on. Here is the reality, it happens to all of us. Yes, each and everyone of us and that is when you have to now hire someone like myself to hold your hand an walk you through the whole process as if we are starting from the beginning and possible help you build a brand new business if you cannot repair the existing one.
By this time, you have used up your savings, your family is upset with you and you are to the point that you are ready to walk away from the dream. But wait, all is not lost as yet for that gut feeling inside of you is still alive and this well let us just call it school and you just semi-graduated. Now it is time to get up, pick up the phone and call rescue business mentor 911 and allow yourself to be coachable and work on your dream.
Here is the moral of this story and that is, life is yes sometimes do it your own however that is not always the case most of the time. It is ok to say that you do not know how to do something and grab a life line, release and breathe. Enjoy the dream for all dreams are possible!
Dianne Ojar is “The Experiential Coach” and business mentor and works with the start-ups to C-Suites.
Complimentary session is available by simply reaching out and do contact the 911 lifeline.