Business Education

How to Transition from a Self-Employed Job to an Actual Business

There’s a really big difference between owning your own job and owning a business. we’ve touched on this subject before, and how to tell one from another. But if you’re in this situation (read: predicament), You’re probably wondering how to transition or more particularly, transform, your self-employed job into a full-fledged business. it’s not necessarily a simple process, but it’s definitely not impossible, in the vast majority of cases. With the right advice, and a bit of vision and perseverance, you can make the transition from a self-employed gig to an actual business.

The Difference between “Owning” Your Own Job and Owning a Business

If you’re reading this article, chances are excellent that you are in a particular set of circumstances. That is, you don’t work for an established corporate entity, but do work for yourself. However, you’re a one person show. You do it all. Everything is up to you.

Most Americans love the idea of starting their own business and being their own boss. Who wouldn’t? If you already have the skills to deliver the product or service to customers, why would you not set out on your own? The sad truth is that most business owners in today’s world do not actually own their own business — their business owns them. They never learn how to create business models capable of producing both time and financial freedom. —Forbes

It’s you who is responsible for the productivity, the customer service, the back office stuff, marketing, and everything that goes into making it possible. But, you don’t have any employees, or contractors, or only occasionally rely on others to pick up when you simply can’t do it on your own. In other words, if you’re not working, you’re not earning. However, if you can leave the operation to others, and are not the soul producer, then you own a business. This represents the key distinctions between the two.

How to Transition from a Self-Employed Job to an Actual Business

Now, given those very stark differences, how exactly do you transform your self-employed job into a real business? Basically, you’ll have to change and break a number of routines and habits. Here’s some helpful steps you can take to make the transformation happen:

Envision what you would like the business to eventually be. This is something that you’ll have to constantly revisit in order to make your dream come true. Even if you hire someone part-time, or get to a position where you have more than one full-time employee, you must always think about the next step up.

Expand your team. Okay, This sounds blatantly obvious, but it’s something that too many people in this position get hung up on for way too long. They might occasionally rely on a freelance contractor, or even higher on one or more part-time or full-time employees. But, they’re always focused on productivity, rather than actually expanding the business with marketing, networking, and more. Instead, bring in one person to contribute to the work at hand. Then, bring on someone else to help with the administrative side. You can repeat this process a couple or few more times to really build up a fully legitimate business.

How to Cash Flow Expansion. One of the greatest challenges for solo business operators, is to ensure they sufficient cash reserves and cash flow to capitalize their expansion. Consequently, they simply accept their current status and don’t take on the risk to expand. Frankly, your risk of starting your business was much greater than expanding! This will help; Forecast or Budget what you estimate you will need in terms of capital to cash flow the next 6 months of expansion (new hires, added marketing, etc.), until the sales increase sufficiently to offset your increased cost of hiring support. Then, the key is to offload your responsibilities that can be done by someone else, and only take on those responsibilities that brings in revenue and the highest value to your expanding business.

What other suggestions do you have to truly transform a one-person gig into a legitimate business? Please take a moment to share your thoughts and experiences so others can benefit from your prospective!

Interested in learning more about business? Then just visit Waters Business Consulting Group.

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How to Tell When a New Business Client is Lying to You

January 28, 2020 No Comments

We’ve all been betrayed in one way or another. Some situations are worse than others. But, all things being equal, it’s better to be safe than sorry. There’s an old saying in the real estate industry, “Buyers are liars.” (Although, this is true in just about any line of work, law, financial, retail, and countless others.) The point being, human nature is what it is and there’s just no way around it. Why It’s so Important to Avoid Liars Okay, you can probably think of a dozen reasons liars can be trouble. They cause feelings of betrayal, anger, resentment, regret, and basically a whole host of negatives. But, even if you’re able to get past the personal hurt, there’s the logistical fallout. The vast majority of customers are truthful. But the lying happens often enough to get under your skin. What’s more, deceitful customers pose a risk to your business. If they’re willing to lie to you, what does that say about their character? Would they also be willing to fabricate an errors-and-omissions claim for personal profit? —EOforLess.com Such consequences include but not limited to: being embarrassed by peers, trouble with client relations, upset in the workplace vis-à-vis team members, and plenty more circumstances. Plus, just a single lie can hurt your bottom line in a serious way. How to Tell When a New Business Client is Lying to You So, how do you spot a lie before it causes all sorts of trouble in your business? Well, it isn’t easy, there’s no question about it. But, there are some ways to tell when a client is lying to you, like the following: It sounds too good to be true. Okay, this is probably cliché’ but it’s nevertheless true. When someone tells you something that sounds too good to be true, it more than likely isn’t true. What’s most problematic is that in the moment, it’s easy to fall for. Their social media is a red flag. Some con artists make their lives to look out-of-this-world, luxurious and exciting. Others have absolutely no social media presence at all. In either case, it can tip you off to someone who is trying to hide something because there’s no information at all. Or, a person who is trying to fool everyone else by making their life look irresistibly envious. There’s difficulty answering simple questions. Here’s another bit of advice you’ll hear from experts on the subject of lying — the fibbers might have a lot of trouble with answering simple questions. (Conversely, when there’s inconsistent but a lot of detail, that’s also a telltale sign.) His or her past tells a completely different story. If you have a bad feeling, listen to your inner voice and get a bit of background from people in his or her past (if possible). Just asking a few key questions can tell you a lot, a whole lot. What other advice do you have to offer through your experiences? Please comment and let others know! Interested in learning more about business? Then just visit Waters Business Consulting Group.

What a Disgruntled Ex-Employee Who Cost a Company $678,000 Can Teach All Business Owners

June 26, 2024 No Comments

What a Disgruntled Ex-Employee Who Cost a Company $678,000 Can Teach All Business Owners In early June, Kandula Nagaraju, a 39-year-old former National Computer Systems employee from India, received a two-year, eight-month prison sentence for unauthorized access and deletion of 180 test servers at his previous workplace. Despite being terminated in October 2022 due to performance issues, Nagaraju retained access to company systems. He used this access to develop and execute scripts that deleted the servers. This action cost NCS approximately $678,000 to rectify. Fortunately, his nefarious deeds did not compromise sensitive data as the servers were isolated and used for app testing. But, the company still suffered an enormous financial loss. Plus, things could have been a lot worse. This single case serves as a critical reminder: ex-employees can still be a liability, and if they maintain their insider access, they can exploit said access to inflict extensive damage. Not only monetarily, but on a much wider and more consequential scale. So harmful, that it could bring a company down and ruin its reputation to the point of no return. Why Businesses Should Always Delete the Credentials of Former Team Members Sadly, Nagaraju is just one example of many. Several companies have suffered immensely – but unnecessarily – simply because those organizations did not take the proper steps to protect themselves. Instead, they were complacent or too late to act and the results were disastrous. Because of these instances, businesses should always remove ex-employee credentials to keep their corporate data and work product secure for several reasons: Data security. Ex-employees may still have access to sensitive company information, such as customer data, trade secrets, or financial information. Removing their access ensures that this data remains secure and is not accessed or misused by unauthorized individuals. Prevent unauthorized access. Even if an ex-employee has left the company – even on good terms – there is always a risk that they could use their access to the company’s systems to make changes or access data without approval. Removing their credentials prevents this from happening. Compliance. Many industries have regulations that require companies to protect sensitive data. By removing ex-employee credentials, companies can ensure they are meeting these compliance requirements. Insider threats. Ex-employees may be disgruntled or may have left the company under less-than-ideal circumstances. They could potentially use their access to company systems to sabotage the company or steal data. Removing their credentials helps to mitigate this risk. Avoid confusion. If an ex-employee’s credentials are not removed, it can lead to confusion about who has access to what. This can make it more difficult to manage access to systems and data. And last but not least, data breach prevention. If an ex-employee’s credentials are compromised, it could lead to a data breach. Removing their credentials helps to prevent this. By deleting their access, companies have less risk of sensitive information getting out into the public domain. Because once that data is out, it’s up for grabs for anyone to capture it. So, businesses of all sizes should have a process in place to address such security issues. When an employee leaves the company voluntarily or a team member is terminated, that person’s credentialed access should immediately be removed. Additionally, steps must be taken to fill that new void to ensure workflow continues virtually uninterrupted in order to meet benchmarks and deadlines. Moreover, to keep proprietary data safe. Want to Accomplish More? Do you want your company to grow faster and earn more while you spend more time with your family doing all the things you started your business to do? We can make that dream a reality. Give us 30 minutes and we will show you how to get your life back. Skeptical? Good! Put us to the test. You can call us for your free appointment at (602) 541-1760, or, if you prefer,

How to Build a Positive Brand

May 16, 2017 No Comments

One thing that makes companies successful is branding. We see it everywhere and all the time, from television spots, to radio ads, to catalogs and other marketing materials, businesses put out impressions of themselves to the public. The reason for branding is obvious but it’s not necessarily an easy task. It requires differentiating an entity from its competition to make it instantly recognizable to consumers. A brand has to not only be recognizable, it has to live up to its self promotion and establish a reputation that’s commensurate with its marketing. There’s practically little else which can destroy a company faster than having a bad reputation. Even the most effective branding won’t allow a company to escape bad publicity or a negative consumer image. Small business owners might not believe that branding is necessary for them precisely because of their small size; however, in a world that is digitally centered, that’s simply not the case. No matter the size of your organization, it needs a positive brand to help propel it forward. Ways to Build a Positive Brand To build a positive brand, you’ll need to think about the future–it’s what you do now that’s most important. There are defunct companies that doomed themselves by not being aware of the image they were presenting. Relying on gimmicks is another mistake. Companies that place their marketing efforts into gimmicks usually have little else to offer, and, that’s a precarious position. Being genuine and offering good service with a positive attitude are great ways to build a brand. Our personality and professional image sets the tone and stage for how we are all perceived. With the reality of a 24/7 online media world that can change things in a real-time split second, one small wrong move or right move can go viral and change everything. —Small Business Trends To keep your business growing, you have to employ more than one tactic. There are new customers to be found and try your products and services over competitors, and, it’s your brand that will help to convince them to do so. Here are a few ways to build a positive brand: Create a positive work environment. Your brand starts from within your organization. Remember, your employees have lives outside your company and talk to people about work. This is why it’s important to facilitate a positive environment. After all, people won’t give you any business if they’ve heard bad things from insiders. Have a clear and easy-to-follow customer service protocol. Your team members are one of the most powerful sales tools you have. The better they deliver, the better your company does. When it comes to customer service, everyone should know how to respond and to do so in a timely, polite manner. Offer something for nothing. People like free things, practically no matter what they are: great content that is helpful, complimentary items, discounts, and other things can have a big impact. What’s more, if you do this on a regular basis, it will create a positive impression. Make a commitment to your community. Volunteering is something every leader should do and not just for the sake of networking. When you volunteer, you send a very powerful message about yourself and your company. Another thing you can do to create a positive brand is to always follow-up with comments and reviews. Good or bad, these are helpful and the way you deal with comments and reviews will say much about your business. [shareaholic app=”follow_buttons” id=”26833294″]

How to Transition from a Self-Employed Job to an Actual Business

The Difference between “Owning” Your Own Job and Owning a Business

How to Transition from a Self-Employed Job to an Actual Business

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Related Posts

How to Tell When a New Business Client is Lying to You

What a Disgruntled Ex-Employee Who Cost a Company $678,000 Can Teach All Business Owners

How to Build a Positive Brand