What are the best practices for creating a successful self-employment business?

An example I have seen that resonates is that of an ancient scholar who was asked what he will do with 24 hours in cutting down a tree. His reply? ' I will use 20 hours sharpening the axe and the remaining hours to cut the tree'. Planning can not be overemphasised. It is the bedrock of how a business or empire can last.

1. Clear Business Plan 2. Find a niche that aligns with your skills. 3. Marketing Strategy 4. Networking 5. Customer Focus 6. Be Flexible 7. Time Management 8. Continuous Learning

Starting your business venture demands a mix of grit, adaptability, and strategic thinking. Begin by diving into something you're genuinely passionate about—something that keeps you up at night with excitement. But it's not just about passion; it's also about understanding the market. Research your niche, understand your potential customers, and carve out a unique selling proposition. Expect setbacks; they're part of the journey. A solid business plan is crucial, but so is flexibility—be ready to pivot when necessary. Surround yourself with a support network, whether it's mentors, peers, or online communities. Be patient, and persistent and keep learning from every challenge or success along the way.

Also, don’t fall in love with your idea to avoid being biased when you assess your business model ????????????????????????????????????

Creating a successful self-employment business involves a blend of entrepreneurial spirit, strategic planning, and adaptability. Here are key best practices to guide your journey: 1. Clear Business Plan: Develop a comprehensive business plan outlining your goals, target audience, unique selling proposition, and financial projections. This roadmap will serve as a guide for your business growth. 2. Identify Niche and Unique Value: Define a niche for your business and identify the unique value you bring to your customers. Standing out in a crowded market is crucial for success. 3. Effective Online Presence: Establish a strong online presence through a professional website and active engagement on social media.

One thing that helped was to make sure to be present everywhere marketing wise and sales wise. If you are a sales person, great, get a crm, get a leads list, and starting sending emails and calls and linkedin messages. But dont forget to be credible and have all marketing assets ready, website, presentation, pricing, etc..and be everywhere your customer is - google ads, facebook, networking events, tradeshows If you are not a salesperson, hire immediately without even wondering and support your salesperson on everything they need to sell and you can sell too of course. Delegating is the first step to success and scale

Running your own business is all about three Cs: cash, costs and customers * Cash - set payment expectations with each customer before you sign them up, then stick to them. Chasing payment is not an inevitable part of doing business, neither is borrowing to plug working capital holes. * Costs - keep costs down, cut costs, reduce them wherever you can. Every dollar saved is a dollar you don't have to earn. * Customers - people buy from people they like, so nurture relationships. No matter what product or service you sell it's always about people. Discover your strengths and weaknesses in running your own business by taking the CliftonStrengths Builder Profile 10 test.

In my experience the first key steps were: - define a clear customer process (contract, payment terms, product delivery, etc…) - look at cash flow everyday - use a template that works with your business - and project yourself on the next 12 months - use a customer relationship management system (like hubspot or pipedrive) and an online bookkeeping tool like quickbooks online

Another key aspect for success in self-employment is maintaining a disciplined work routine. Establishing effective time management practices, setting clear boundaries between work and personal life, and staying consistent in your daily tasks are essential to overcome the challenge of potential distractions and maintain productivity.

You will have to try things, some will work, some won’t. The speed at which you can move through the decisions and adjust the course when needed is what will build up your business. That feeling of ownership and urgency in solving your business needs is what will guarantee your success over time.