Blogging & Business

Finances & Frustrations: The Cost Of Running A Business

Starting on the long road to success means you will face bumps in the road. It’s a part of life that in order to get where you want you will face trials and tribulations. Whatever your current position, maybe you’re working a job and growing a business on the side, or you are a full-time parent to a young child and you are spending every waking moment answering emails while doing the late night feeds, it will feel like operating a business is a major drain on your abilities. It’s at this point you will feel that you may want to get additional help, and there are many ways to do it right, but there are also many ways to do it so wrong that you may take two steps back before you take one step forward. Let’s look at ways to minimize the physical, and emotional cost.

Accidental Hipster Mum

Outsourcing: Is It Worth It?

The Problem – Working all the hours you can afford to get your business together will place a mental strain, and this applies especially when you are doing this all by yourself. You will feel the need to get an extra pair of hands on board to make everything come together. If you are working from home, you will feel like you are doing everything and the feeling of being overwhelmed at 2 in the morning doing the accounts (which is never the most interesting of tasks) will be the straw to break the camel’s back.

The Solution – Outsourcing is a worthwhile solution to the problem when you have small tasks to complete. The big issue of cost means you will struggle to find any long-term help, but if your business is young and you just need that extra pair of hands to get the spreadsheets completed, you can find many suitable freelancers on freelance websites. The great thing about these sites from your perspective is that you can name your price off the bat, which will reduce payment quibbles, and the websites are saturated with freelancers looking for short-term contracts, so it benefits you greatly.

Why Is The Business Not Progressing Fast Enough?

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The Problem – You’ve spent a year on the company, and you’ve had some contracts, but they’re not coming in as thick and fast as you thought they would be. You are struggling to pay your freelancers, and you are digging yourself out of the well, and you may be questioning if the whole thing is worth it!

The Solution – It is a cliché, but you do need to stick at it. But also, you have to look at your business from another perspective; does it look sleek and professional enough? It’s even down to how you present yourself. Are you not winning enough contracts because you just don’t look like a business that people want to deal with? This requires a long look at your processes, and it’s at the starting points of businesses that it is a lot easier to make these drastic changes, because you have minimal or no staff at all! Even something as simple as your business address could set off alarm bells in prospective contracts because it looks like a residential address being run out of someone’s home. You don’t have to set up an expensive office! You can go on sites like physicaladdress.com – virtual office address setups help to give you that extra bit of professionalism. And it’s not just the business; you need to make sure you are running the operation like a professional too! So walk the walk, and talk the talk! It may be a cliché, but these are things you really need to think about.

Do You Need To Delegate?

The Problem – If you are still trying to get the business up and running, it requires all of your attention. Delegating to someone else can feel like a big mistake because you haven’t managed to sort out every little problem, and handing the reigns to someone could mean you having to correct their mistakes before you continue where you left off. This will cost you a lot of precious time.

The Solution – Delegating is a necessary task, whether you are running a business with hundreds of people or it’s just you. The reality of setting up a business by yourself is you will need to get as much help as possible to help it take off. From friends to family members, and this means letting go of certain aspects. This requires a lot of trust, but it will teach you the value of running a big business, and that you will need to delegate a lot of the time, not just for the benefit of the company, but for you. You will need to learn the value of putting your trust in employees, and if you can’t do it now, will you ever be able to?

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