Retirees Must Change Old Habits to Succeed in Their Business
“Things come to those who wait, but only things left by those who hustle.” –Abraham Lincoln
Owning a home-based online business can seem like the best thing in the world. When you’re in the planning and dreaming stage it seems like you’ll have more freedom, time and money. In fact, you probably had visions of spending a lot of time at the beach or on the golf course as you made your plans.
Then reality set in and you soon realized that your business is a daily drudge and worse than a regular job. You start feeling like you want to run away, escape and end your business. But, the truth is, all you need to do is change a few things so that you can work on your business and not in it.
Change Your Mindset
It can be hard, after years of having an employee mindset, to switch to an ownership and entrepreneurial mindset. It’s time for you to wear your “boss hat” and start setting up systems, delegating tasks, and finding ways to do less but still get more done.
Set Up Systems and Standards
When you set up systems and standards, it will be a lot easier to get people to help you with your business. You’ll have a clear understanding of what needs to be done each day. Decide which things you must do, which things your employees must do, and what you can outsource to your contractors. Using labor efficiently will allow you to get more done in less time.
Use the Right Tools
Part of setting up systems is to use technology and other tools to help you make the most of your time. Technology such as:
- Email autoresponders
- Customer management systems
- Project management software
- “Cloud” storage
Use what you can afford to make the most of your time. Fortunately, many of these tools are either free or reasonably priced. For example, there are templates for project management using Google Docs or your own spreadsheet. Mail Chimp is an autoresponder system that offers free delivery for up to 2,000 names on your email list.
Plan for Success in Advance
Don’t just work by putting out fires, instead make plans of what you’re going to do each day, week, month, quarter and year. Planning out basic tasks and duties far in advance will give you time to include additional tasks at the last minute as your industry demands.
When you outsource, ask yourself whether or not that particular task needs your special touch. If not, many tasks, like customer service, data entry, posting blog posts, social media marketing, email marketing and so forth are all things that someone else can do successfully. Consider hiring a Virtual Assistant to help you with many of these routine tasks.
Provide the Right Training
When you outsource to anyone, even though you’ll likely outsource to a specialist, you want to provide training about your business and your processes. Don’t control the process or their function, but rather control the due dates, quality and style which the deliverables will take.
Delegate and Compensate Fairly
– When you outsource to someone, you need to ensure that who you delegate to can do the job. My advice is to pay them fairly. Many business owners make the mistake of thinking they can get something for nothing or near nothing and still get what they need. In truth, you get what you pay for. If you want to command higher rates, you need to be willing to pay for expert help.
I also run a freelance writing business and compete with offshore talent. They live in areas that have a lower cost of living than here, but the top freelancers charge more for quality. The market is flooded with cheap labor with poorly written content. That’s why I developed this blog to showcase my work and prove that readable quality content draws attention and customers.
Attract the Right Clients
One thing that will make your business less of a drudge is if you ensure that your marketing efforts are working to attract the right customers to your business. The right customers will be a joy to work with, and you’ll have fewer fires to put out and fewer mistakes to fix.
Set Your Fees High Enough
Many small business owners make the mistake of setting their rates too low. You need to set them high enough to provide for your family. It depends on the the type of business you have and who is your target audience. For example, high end life coaches will pay more for your personalized services than an internet marketer who uses “The 4 Hour Work Week” by Timothy Ferris as their bible.
Then again, if you are retired on Social Security, you can do quite well charging slightly less for your services and enjoy the “4-Hour Workweek.” Click here to buy the book.
When you set up the right systems and use the right tools, you’ll be able to manage your business in a successful way that creates the success you deserve.