Young Business – Part 6

[Read the Entire Young Business Series – 1 2 3 4 5 6 7 ]

Give back.

Find a way that your new business can help others. You can use your time or money, donate goods or services, work locally or globally. Just find some way to make your business a force for good.  This seems to be important to employess entering the workforce now more than ever before.

It is also important to consumers.  I am not advocating that you do good as a marketing scheme though.  Doing good is its own reward.

Don’t sell yourself short.

Here is the best piece of advice I got before starting Apt Design, which will apply to anyone in a service industry:

Don’t back down from your hourly rate. If the client balks at the price, consider renegotiating the scope of the project, but don’t back down on your hourly rate.

And this advice is right on. Because when push comes to shove the client who is trying to negotiate your price is probably a client you don’t want to begin with.

You should have your hourly rate calculated to know exactly how much you need to make and how much the industry will allow you to charge.

Its scary advice to take. When you start a business you are probably wanting to get as much work as you can for whatever money someone is willing to give you. But this mindset is a trap on two fronts. One, you are telling yourself that you are not worth the price you set. Two, you are telling clients that you aren’t really as good as you say you are. That makes them respect you less while paying you less – a lose/lose situation.

Be prepared for highs and lows.

Your business will be your baby, and you will be very involved in it. It can be hard to see the big picture when you are so absorbed. Bad things can seem overwhelmingly negative and good things can make it seem that you will never fail.

Remember that nothing is probably as bad or as good as it seems at the time. The first few peaks and valleys may be pretty crazy, but knowing that you will see both ends of the spectrum can help you survive them.

If you can, work from home.

I highly recommend working from home if you can.  In today’s world there are many tools that allow you to look and function as well at home as you would in an office.

Working from home has many pros:

  • No commute
  • A relaxed environment (hopefully!)
  • You can work on house projects when you aren’t working on work
  • Flexible work time
  • An amazing sense of freedom

And just a few cons:

[Read the Entire Young Business Series – 1 2 3 4 5 6 7 ]