Have you ever considered immediately resigning from your job and riding off into the sunset of building a new life for yourself as an independent business owner? If your answer is YES, then you are not alone. Almost everyone has a business idea they’d like to pursue either as a part-time gig or complete career change.
If you decide to take that leap, make sure you don’t take your deeply-ingrained employee thinking along for the ride. There are ways in which you need to undergo a mind-shift, to evolve successfully into your new career.
Business owners bill with overhead costs in mind
When you’re an entrepreneur, your economic welfare is not determined by what you earn – it’s what you keep that matters. On paper, you may be bringing in more money than you did at your old workplace. It is important to keep in mind how much of that is really yours at the end of the month?
Remember, your old employer paid for a variety of benefits that you probably didn’t spend much time thinking about. You got a full workstation, office furniture, internet connection, a working phone, the stationery you needed and more. You also got an allowance for days off (including sick leave), automatic contributions to a retirement plan – and of course, your personal income taxes were all taken care of by the company.
As a business owner, all this adds up and becomes your responsibility. What impact will these additional costs have on your pricing strategies?
You can avoid unwelcome surprises if you sign up for our SME/CORPORATE ACCOUNTS will help you to easily analyze your bank needs, so you can track exactly where your money is going on a daily basis. If you understand your cost breakdown in detail, never again will you under price your services.
Business owners delegate work
Employees measure their worth by how many tasks they complete. When the to-do list is done, so is the day. As a business owner, it’s different: your worth is derived from how much value you create – not by how much you do. Your aim should always be to eliminate as many tasks from your daily schedule as possible, so that you can be free to create value for your clients. Do you think the most successful entrepreneurs in Uganda do their own bookkeeping? Of course not; People who rise to the top know what their time is worth. They know when to outsource.
As a freshly minted entrepreneur, you’re going to be wearing many hats – but book-keeping doesn’t need to be one of them. Do you ever find yourself confronted by these problems?
If you answered yes to these, they are signs that you’re overwhelmed. How should you react; by delegating.
ABC Capital Bank services run in the background, without your daily intervention – and ensures that your books are always up to date. It’s an easy to understand accounting platform designed for people with little or no experience in this area. Think about how much (time money, energy and stress) it costs you to keep your operation administratively up to date.