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SME do’s and don’ts – by Rachu K
I recently got into business after being retrenched. I had started just before the company I was working with collapsed. It was a hard launch for me because as much as I knew I was getting ready to break out on my own, I was not yet ready and thought I would get more time for planning.
My first company was dealing with the provision of wellness solutions for corporates, small groups, and events.
Below are some of the challenges I have experienced and continue to experience even as I try different types of businesses.
Do’s
1. Expect criticism
Criticism will be there. Good and bad, positive and negative. And this from all angles, including yourself.
2. Get yourself a confidant or a mentor of sorts who you can just bounce things off.
Nothing complicated. Just get someone you can tell what you are comfortable enough telling what you are doing. A listening ear to share your ideas with.
3. Do establish a work routine especially if it is something you are going into fully. What hours will you be working? What are your hours of business? You need to be clear on this or else you will find yourself not getting much done or running around at the last minute.
4. Do make yourself available, especially for appropriate networking events that can help you meet relevant people.
5. Do be frugal with your spending.
6. Get a diary/plan to track your activities, especially meetings in case you are running a consultancy.
7. Have a checklist especially when starting off. What have I done and what is still pending?
8. Have a plan. Where will you start? Who do you need to talk to? What licenses do I need? Do I need an accountant? what are the timelines?
9. Do a lot of research into the field you are venturing into. Study similar businesses in depth and see how best you can better their offering.
10. Do take time to set your operation up. Do you need an office, a workspace, office stationery, or any branding and marketing material? Will you need any licenses and approvals? Get those done.
11. Be prepared to educate people on your product/service especially if it is new to the market. This will take time as not everyone will see what you are selling the same way you do
12. Do attend functions that may help you learn more about your industry.
13. Do join groups that have people with similar interests. This could be in actual groups or on social media as well.
Don’ts
- Don’t rely on gut feeling or intuition to leave your current job. A bird at hand is worth two in the bush. Hold on for as much as you must to your bird before you fly from the nest.
2. Don’t be in a hurry. Take your time unless you are forced to by circumstances such as retrenchment. Take time to save up and plan for your exit from the workplace.
3. Do not imagine or expect that the market is there waiting or is ready for you especially if it a new product or service.
4. Do not expect that people will buy from you or support you just because you know them. This goes for friends and relatives as well.
6. Don’t be afraid to ask yourself hard questions when you are formulating your work plan.
7. Do not be afraid to ask for help. Not just when you are stuck, but also when you encounter challenges you may be trying to resolve by yourself.
8. Don’t forget to look around you and learn to associate what is happening around you with how it will or can affect you are doing. Read the news, and study the environment. Be alert and aware.
Entrepreneurship is a long journey with learnings on the daily. I am still learning. I do not know how and when it will pay off but, I carry on.
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