Life’s transitions may take you from a job layoff (or downsizing, that cute name meaning fired) or retirement into business ownership. The process is easy today when you follow three steps.
1. Choose the type of business you wish to start.
2. Register that business with the local agency in charge of registrations.
3. Market your product or service to prospective buyers.
Each time I watch an episode of The Rockford Files, available through Netflix, my head shakes in disbelief at the main character who refuses to make sure he’s paid in full for services rendered when the job is done.
That’s a situation you, as an owner, cannot afford yet today, 42 years after The Rockford Files’s premiere, too many entrepreneurs still subscribe to this lackadaisical practice.
Do you know of any communications, utility, or other service provider that let you skip payment with no consequences? If so, stay with them until their bankruptcy.
Every entity expects payment on demand, and the same is true for you as a business owner. Your payment terms must be firmly expressed to and understood by customers before fulfilling an order.
A transition from employee to business owner isn’t so easy when it comes to getting paid. I don’t know why, but if this is true for you, keep this in mind.
1. You provide value in terms of your expertise, artistry, or knowledge. It’s worth what you charge.
2. Customers pay in numerous ways. Offer as many payment methods as possible to get paid on the spot.
3. Every successful business ensures that they collect payment. Strive to own that type of business.
I learned to live by these steps 26 years ago when I entered the entrepreneurial world. There were many get-paid lessons I’d like to forget, but it’s necessary to recall lots of the good and some of the not-so-great memories to share here with you and continue to thrive in my profession.
The beauty of starting a business is the ability to begin the transition while working for someone else. Information on how to do what your heart desires is online, in books, at events, and at in-person courses. I share much of this information at events speaking to aspiring entrepreneurs just like you to make sure that, unlike Jim Rockford, you start with practical ideas and get paid on time.