Travelstart Domestic

How to Keep your Head Up on Bad Days in Business

business tips kenya

Let me be honest, there are days that I don’t want to get out of bed in the morning. Sometimes things are so bad at work that I want to forget it all and sleep. Truth is, once in a long time I will sleep in; not that it makes the problem go away but it saves me from stressing too much. That is normal in all businesses; some days are amazing while others are terrible, everyone has one of these days.

When starting out in business, you really depend on your business to provide for your basic needs; bills and food. So when things are not going well, it really hits you hard, and all over again you will ask if you made the right choice to go into business. You could be somewhere waiting for a reliable cheque at the end of the month.

Since such terrible days are unavoidable, the best way to deal is to know how to handle them. First, let’s identify what causes such issues, then solutions for each.

No clients

When you are new in business, the clients don’t come in large numbers. Sometimes you can go without clients for a while, and you still have some fixed costs to be met. By the time it is the end of the month, you have bills to pay and no one is paying you. This at some point kept me in bed for a full morning before I faced the reality that if I didn’t wake up, they will come and take the roof I was staring at.

Tip to deal with this:

It is very advisable to have saved up some money before getting into business. Have enough money that can pay your bills and be an expense account as in your business. About clients, I advise on conducting a market research before plunging into a business. By this I don’t mean a whole Synovate document, but get an idea of who your clients will be and how you can obtain them. Or better, while still in employment (assuming you quit your job to concentrate on your business), have a few clients already to sustain you during tough times.

Bad investments

Sometimes we channel money to the wrong places and lose it all. What you feel after is a terrible feeling; wondering why you were non-wiser. This has happened to even the most successful business people if you ask them, but the lesson learned from loss is what is most important.

Tips to deal with this:

Take time to learn more about something before you invest in it. This will not save you from bad investments completely, but will help you reduce them. If you happen to make a bad investment, rise up, brush off the dust and move on. Take the lesson with you.

Client’s failure to pay

I have done jobs for some clients who didn’t pay up. Some complain about money issues while others just don’t value your work that much. You may be tempted to do something malicious (especially in the internet industry) but remember whatever you do will always come to bite you in the back. Your credibility is very important in any business, make sure you maintain that.

Tip for dealing with this:

Ensure you ask for a down payment before you get the work done. For a new business person, you may be pleased to get a job such that you get to it first without asking for payment. To be safe, always ask for 60-80% down payment before you get the job done. This helps you cover your expenses in case the clients do not pay up.  Ensure your contracts have a clause that insists on fore-payment before every job.

Too much work and little money

Sometimes we are too busy and can’t put a finger on the money our business is bringing. The first days (months, years) of any business are exhausting. There is so much work to do and so little money. Yet this is the stage that lays the foundation for your business.

Tips to deal with this:

Have realistic expectations for your business. Do not expect money to multiply overnight. Another important tip is not to under quote your services or products. New business people usually are eager to please therefore quote ‘introductory’ amounts to get your name ‘out there’. Know your value, quote for that value.

Legal problems

Oh, whatever you do, please sort these ones first. Make sure you sort out your registration, licenses, taxes, and all the legal aspects of your business before it lands you in trouble. Depending on the type of business, legal requirements are different. Opening up shop will require more legal documentation than an online business.

Tips to deal with this:

Consult a tax person, and a lawyer to understand which requirements you need to meet to be on the right side of the law. I know accountants and lawyers need money, but you can ask on informal basis, and you can meet these people through networking.

Fatigue and exhaustion

This is from working so hard in establishing your business that you hardly get some rest. As much as you want to give the business the best you can, remember not to do so at the expense of your health. Fatigue can lead to stress related medical issues that will not only cost you money (that you hardly have) but a lot of time too.

Tips to deal with this:

Have a schedule and follow it strictly. This schedule should cover work, exercise, enough hours of sleep and some other activities help you rejuvenate. Working hard is not working smart, when you work smart, you cover all the areas of your life and your success is one one-sided.

Turmoil in personal life

It would be very unfortunate if your were sweating on your business and your personal life was not going on as well. Be it family, relationships, friends, this is a support system that you need when you are starting out or when struggling with a business.

Tips to deal with this:

Try as much as possible to separate your personal life from your business. at the same time, remove toxic people from your life, keep those who are supportive. This is not easy, but some relationships in life only pull you back.

Keep your head up, enjoy your life and your business!

Do you have some low business days? How do you deal with it? Feel free to share in the comment section below and help others deal with their low moments.

Leave a Reply

Your email address will not be published. Required fields are marked *