Starting your own ecommerce business can be a rewarding experience as you’ll have the freedom to choose what you work on each day, which will give you a great sense of ownership over your work. A critical part of running your own ecommerce business is being your own boss, and managing your time wisely.
People who jump straight from working in a corporate environment, where they have a manager delegating their tasks and responsibilities to them, can find the transition to becoming their own boss a difficult one. To make sure that you’re fully prepared for being your own boss we’ve put together a list of insider secrets which will give you a huge advantage over the rest of the crowd.
Managing Your Time
If you’ve ever worked for a corporate company then it’s likely that you’ve had the time you should start work, take your lunch break, and the time you finish work controlled by somebody else. One of the best things about being your own boss is that you’ll be the person who decides these things. If you’re an early bird then you can work in the mornings and if you’re a late riser then don’t feel badly about starting work at 11AM.
You’ll also be able to decide the amount of breaks which you can take during your work day. Whether you want to meet a friend for an extended lunch, need to take care of a medical appointment, or pick up the kids from school, you are free to stop and start work whenever you want.
Having this level of freedom with your work schedule is great, especially if you’ve been chained to a desk in your previous job, but it’s important to remain structured with your working schedule. Keeping this level of structure may take a little bit of discipline at first, but there are a few things you can do to make managing your time easy.
Work Regular Hours
Decide on the hours when you are most productive and create your schedule around them. It doesn’t matter if you are most productive at midday or at 1am in the morning, as long as you spend your time working on tasks which actually matter to your business then you’ll be make progress.
This also applies to those of you who’ll be working part-time on your ecommerce business. If you are looking to run an ecommerce business as well as a 9 to 5 job it’s important that you set aside the necessary time in the week to make sure everything’s in order with your store. Keep in mind that you may also need to finish some tasks over the weekend if you don’t finish everything during the week.
Don’t Overdo It
Even though you are the boss of your own ecommerce business, you don’t need to work ridiculous hours every day to make an ecommerce business work. You risk burning out if you are working 12+ hours every day to try and make your ecommerce business grow and become successful.
Running a business isn’t a sprint, it’s a marathon.
Make sure that you take regular breaks whilst you are working, it will give you a renewed focus when you come back to the task that you were doing before you left. Remember to get a good night’s rest so you’re ready to wake up and tackle the next day with full energy.
Look after yourself, so you can look after your business.
Organizing Your Work
When you’re your own boss you lose the comfort of a corporate job where your tasks will have been delegated to you every day. The responsibility of your work flow falls of on your shoulders now, and it’s important to stay organized.
Make a to-do-list. Make one every day.
We cannot stress how much of a difference this will make in organizing your work. Waking up and noting down the things that you want to accomplish before you start working will do wonders for your productivity. You’ll have the full day ahead of you and a realistic idea of how much you want to accomplish.
To take your work organization to the next level, you can write to-do-lists for the coming week or month. Doing this will allow you to structure your work into manageable segments which you can designate to different days of the week.
At the end of each week it’s important that you check the to-do-list you made at the start of the week. Do you see any tasks which weren’t completed? Not a problem, these things happen. Is it still worth your time? If yes, add it to the to-do-list for next week. If not, cross it off the list and move forward with the next tasks you need to complete.
We understand that you might not know where to start when managing all of your tasks, so to help you along the way we’ve created a to-do-list template on Google Sheets which you are free to use. All you need is a Google account and you’re good to go!
Managing Your Finances
Managing the financial side of your ecommerce business is a vital part of being your own boss. You’ll need to assess your financial situation before you start your ecommerce business and monitor your accounts regularly.
One great tip for properly managing your budget is opening a business account. A business account is essential for separating your personal finances from those which will be used for your business. It will also give you a clear outlook of the amount of money which your business costs to run, and the amount of money which it’s generating.
You can also use helpful online platforms like Mint which enable to you track your finances, create budgets, and pay your bills.
Have a strong idea of the costs that you’ll incur from running your ecommerce business. Shopify is the most popular service for creating an ecommerce business, so it’s a good idea to research them and decide on the best pricing plan for your business. You’ll also need to factor in some money to spend on the layout of your ecommerce store— you’ll want your store to look appealing to potential customers.
It’s important to have a designated place where you will work from, as it will help you stay focussed on the task at hand. Some business owners are fine with working from their homes, especially if they are working on a part time basis, but others may find that they are not productive when working from home. If you fall into this bracket then you should consider using some of your finances to hire a desk at a local co-working space which would be full of other busy workers and will motivate you to complete your tasks.
You should also consider if you have the necessary finances to start and run your ecommerce business on a full-time basis. If not, you can always start your business as a part-time venture and continue working at your current position until you are more secure.
Being motivated to work is important for any job, but this is especially important when you are running your own ecommerce business.
A great way to keep yourself motivated is to set goals which you want to be working towards all the time, whether that be launching your store or making your first sale. It’s important to be reasonable with your work deadlines. Every entrepreneur wants to make $1000 in their first month, but sometimes it takes a little bit longer.
Remember, Rome wasn’t built in a day.
Reward Hard Work
When you are your own boss it’s important that you remember to reward yourself if you’ve done a great job, just as you would be rewarded if you were working for somebody else. Rewards make people happy, and happiness increases productivity– we are genetically wired this way.
Remember Why You Want This
Possibly the most important part of being a successful ecommerce business owner is remembering why you want to start an ecommerce business in the first place. Whether you’re tired of working for somebody else, or you’re looking to earn some extra money to take your family on a vacation, there is a reason which will drive you to accomplish your goals. Once you’ve started your business, you’re well on the way to making this reason become a reality.
If you follow the secrets which we’ve shared in this post you’ll be well on your way to running a successful ecommerce business. Do you have any other tips for being your own boss? Let us know what it is in the comments section, we can’t wait to hear what you think!