It's thrilling to launch a new company, especially if you have a concept that you believe will benefit people.
However, the transformation from being self-employed to a boss can be difficult.
Even if you choose a company concept, create a thorough business plan to entice investors, use social media to grow a customer base, and concentrate on cash flow, your business may still encounter difficulties along the way.
It happens because earlier you were doing everything on your own. You were in control of everything taking place. Now, you have hired people to do the work for you. But as it is said, old habits die hard.
You don't seem to let go of the control. That is the biggest roadblock to your success. That is why you need to acknowledge what those traps are.
The “Trust” Trap
When you were doing it all on your own as freelancers, consultants or solopreneurs, you were the point of contact for your client. They are here because of you because they find you credible. You might have hired experts now but your clients would still not trust their words unless they hear the same from you.
They want you to be personally involved with their account. Sometimes they became adamant that they will only be with you if you are the one offering the service and not anyone else. This trust that has worked so well for you till now becomes a trap you find difficult to find a way out of.
The “Expertise” trap
As an established expert in the industry, you have a lot of expectations from your team. You want them to perform in the same way as you do, efficiently. When you hire new employees it takes time to train them. This either frustrates you or puts too much pressure on your employees.
This might not be intentional. But it is human nature. We have a way of doing things in a particular manner and we want others to follow the same. Anything different disappoints us.
But this causes your employees to depend on you for every little thing and they don’t develop into a well organized and independent department that they are supposed to be. This causes hindrance to your business growth.
The “Lab-rat” Trap
Have you seen lab rats running around? They keep on rounding the room believing they are reaching somewhere because they are taking action, they are losing energy and the task is being done. But is it the reality?
No, they are still in the lab. They never left that place. The same happens to your business as well. Every day you deal with new clients, sort out new problems, and achieve new milestones. This creates an illusion that you are on the way to success. But you are just going around on a loop.
If you will track your progress after a quarter or a year, you will find out you have gained clients and generated revenue. But the truth is that you lost old clients and got new ones. You haven’t moved up the ladder at all. You have been putting on your energy and efforts but you have gotten nowhere. There isn’t any achievement to show off.
You haven’t earned any profit. And even if you have it’s too small despite all the hard work you have put into it. You can’t go on a vacation for a month or two because you are still standing at the place where you started your business journey. There is no success to be celebrated.
That is why you need to step down the spinning wheel and see beyond this illusion to find out whether the reality you live in is true or a trap.
The “Superman” Trap
It takes a lot of courage, resilience, and patience to even think of starting a business. So I wonder what it takes when it comes to running one. Being self-employed for so long you have mastered every skill. And now when you are trying to upscale your business your multi-tasking ability turns into the biggest roadblock you will ever come across. For you will want to do everything on your own.
You will keep on solving even little issues and wasting your energy and efforts unnecessarily. You keep on forgetting that your team is qualified enough to do that. You don’t have to worry about everything. You can apply these resources to the task that needs your attention and guidance.
The “Glory” Trap
When you are transforming from being self-employed to a business owner, you are the centre of attraction. Everyone and everything revolves around you. You are getting all the praise and credit for your growing business.
Sometimes this attention makes you selfish. You become so blind to the limelight that you fail to see the efforts and energy your employees are putting into making your business successful. It is a team effort and everyone should be given their due credit. Most self-employed struggle with this battle.
A little appreciation and attention make them feel valued. It motivates and encourages them to give their best. This might put you into the background and you will longer be the star. But remember that you are their leader. They will always look up to you. They will always seek your appreciation and approval.
The “Worker Mentality” Trap
The worst part of being a hard worker is that you don’t want to have spare time on your hands. Even if you are done with your dedicated tasks for the day, you will not relax. You will stress whether you are being lazy.
Maybe this is because our society believes how many hours you put into a work determines your ability. We don’t appreciate smart work. This is the mentality that we need to change. With the ever-evolving business industry, we have a lot of technologies in our hands. These techs and automation can finish a task worth 10 hours in just 10 minutes.
So if you aren’t taking advantage of it and doing everything manually, you are wasting resources. It is not a praiseworthy act but fools doing.
These challenges can be quite a headache for you while you are growing your business. You have a long list of clients and you can’t micromanage everything. You can’t be there for everyone and every task. That’s why you have hired a team.
So let’s not get stuck in these traps and soon the success will be yours!
If you have anything else to add, please do. We would love to hear from you.