Being a Self-Employed CAD Designer

So, I've been a self-employed CAD Designer for a little over a year. What have I learned? Here are seven things that any new business entrepreneur should know:

1) When you start out, you have a great idea about how you are going to go about your business. I had several: I was going to sell software, provide services to implement. I was going to design electrical control systems for other companies. Often, you will discover that what you thought in your gut was several great ideas, either don't materialize, or they go WAY slower than you thought. Be prepared to redirect, or even drop ideas, that are part of your business plan.

2) Always look around for new opportunities and new people to work with, even when you are busy. Before you know it, your existing work will be finished. Even if you did a lot of business, a few weeks of languishing will decimate your bottom line. This becomes easier with experience. Bring to the forefront those new items that are within the scope of your business, as new features or services that you offer.

3) Being a new entrepreneur means that the big ideas that you have, may take time to come to fruition. Make sure you can find new things to supplement your grandiose ideas, with some cash flow in the short term. Downplay the work that doesn't fit within the scope of your business plan, unless you are willing to either expand your business plan definition. If you feel that your company image may get too diluted, start an new second business if you think it has potential to be successful.

4) Balance the need for cash flow, while still working on your long term goals. Visualizing a balancing scale, working too much on one or the other, will give you problems in the development of your business. Working too much on short-term goals will make you feel too much like an employee, and while only working on long term goals is fun, it doesn't help the bottom line. You should feel it in your gut, if you are going too far to one side or the other.

5) When dealing with a new customer, or even with a new product or service with an existing client, make sure that you have the financial understanding of what will happen. Define the terms of your working relationship as much as possible. The worst thing that can occur in a business relationship is an unforeseen negative.

6) Be prepared to sell yourself to others. People will not just knock at your door and ask you to do work for them. You have to create the opportunity for them to realize that they need you to do some specific work for them, and then you can talk working terms.

7) Make sure you take time for yourself. I made the mistake of abandoning some of my personal activities because I thought that's what I had to do. Remember that sometimes you are having so much fun doing what you love, you are doing work when you don't even realize it. Don't be too hard on yourself if after a long night finishing a task, that you sleep in, or go at a slower pace a bit the next day. Don't discount reading relevant material, and even thinking about your business, as not qualifying as actual work.

This is my experience. Any thoughts? Please share your experiences too...