You think you’re ready to leave the daily grind of being an employee and jump to being a business owner. Enough working for the other guy. It’s time to chase after your dream and take everything you’ve learned as a worker to being a business owner.
Long hours, the problems are yours alone and demands for your time and attention from every angle are the name of the game. Are you prepared for all it takes to run your own business?
Passion and determination are certainly important traits for business owners. What else should you do and have to run a thriving business?
Read on to learn what it takes to build a successful business.
Want It Fearlessly
Good for you for wanting to take on this enormous challenge. Good for you chasing your dream. But here’s the thing, you have to want this as you have never wanted anything else before.
It sounds exciting. But it will be hard too. There will be countless times when you wonder what you’ve gotten yourself into it.
It’s at those moments you need sheer determination. You need an unwavering fearlessness to carry you through the tough moments when you question yourself.
Study and Learn
There are plenty of folks who have chased after an idea and found success. A quick search of the internet will give you countless models of people who have successfully created thriving businesses.
They can be great to learn from. Read how they achieved their success. What things did they learn along the way?
Guess what? There are even more stories that don’t end so well. People who started a business that didn’t work. You can learn multitudes from them too.
Listen to where things went wrong. Learn from the mistakes and missteps of others, especially those starting a similar kind of business.
Study the Competition Too
You need to take a look at your competition. What do they do well? What are their weaknesses?
Competition can be a great motivator. It can also be a great teacher. Look at how their business is run. Evaluate what’s good and what’s lacking.
You can copy (no need to reinvent the wheel) the good stuff and do better than them on the not so good parts.
Solid Business Plan
Take the time to develop a solid business plan. Put it all on paper. Here are just a few things to consider:
- What are your goals for the business in the short and long term?
- How will you make money?
- What materials will you need?
- What will your expenses be?
- Do you need employees?
- How much money do you need to bring in to keep the business going?
- Do you need investors?
- What do you plan to do for marketing?
The more time you spend working through the details in your business plan the less likely you will be surprised when a curve ball comes your way once you are up and running.
Go Further With a Business Strategy
This is like ying to the business plan yang. Sure a business plan is good. Having a strategy to implement the plan is even better?
You’ll want to consider things like how you will compete with other like businesses. Consider how you will go after clients or customers to get them committed to your business.
Think through how your business will stand out amongst others like it. Knowing your strategy going in gives you an advantage. You’re not totally figuring it out as you go.
Marketing And Your Online Presence
Marketing is key to helping your business get customers. If people don’t know about you, they can’t use your business.
Marketing can be expensive but it doesn’t have to be. Run promotions to encourage referrals. Get involved in the community and introduce yourself and your business at every opportunity.
Make sure you have created an online presence for your business. You need a quality website representing your brand and business.
Get your business on social media platforms. This is also a great way to market your business and run promotions.
Make sure you pay attention to what is said about your business online through reviews and comments. Read this article to learn how to use Google reviews to get noticed.
Finances and Accounting
Much of running your new business will be related to money. Am I making enough? Can I pay my employees? Will the bank loan me money?
Having some financial literacy is so important in running your business. You need a good understanding of borrowing money and asset management to name just a few.
You also need to have solid accounting skills. You have to keep good books if you want to show you are worth a risk to the bank. As the person in charge, you need to know how much money is coming in and how much is going to cover costs and expenses.
Organization on all levels is so important for the success of your business. Whether you are talking about product management, employees, receipts, inventory or customer needs, being organized is going to do nothing but help your business.
Most new business owners can’t imagine starting out how many decisions they will need to make every single day. Even how many decisions they will need to make simultaneously over the course of a day.
The organization will help you to face all those decisions and balls in the air with grace of a successful business person.
Keep Your Focus
The truth is that running your own business has plenty of rewards. It also filled with challenges and obstacles. Sometimes those obstacles will feel insurmountable.
Keep your focus. Remember why you wanted to do this. Work through the challenges fearlessly (see earlier). Don’t let the obstacles or bumps in the road throw you off.
They are just challenges and you can work them with the right amount of determination and focus.
Story of a Thriving Business
Being a business owner will be filled with rewards, challenges and lots and lots of hard work. Remember why you wanted to do this and stick to your plan.
Your thriving business is the reward for the hard work you put into it.
For more ideas for your business, visit our Motivation tab today.