If you are thinking about starting your own business, and you are a creative, independent, talented, risk-taker, who is confident in how you can bring your specific know-how to the table, then you are on the right track. However, to evolve into a successful, revenue generating entrepreneur requires much to be thought about, planned out and examined ahead of time. If you fail to create a well-developed business plan with implementation for change and growth before you begin your endeavor, you are setting yourself up for failure.
Most small business owners work at their businesses their whole lives, while receiving average pay, never to see any substantial returns until the sale of their businesses, normally at retirement. Such endeavors will never wreak the benefits the small business owner originally intended on accomplishing. Nevertheless, all start-up companies will require just as much of your time and effort to grow and develop into a successful business.
Starting a small business is a big, life-altering event. Running a successful small business is much like nurturing a Marriage; it takes the same depth of commitment and desire. Similar to a marriage, you will spend 24 hours a day, 365 days a year working with, and developing your business. If you want your business to succeed, you are going to have to work at it, expect the ups, downs and surprises that will arise.
However, the right person, with the right plan, has the potential to succeed, and will succeeded with the right knowledge. Before starting a small business, there are a few concepts that need to be understood. If done correctly, can be the most satisfying experience of your life.
When planning your business endeavor, keep in mind the benefits, can also be hardships if not managed properly and pay attention:
1. A well-developed business plan, with the right idea, at the right time.
This section has a long title, because it is the longest part of the job and you must begin here. This involves asking the questions; why do people want to buy your product/service, and why will they continue to buy your product/service? Additionally, you are not only are you challenged with seeking a business idea that will remain profitable, but it also must be a career you enjoy. With our economy as stable as it is right now (heading into a recession if you have not looked recently), you need to be sure your business can survive the changes. Businesses such as automotive repair, plumbing and health care, to name a few, are all industries that people do not choose to spend money on when it is available. When money is tight, and your car breaks down, you must pay to fix it, so you can get to work and keep making money. Where as, if you owned a Drop Zone and skydiving was your business, you would have a harder time selling people jumping out of an airplane, when their car needs repair (unless they are having a bunch of trouble, you might get them to jump solo). Therefore, choose your business wisely, because businesses such as entertainment see the huge trough that skyrockets around the end of the year, and drops off in the beginning of the year, only to slowly go back up through summer (especially in retail).
2. You do not eliminate your boss; you become your own boss!
While it is true, you do not have a boss looking over your shoulder, we all have bosses; someone to report to. In small business, these are normally the people providing the funds to pay your salary, your clients/customers. Retailers must satisfy their customers, freelancers must please their clients and contractors must delectate the contract (to receive payment). Therefore, when starting your business, remember that it is your responsibility to make sure everything is done, and nobody else’s. Also, consider taking classes in business management, because most small business owners make the mistake of thinking because they know everything there is to know about the field they are in, that they can mange the business just fine. This is incorrect, and you need to understand, that when a company hires a manager, the manger is not required to have any skills in the field of work that the company is involved, only in management. A manager is not hired to complete the work of the business, but simply manage the way the work is done, and if not done properly, you are sure to see failure.
3. Create your own schedule; do not work when you are in the mood.
The ability to decide when you work and when you do not is a huge benefit to a small business owner. You can take time off whenever necessary. If you have a doctor’s appointment, it is no problem to plan for it. If your child is suddenly sick and requires immediate attention, you have the ability to be there! Nevertheless, there is a catch to all this time off; it needs to be made up somewhere. The work must be done, no matter what. Of course, you can make it up on nights and weekends, but then the balancing act between work and home can present itself to be quite challenging. If you have a family you might run into resentment of the extra time you spend doing work. If you are single, this is less of a problem in terms of people putting demands on you, but you certainly run the risk of work edging out your personal time. Therefore, you need to think about how you will define the line between work and home life and how you will develop a functional schedule. This is not as near as easy as you might think and requires much thought and planning before you begin (because then you will be out of time).
4. No limits on your income; set your own salary.
While you are no longer limited to timeframes for promotions or raises, your income is based purely on your effort and the quality of your work. By working hard and smart, you will have an unlimited earnings potential. If you spend the time, to work with and develop your business, you can achieve your goals. Everything you do and all the decisions you make, will reflect your salary. Of course, none of this comes with out risk and if you do not organize your self and put fourth the efforts, then you just set your own salary at zero.
5. Less hours, more pay; that is the goal right?
The ultimate benefit of your small business is to achieve a substantial salary, with out putting fourth allot of time. Of course, to get to this point, you will have probably already been working 24/7 for many years. The dependency of the small business to the small business owner is normally very high. This is due to the fact that the business owner wants to be in charge of all primary functions, and take responsibility. While this is healthy as you start, you need to change and develop regulations for operations to persist with out your presence. This is what allows business to grow, and survive time. If you do not plan for this, you will seek the fate mentioned in the introduction, and work your business until you retire and sell it.
All this information may sound somewhat discouraging, it is intended to prepare you for your long and winding road of small business ownership. If you think you are able to facilitate all of these requirements, then you are on the right track to success.
--
Shane Rice,
March 30, 2008
*This article is to be re-written and elaborated on at a later time.
Most small business owners work at their businesses their whole lives, while receiving average pay, never to see any substantial returns until the sale of their businesses, normally at retirement. Such endeavors will never wreak the benefits the small business owner originally intended on accomplishing. Nevertheless, all start-up companies will require just as much of your time and effort to grow and develop into a successful business.
Starting a small business is a big, life-altering event. Running a successful small business is much like nurturing a Marriage; it takes the same depth of commitment and desire. Similar to a marriage, you will spend 24 hours a day, 365 days a year working with, and developing your business. If you want your business to succeed, you are going to have to work at it, expect the ups, downs and surprises that will arise.
However, the right person, with the right plan, has the potential to succeed, and will succeeded with the right knowledge. Before starting a small business, there are a few concepts that need to be understood. If done correctly, can be the most satisfying experience of your life.
When planning your business endeavor, keep in mind the benefits, can also be hardships if not managed properly and pay attention:
1. A well-developed business plan, with the right idea, at the right time.
This section has a long title, because it is the longest part of the job and you must begin here. This involves asking the questions; why do people want to buy your product/service, and why will they continue to buy your product/service? Additionally, you are not only are you challenged with seeking a business idea that will remain profitable, but it also must be a career you enjoy. With our economy as stable as it is right now (heading into a recession if you have not looked recently), you need to be sure your business can survive the changes. Businesses such as automotive repair, plumbing and health care, to name a few, are all industries that people do not choose to spend money on when it is available. When money is tight, and your car breaks down, you must pay to fix it, so you can get to work and keep making money. Where as, if you owned a Drop Zone and skydiving was your business, you would have a harder time selling people jumping out of an airplane, when their car needs repair (unless they are having a bunch of trouble, you might get them to jump solo). Therefore, choose your business wisely, because businesses such as entertainment see the huge trough that skyrockets around the end of the year, and drops off in the beginning of the year, only to slowly go back up through summer (especially in retail).
2. You do not eliminate your boss; you become your own boss!
While it is true, you do not have a boss looking over your shoulder, we all have bosses; someone to report to. In small business, these are normally the people providing the funds to pay your salary, your clients/customers. Retailers must satisfy their customers, freelancers must please their clients and contractors must delectate the contract (to receive payment). Therefore, when starting your business, remember that it is your responsibility to make sure everything is done, and nobody else’s. Also, consider taking classes in business management, because most small business owners make the mistake of thinking because they know everything there is to know about the field they are in, that they can mange the business just fine. This is incorrect, and you need to understand, that when a company hires a manager, the manger is not required to have any skills in the field of work that the company is involved, only in management. A manager is not hired to complete the work of the business, but simply manage the way the work is done, and if not done properly, you are sure to see failure.
3. Create your own schedule; do not work when you are in the mood.
The ability to decide when you work and when you do not is a huge benefit to a small business owner. You can take time off whenever necessary. If you have a doctor’s appointment, it is no problem to plan for it. If your child is suddenly sick and requires immediate attention, you have the ability to be there! Nevertheless, there is a catch to all this time off; it needs to be made up somewhere. The work must be done, no matter what. Of course, you can make it up on nights and weekends, but then the balancing act between work and home can present itself to be quite challenging. If you have a family you might run into resentment of the extra time you spend doing work. If you are single, this is less of a problem in terms of people putting demands on you, but you certainly run the risk of work edging out your personal time. Therefore, you need to think about how you will define the line between work and home life and how you will develop a functional schedule. This is not as near as easy as you might think and requires much thought and planning before you begin (because then you will be out of time).
4. No limits on your income; set your own salary.
While you are no longer limited to timeframes for promotions or raises, your income is based purely on your effort and the quality of your work. By working hard and smart, you will have an unlimited earnings potential. If you spend the time, to work with and develop your business, you can achieve your goals. Everything you do and all the decisions you make, will reflect your salary. Of course, none of this comes with out risk and if you do not organize your self and put fourth the efforts, then you just set your own salary at zero.
5. Less hours, more pay; that is the goal right?
The ultimate benefit of your small business is to achieve a substantial salary, with out putting fourth allot of time. Of course, to get to this point, you will have probably already been working 24/7 for many years. The dependency of the small business to the small business owner is normally very high. This is due to the fact that the business owner wants to be in charge of all primary functions, and take responsibility. While this is healthy as you start, you need to change and develop regulations for operations to persist with out your presence. This is what allows business to grow, and survive time. If you do not plan for this, you will seek the fate mentioned in the introduction, and work your business until you retire and sell it.
All this information may sound somewhat discouraging, it is intended to prepare you for your long and winding road of small business ownership. If you think you are able to facilitate all of these requirements, then you are on the right track to success.
--
Shane Rice,
March 30, 2008
*This article is to be re-written and elaborated on at a later time.
