It is known in the business world that 10% of companies will go out of business each year. Not everyone is meant to own a business, and that is okay. Many have tried and have realized it is easier and better for them to work for someone else. If you don’t want to deal with the risks and pressures of so many responsibilities of running a business, don’t stress yourself out by doing so.
How will you keep from being part of the above mentioned 10%? There are many factors that keep someone in business.
1. If you do commit to running a business, take it serious and do it right. It will take a lot of capital, time, sweat, tears, and working a whole lot more hours than you would working for someone else. However doing so over a long period of time can be a very rewarding experience. Think positive all of the time.
2. Having a clear sense of focus and a purpose are two of the keys to get through the daily challenges. When we have a purpose, we will give it our all and even lose a lot of sleep trying our best to make it work.
3. Being able to foresee any obstacles, which there always are, gives us the ability to plan and manage profit and loss.
4. Marketing your brand, product, or company is critical to anyone staying in business. Look at Coca- Cola as an example. Everyone knows what the taste of a Coke is and clearly knows the brand name. Coca- Cola does not stop reminding you of their name. It is imperative for them to keep this marketing in their budget no matter what.
5. Have a daily system to present your product or service to produce revenue.
6. Be honest. Others will learn to trust you and respect you.
7. Make mistakes. We all do! Learn from them and strive to do better the next time. Work smart.
8. Think on your feet quickly. Sometimes we have to make immediate decisions that can either cost us or help make a profit, depending on the choice we make.
9. Spend time growing yourself. Learn from books, seminars, other successful business owners, or anyone that can give you positive guidance. Don’t ever stop learning.
10. Networking. Let others know about what you do and work to also help them. This takes time and practice, but can be very beneficial.
11. Pray. God can give us strength to make it through anything.
12. Love what you do, including the business side of it.
There are many other things that could be added to this list, which include constant budgeting, employees, training, insurance to protect your business (general liability, workmen’s comp, employer’s practice liability, business auto, hired/non- owned auto, etc.), taxes, office space, managing overhead costs, brochures, promotional items, coming up with new ideas, and many more. We will try to cover some of these in a later newsletter.
The main ingredient for anyone serious about staying in business is to never give up. Yes, it does mean that you will be working hard. See challenges as opportunities to learn something. Keep working smart and see yourself as a winner!
by Naomi Hulme