Have you ever watched a successful business owner and wondered how they got where they are? What did that successful business owner do that made them rise above other entrepreneurs?
When building a business, there are a few things that can help you make yours a business success story.
If you have a passion for making widgets, you are miles ahead of the small business owner who is only making widgets to try and earn money. People know true passion when they see it and it attracts them.
Kevin decided to start up a business providing mobile picture framing. He had heard there was a lot of money to be made and he wanted in on it. He spent a lot of hours learning how to frame pictures and how to run a business. Unfortunately, by the time he was ready to start, he would have been happy to never see another frame again. He hated it.
Remember, when you are building a business, you will be immersed in your industry in order for it to be a success. You will sleep, eat, and breathe it. If you aren’t passionate about it right from the beginning, you will end up hating it. If you hate your business, then what is the point? Isn’t the whole point of a business success is to have the life you have always wanted?
If you have the passion, but you don’t have the time to put into building a business, it won’t work. If building a successful business was fast and easy, everyone would do it. The truth is, it takes a lot of dedicated time to make it to where you want to be.
Dan was tired of working for someone else. He was a licensed mechanic and he decided to build a successful business on the side. He worked at his regular job during the day and took on customers in the evening. He did such a great job, that he was swamped with customers. The only problem was, between working all day and then working in the evening, he wasn’t able to keep up. He couldn’t quit his day job because he wasn’t ready to strike out on his own. His customers started becoming upset when their vehicles were taking weeks instead of days to fix. Eventually, word got around and he had less and less work.
Smart and successful business owners take the time to do the research and have realistic expectations. They don’t go into a business that will take two years to make a profit and expect money in the sixth month. They don’t get discouraged because they have taken the time to know what to expect. Successful business owners know how much time it will take and most importantly, they know if they have that time.
KNOW WHERE TO SPEND MONEY
Know Where to Spend Money
The fact is, it takes money to start a business. If someone tells you it doesn’t, they are either lying to you or they are trying to sell you something.
Even if you want to start up a basic online business, it will still cost. You need things like a website, a service to process money coming, and advertising, just to name a few.
The trick is to know where you need to spend the money and where you can scrimp and save. Again, research will help you make these decisions. Once you have your business plan set up, you will know your target audience – Step #4 on “Six Steps in Starting a Business From Scratch.” This is one piece of knowledge that can help guide you.
Jody wants to start-up an online clothing shop that caters to professional women. These women have a lot of money, but not a lot of time. Jody is on a tight budget, so she has to spend her money wisely. While she isn’t an accountant, she knows she could handle the company books for the first year. She also isn’t a designer, but she could access an online design site like Canva and whip up some kind of logo and branding. She has money to hire a professional for one of these jobs but not both.
What would you choose?
Because her audience is discerning professional women, she should probably invest in a good designer. The books won’t make any difference to her customer, but they won’t buy expensive clothes from an unprofessional site.
Only you know what skills and talents you have, who your audience is, and what you have for a budget. Make sure you consider all things carefully and spend your money wisely.
HAVE THE RIGHT ATTITUDE FOR
You’re passionate about your product, have lots of time and know where to spend money but that isn’t all you need to have a successful business.
Maggie started up a successful business providing accounting services to small business owners. She hired the smarted and most qualified people around. She offered decent prices and personalized service. It wasn’t long though, before employees started leaving and business started drying up. When she started asking former employees and clients the problem was, someone finally got up the nerve to tell her. Maggie was a micro-manager who felt that no one could do a job as good as she could. She was disrespectful to her employees and they resented her for it. The morale in the office was horrible and clients who walked in could tell right away. No one wanted to be there.
Having the right attitude is important to building not only a successful business, but one that will last. We’ve all had jobs we hated, don’t let your business become one; not for you and not for your employees. The truth is that the culture of a business starts at the top; it starts with you. If you hate what you’re doing, or if you resent your business, it is a recipe for disaster. Your customers will be able to tell. Employees won’t stick around for long, and your business will not last or be successful.
Approach your business with enthusiasm, a passion for learning and a respect for people and it will show.
Carla Howatt is the owner of a publishing company, the co-owner of a reflexology studio, and a communications consulting business. Her blog Once a Parent provides an outlet for her thoughts, advice and experiences with being the parent of three adult children.