Business Ownership – Just Like Working But With More Freedom. Isn’t It?
Business Ownership – Just Like Working But With More Freedom. Isn’t It?
Every new business owner starts off, full of hope, excitement and enthusiasm. How do you make sure that you are not on of the 80% of small businesses that fails in the first few years?
1. Remember you won’t get a regular wage to start with. It takes some time for a new business to become profitable. Don’t panic, make sure that you have enough money in the bank to make your bills for the first 6 months. How do you do that? Make sure that you build this cash flow requirement into your initial planning, loan requirements and cash flow.
2. Your business takes a lot of planning. The 6 months before you start your business and the 6 months after the start really requires a great deal of organizing and planning. Plan what your business will look like, how it will operate, where your market is and what you should sell at what price. That should be in your business plan – you DO have a business plan right? As you start your business, revisit your plans and update them as necessary.
3. Become disciplined. Plan out your work day and produce a regular “To Do” list that you keep updated. Make sure that your plans are reflected in your work schedule. Ensure that you put in regular hours and that your “office” is manned when people want to contact you. Don’t procrastinate, do things when they need to be done.
4. Learn from others. Look at what other company owners do and work out your business strategy along these lines.
5. Become self sufficient. You won’t have the support of your work colleagues so build your own network.
6. Be professional. In your dealings with your customers, suppliers, staff and professional support team.
7. Establish your office. Ensure that you have your own office – home or away – where all your business tools and information are to hand. Explain to friends, family and children that this is where you work.
8. Persevere – if you do it right it will get better. Keep motivated by setting your own personal goals. Overcome temporary set backs and remember that the potential rewards will make it all worth well.
Business Ownership Just Like Working But With More Freedom Isnt It - To learn more about this author, visit 's Website.
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Well actually no it’s not usually but it can be far better if you know what to expect and how to manage your new business.
Every new business owner starts off, full of hope, excitement and enthusiasm. How do you make sure that you are not on of the 80% of small businesses that fails in the first few years?
1. Remember you won’t get a regular wage to start with. It takes some time for a new business to become profitable. Don’t panic, make sure that you have enough money in the bank to make your bills for the first 6 months. How do you do that? Make sure that you build this cash flow requirement into your initial planning, loan requirements and cash flow.
2. Your business takes a lot of planning. The 6 months before you start your business and the 6 months after the start really requires a great deal of organizing and planning. Plan what your business will look like, how it will operate, where your market is and what you should sell at what price. That should be in your business plan – you DO have a business plan right? As you start your business, revisit your plans and update them as necessary.
3. Become disciplined. Plan out your work day and produce a regular “To Do” list that you keep updated. Make sure that your plans are reflected in your work schedule. Ensure that you put in regular hours and that your “office” is manned when people want to contact you. Don’t procrastinate, do things when they need to be done.
4. Learn from others. Look at what other company owners do and work out your business strategy along these lines.
5. Become self sufficient. You won’t have the support of your work colleagues so build your own network.
6. Be professional. In your dealings with your customers, suppliers, staff and professional support team.
7. Establish your office. Ensure that you have your own office – home or away – where all your business tools and information are to hand. Explain to friends, family and children that this is where you work.
8. Persevere – if you do it right it will get better. Keep motivated by setting your own personal goals. Overcome temporary set backs and remember that the potential rewards will make it all worth well.
Business Ownership Just Like Working But With More Freedom Isnt It - To learn more about this author, visit 's Website.
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Anne BarrAnne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
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David AchesonDavid Acheson is the founder of DCJA Consultancy. DCJA Consultancy is a management consultancy business specialising in B2B sales consultancy. They offer bespoke and packaged sales consultancy including Sales Optimisation Review, Interim Sales Management, Sales & Marketing Review, 1:1 Sales & Management Staff Analysis, Management Training, Solution Sales Training, Creation of New Pay Plan, KPI's, run Customer Feedback Campaigns, assist with Recruitment, Coaching, Appraisals and set up Strategic Marketing Campaigns. David spent his early career in accountancy and then moved into sales in 1982, working in Office Equipment, IT, Advertising, Training, Outsourcing and Consultancy. He has held many Senior Positions in SMBs and Global Organisations including Head of Sales Operations & Head of Business Development. His knowledge, skills and great experience of the Sales Industry has led to David making keynote speeches and running educational sessions to key businesses through organisations including The Chamber of Commerce and Business Link. - Visit David Acheson's Website |
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John PowerJohn Power, founder of Biltmore Franchise Consulting, has extensive experience developing and marketing franchises and business opportunities. He has been in and around franchising for over twenty years. From 1980 through 1990 he conceptualized, organized, and developed the American Video Association. He grew AVA to 2,000 national members, before selling the company it 1990. It was later merged into another home video marketing company. From 2000 to 2005 he worked as a contract marketing and human resources consultant to several local and national companies. In 2005 Mr. Power began working as a franchise development consultant on a full-time basis. Since that time he has helped more than three dozen companies initiate and develop their franchising program. He notes that there are many companies interested in developing a franchise program, and who need his specialized assistance. Mr. Power is a “hands-on” franchise consultant. He said, “I am the ‘nuts and bolts’ person who tends to the details for my clients.” Mr. Power holds a B.S. degree with a major in Marketing. See: www.biltmorefranchise.com You may contact Mr. Power at: jpower@biltmorefranchise.co - Visit John Power's Website |
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David BarrDavid Barr is the President of Venture Opportunities, Inc. David has been a professional business broker/intermediary since 1980 focusing on General Business Brokerage and Mergers and Acquisitions representing client transaction value from $400,000 to $20,000,000. Mr. Barr has handled the sale of over four hundred and fifty companies. David earned a university degree from the State University of New York majoring in economics and business. David holds the Mergers and Acquisition Master Intermediary and the Certified Business Intermediary designations from the International Business Brokers Association. He is also a Senior Business Analyst and a Texas licensed Real Estate Agent. For more information about David and Venture Opportunities, visit www.bizdealmaker.com. - Visit David Barr's Website |
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Jeff FosterWebBizIdeas.com is a Minneapolis website design company founded to help people start an internet business by providing them with website, business, and internet resources that help foster the growth of successful online businesses and develop innovative Internet business ideas. We specialize in internet consulting & internet marketing. - Visit Jeff Foster's Website |
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Leanne Hoagland-SmithAre your sales where you want them to be? Will you be one of the few who achieves sales or business success or one of the many who have failed to change? Are you tired of being told you are like everyone else? Then you may find my first book on sales of interest. Be the Red Jacket in the Sea of Gray Suits, The Keys to Unlocking Sales available at Amazon or at http://www.processspecialist.com/red-jacket.htm. This book is a reflection of my no-nonsense approach to improving sales to overall business results. If you are truly committed to making sustainable changes, then I can help you secure a positive return on your investment because I focus on executable solutions not telling you the problems you already know you have. From training to corporate (group) coaching to executive one on one coaching, my approach is to assess, create awareness, build a goal driven action plan and then execute. The bottom line question is "Not do you or your employees know it, but do you or they want to do it?" Please call for a free strategy session at 219.759.5601. - Visit Leanne Hoagland-Smith's Website |
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