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Business Ownership – Just Like Working But With More Freedom. Isn’t It?

Written by: Lee Lister

Article Overview: 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?

Business Ownership – Just Like Working But With More Freedom. Isn’t It?

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.

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Article Tags: business owner, business plan, business strategy, business tools, cash flow, excitement, first few years, flow 2, friends family, loan requirements, money in the bank, new business, professional support team, small businesses, work colleagues



Related Forum Posts
Re: Why Did You Become An Entrepreneur? - You mean Freedom = Responsibility. Freedom and responsibility are two sides of same coin. But I like the word choice. Robert
Re: What is Your Favorite Thing About Owning A Business? - [quote="freddyb45":1t3lpfi8]For me it's the fact that all the time and effort you put in is worth a lot more, due to it making you "business" more profitable. Working for yourself is also a positive, although employing people you can trust is quite different.[/quote:1t3lpfi8] I like this idea. Working for yourself means you are investing in your own future, not someone else's, although there is value in working for someone else first to gain experience and confidence. Working for yourself does not automatically mean success, fame and fortune. For most entrepreneurs, it takes much work and dedication to get to the point of financial success and comfort - sometimes years. But the benefit is, again, you know you are investing in yourself and building equity for your own future. GT :-]
Re: What is Your Favorite Thing About Owning A Business? - 1.Freedom 2.Freedom 3.Freedom
Re: FILL IN THE BLANK: The thing I love MOST about being an entr - Freedom!
My entry - 1. The Best Business Books Ever: The 100 Most Influential Business Books You'll Never Have Time to Read - this is a fascinating book about the history of Business theory, and I'd recommend it to anybody. 2. The Big Book of Small Business: You Don't Have to Run Your Business by the Seat of Your Pants, by Tom Gegax. Ditto. 3. PADI: The Business of Diving Book Okay, so this book won't be of use to anyone who doesn't want to start a scuba store, but I did, and this book was of course invaluable to me in reaching that goal.


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