So, you decided to own your own business? Great idea! Running a business is not only a great source of income, but it’s also a lot of fun. Of course, there is an exceptional amount of hard work that goes into creating a successful company (but you already know that by now!). So, what approaches can you take from an early stage to not only help your business continue to grow but to ensure that you can make a happy and successful living from being your own boss?
- Know your strengths and weaknesses
This sounds like an obvious one, but it is critical to business success. Look at some examples from the industry, and you will see how they each utilise their own strengths but are not inhibited by their flaws. Alan Sugar, for example, is a fantastic entrepreneur, but he hires market experts with extensive knowledge of niche markets to offer him advice.
If you have a great business model and ideas of how to implement it but struggle with technology, you could look at experts in the industry, such as ClearFuze Networks, who could manage your IT department while you make headway putting your business model to use.
2) Spend your money wisely
There is an old saying in the business industry; “you have to spend money to make money.” While there is definitely an element of truth to this statement, that doesn’t mean you should just throw your money away recklessly and expect to become successful! Keep an eye out for investment opportunities that, with a little nurturing, will help to reap the financial rewards in the long-term. Keep in mind that there is ALWAYS room for negotiation. Rival businesses will offer you their products at a set price, but any business owner worth their salt knows the importance of a good haggle!
3) Employ the best
Your staff are the face of your company. When interviewing candidates, also ask yourself if you would be happy for them to represent your company on overseas business meetings. If you are even slightly hesitant, chances are, they aren’t worth the risk in recruiting. Don’t forget, you will be paying their wages, and this links nicely to the previous point about spending money wisely. Why waste money on staff who don’t offer 100% effort, enthusiasm and professionalism?
There are those who would argue that working alone is the safest bet, as you are completely in control AND don’t have a wage expenditure. However, you will also lack certain expertise that employers could bring to your business (see point 1), and sometimes, that simply does not have a price.
Running your own business is no easy task, but with the correct know-how, it can prove to be a lucrative and highly enjoyable career. Good investment from the offset will help to propel your business forward, and from there, it really is down to you and your savvy management. You have already proved that you posses the drive and determination to set up a business, now go out there and make it a successful one!
