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Running a business is no walk in the park and can sometimes be as difficult as juggling chainsaws while riding a unicycle on a tightrope through a ring of fire. OK, that was a bit extreme, but you get the point. Not only being the boss is hard, it requires a tremendous amount of time and commitment to run a successful business, but it also demands a person who is not afraid to fail. However, unlike juggling chainsaws while – well you get the point, anyone who is a leader, is forward-thinking, and has enough drive, can start their own business. How? I’m glad you asked.
1. Make a plan.
You will crash and burn without a business plan. You will crash and burn without a business plan. No, that wasn’t a typo, it was written twice to emphasize the importance of a business plan. Before you begin anything, you have to lay the groundwork. What is your mission statement? What are you trying to accomplish? Have you set goals? Simply put, a business plan is your roadmap; the same way you wouldn’t start driving without knowing where you’re going (Unless it’s a Sunday. I love a good Sunday drive.), you shouldn’t start a business without having a plan.
2. Make sure you have more than sufficient capital.
You need capital. It doesn’t matter how large or small your business is, you need money to make money. It’s important to determine how you’ll finance your venture long before you open your doors. You have to take into account all of your operational costs – rent, inventory, paying your employees, and everything in between. When it comes to money, be realistic about what you’ll need to get off the ground and remember, it’s always best to estimate conservatively.
3. Who are you?
In case you didn’t get the reference (or even if you did and you’re just feeling nostalgic), here’s the video. The Who said it the best: “Who are you?” The answer is, without a marketing strategy, you’re no one. It doesn’t matter if your company is the greatest thing since sliced bread, if no one knows about you, you are nothing. It’s important to identify and target your ideal customer base when you start your marketing campaign. Even if you don’t have a ton of cash to throw at a huge marketing strategy, there are still plenty of cheap ways to build your name and brand through Guerilla Marketing.
4. Teamwork makes the dream work.
Having great employees is crucial to your success. Behind every great leader is a great team. The important thing to remember is that everyone has different skill sets. As the boss, it’s your job to keep everyone happy, identify their strengths, and delegate roles accordingly.
5. Invest in technology
The best business owners are those who are forward-thinking and not afraid of change. Technology is advancing every day and if you don’t keep up, you’ll get left behind. It’s important to not only invest your time into building a presence on social media, but it’s just as important to make sure your equipment is current as well. Point-of-sale systems today do far more than simply ring up customers and it’s important to make sure you have the latest and greatest. The future is now. Don’t get left in the past.
Are you a boss? What are your tips? Please share with us in the comments section!
Earlier this week, Apple CEO, Tim Cook, announced “the biggest news in iPad since the iPad”.
Without customers, you don’t have a business. Understanding customers is just as important (and sometimes as hard) as understanding technology. First, understand your customer’s needs, then supply the products to satisfy them. Don’t focus on making more sales; profits are only a reward for creating value for customers.
