Why start a small business
As with any career, there are no guarantees that starting a small business will make you happy. Although becoming his own boss will allow her to take control of his own destiny, he will also present many challenges along the way. So why start a small business? Will it bring you the happiness and lifestyle you long for?
As the current economic downturn continues to cause uncertainty, more and more people are choosing to start a small business. Some are taking this route by choice, while others are forced to because they don’t make enough money, personal debt skyrockets, and they get tired of waiting for things to get better. Even graduates are starting to turn their backs on their chosen careers and opting for the entrepreneurial route instead. However, can anyone be successful in business?
The answer is unfortunately no. Even if you have the best small business ideas in the world, a great work ethic, and a determination to succeed, these things alone will not guarantee success.
You will need to be able to market your small business idea to others. First, to a bank or lender to support you by allowing you to open a business account with them and lend you funds if your business requires it.
Then you have to convince your customers that you have what they need. Regardless of the line of business you choose, there will usually be a lot of competition, so you really have to work hard to convince them to buy from you. This can be achieved by building your brand (either your product or yourself), so they connect with you and build trust to buy from you. Having a good reputation is paramount to success in business.
Even when you have qualified yourself well, this alone will not guarantee success in business. For example, even the best-known celebrities who have embarked on business ventures have not always been successful, despite having a great brand. For example, while Jay Z has been extremely successful in his business ventures, having co-founded many successful companies, including the 40/40 club sports bar, Carol’s daughter’s beauty products, Brooklyn nets NBA, Def Jam Records , Roc-a-felella Records and clothing company. Rock Wear, fellow singer Kanye West was not as successful in his attempt to launch his Pastelle clothing line. His interruption of Taylor Swift’s acceptance speech at the MTV Music Awards is believed by many to have contributed to the demise of his fashion line, proving just how important a good reputation is in business.
I myself know very well how quickly things can change in business. I lost count of how many times other supermarkets opened near my outlets, causing my profits to drop. Fortunately though, I only lost customers for a short time as they kept coming back to my store largely due to the excellent customer service I provided and also because I kept introducing more lines and better promotions to give them more value for their money. I regularly reviewed what my clients wanted and made sure I met their needs.
I also constantly faced stiff competition when starting my construction business. However, once again, the good reputation my company built, coupled with establishing the best marketing for that business, ensured the success of that business as well.
When starting a small business, it’s important to be able to meet the challenges that it can present. In addition to being able to branch out to meet the ever-changing needs of your customers, you must also be aware of how difficult it can suddenly be to be accountable to others and to yourself.
Suddenly you will be accountable to your bank manager, your staff (if you have any), your customers and also your family, as they too will depend on the success of your business. You’ll also suddenly find yourself without the luxury of guaranteed salary, sick pay and pension, all of which can be extra pressure, especially if you have downturns in trading which can happen often.
The best way to deal with such concerns is to try to keep a little extra money when starting your own business, as collateral to pay the bills in case of mishaps down the road. You will also need to regularly analyze what is working well within your business to stop what is not and do more of what is working.
In closing, if you have new business ideas that you are passionate about, starting your own business can be a great way to create a better work-life balance. It can be very exciting and rewarding, but you will need to recognize that you will have to work very hard at first to get your business ideas off the ground. You’ll also need to have a detailed business plan, work hard at marketing and branding your product or service, build a good reputation, and above all, have passion and determination to succeed. Take it from someone who knows!