Small Business Ownership
on the Rise - Five Steps to Make it Work for You ©
More people are going into business for themselves than ever before. People are tired of commuting, getting stuck in traffic, being unappreciated and getting paid less than they deserve. With all the downsizing, lay offs and restructuring that has occurred over the past decade, people are finding more "security" in running their own show.
Women are opening small businesses at a faster rate than men. The most common reason I hear from the women entrepreneurs I work with is they were tired of hitting the so-called "glass ceiling." Women are quickly finding higher levels of success and fulfillment outside corporate America, generating income on their own schedule.
Make no mistake, business ownership is a huge responsibility, and should not be entered into lightly. Yet, it is nothing to fear when approached in a proven step-by-step manner. Here are the first five crucial steps to ensuring your success (even if you already own a business):
1. Know what your natural strengths are.
This includes areas far beyond technical skills. You can hire people for that. You need to accurately identify you natural behavioral style (how you act/react) and communication style (such as are you a natural sales person, or a natural at the systems and numbers?)
2. Decide NOW how your natural skills contribute to your new business.
If you try to wear all the hats of major responsibility in your business for too long, you'll not only burn out - you'll hamper the growth of your business. Of course a growing business needs it's owner to pick up the slack in varying degrees and cover all the bases. But this can't be a long term situation if you want to create a business structure that delivers the lifestyle you really want.
3. Plan ahead to compensate for talents you don't already possess.
The easiest way to dramatically improve your opportunity for long-term success, is to invest in a scientifically valid assessment of your natural skills and talents. After you are armed with this knowledge you may decide to bring on a business partner and/or team-members who will balance out any areas you may be weak in. The business owners I work with tell me they prefer hiring the right team-members and having their own business coach rather than bringing on a partner. This type of supportive structure allows them to have a "partner in their success" without having to split their profits.
When you are considering a business coach, find one that can offer you accelerated knowledge from real-world experience. A coach who has owned at least one other successful business (other than their current one) will provide you the feedback and "BIG-Picture" view you need to avoid the common pitfalls of business ownership. This will help you reach your goals in less time and demolish the fears that often prevent people from ever achieving their dreams.
4. Your next step will be to research exactly what type of business you want to start and develop a business plan. You will first want to be sure your natural talents match what is required for success in your chosen industry. Then you will be ready to write a winning business plan with the "numbers side" of your venture properly organized.
5. A crucial step toward long-term success is to get your systems in place before ever seeking your first client. Successful business owners will tell you that having a system-based business is crucial for long-term financial security. When you have the right systems in place from the beginning, you will save yourself a lot of time, headaches and lost profits. (Consider the many home-based businesses and franchises that have a proven track record to assist you if this is the first business you decide to run.)
When you realize your current job isn't giving you what you need, this will be your moment of decision. In this moment of decision, your destiny will be shaped. You can start part-time or go "full out" right from the beginning. Either way, begin with these first five steps and your opportunity for long-lasting business success will increase by at least 200%.
If you are interested in discovering what it takes to be a successful entrepreneur, or want to build up your success habits as a current business owner, send me an email and I'll forward you the "TOP TEN Qualities a Successful Business Owner Must Have". If you are a business owner who wants to know how to retain your high achieving employees, and increase their happiness within your company, let me know. I'll be happy to provide a list of resources to develop a winning, happy and productive team.
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About the Author: Deborah Cole Micek and her partner John-Paul Micek are Business Growth Coaches. They specialize in helping small business owners like you, achieve profit-doubling growth in 60-80% less time than it would take to do on your own. With their strategic coaching programs, and the high-leverage membership benefits of the www.BusinessOwnersCoachingClub.com you're guaranteed to reach more goals in 12-months than most owners do in a decade.
You can access more free business growth articles here. You can reach Deborah directly at Deb@RPMsuccess.com or toll free in the US at (888) 334-8151.