It seems so long ago that I started my first business. Since that time, I've created several successful businesses and learned a lot of lessons along the way. There are several things I wish I would have known in the early days of my entrepreneurial efforts that I hope will help some other first time entrepreneurs on their path to success.
You'll Work Harder for Yourself than You Ever Have for a Boss
If you think owning your own business is simple or means you get to lounge around all day long, think again. While this may be an end result after a lot of hard work, it will certainly not be the beginning of your business. You will work long hours, long nights and at times you'll feel overwhelmed at the amount of effort owning your own business can take. But, also know that owning your own business and working hard for yourself can be one of the most satisfying feelings of your life.
Don't Confuse Setbacks with Failures
They say there is no successful business owner who hasn't failed with at least one business before they started the one that "struck gold". It is important that you take each failure you encounter on your path to success as an opportunity to learn something. This helps you to not repeat your mistakes and makes you more prepared for your next business venture. In addition, things that seem like failures can turn out to only be minor or temporary roadblocks that can be overcome with time and hard work. Entrepreneurs learn from everything they do, though they may not always "succeed".
You Still Need a Life
Many new business owners work all hours of the day and night. While hard work and a lot of hours are certainly required for an entrepreneurial lifestyle, you also need to make time for your personal life ? whether it be for family, friends or personal hobbies. You need to take time for your own personal well being. In addition, if you sit behind your computer, in your office or on a "jobsite" all day, every day, you will miss great networking opportunities out in the "social great beyond" of your world. All work and no play makes Jim, or Jane, a very dull person.
Good Bookkeeping is Essential
This isn't an understatement. My first time in business, I paid for something here, something there and never kept receipts or records of any expenses. I told myself I would "one day when the business got off the ground". Eight months later, my business was booming and it was tax time. Not only did I lose out on a lot of business expenses I couldn't claim due to no proof, I ended up paying an accountant triple what I would have had I not been a nightmare client with no records or receipts. Don't wait for your business to "take off" ? keep records from the very beginning ? it will make it a habit, make your taxes owed less painful should the business start booming and will make your accountant more pleasant than mine was.
The Internet Isn't The Magic Pill
If you are a new business owner starting your own business based on the Internet, then this part is for you. The Internet is not a "magical flow of endless customers". The adage "build it and they will come" couldn't be further from the truth online. You need to work an Internet business as hard as you would a "brick and mortar" establishment. While starting a business online requires less start up and overhead in many cases, it is NOT free. You will need to put out money, or spend a lot of time learning new skills (sometimes both), to make a successful site on the net. It takes marketing, hard work and a willingness to learn. If you think you can slap up a website and people will pile into your shopping cart, then you may want to take some time to actually plan your business model.
Good luck with your business. Being an entrepreneur has ups and downs, but it can be the most satisfying and rewarding (both personally, professionally and financially) of your life if you put your heart and soul into doing what it takes to succeed.
Audrey Hoffman is a successful entrepreneur who owns several businesses ? including http://www.speedy-incorporation.com ? a site that offers http://www.speedy-incorporation.com as well as information about http://www.speedy-incorporation.com or corporation across the United States.
Chicago limo Skokie ..Having a successful business means also having a good working... Read More
Business owners rarely go into business to deal with the... Read More
Last week we discussed the importance of performing an autopsy... Read More
Mobile carwashing is hard work, it is tough on the... Read More
When small businesses fail, the wreckage is often assigned to... Read More
The Service-Disabled Veteran-Owned Small Businesses (SDVOSB) is a program that... Read More
Here are a few tips on how to hand out... Read More
Sometimes when you run a business you feel as lonely... Read More
Running a small business requires many skills. However, to do... Read More
Imagine that you have operated a successful franchise business for... Read More
Today required franchise disclosure documents are over 200 pages generally.... Read More
The choice to incorporate a small business in Florida has... Read More
Do you need grant funding for your nonprofit organization? If... Read More
Tap these treasures of ideas. The best money you can... Read More
What is the best time to expand a mobile car... Read More
There is a continual trend we are seeing which I... Read More
Last year, trillions of dollars transferred hands on the internet... Read More
If you're serious about wanting to start a business, the... Read More
Many mobile car wash operators would like to add de-ionized... Read More
As a franchisor I am always asked by new and... Read More
After over 30 years of participating in hundreds of businesses,... Read More
I meet and talk to hundreds and hundreds of business... Read More
In a perfect world, starting a small business would be... Read More
Mr/Ms, 'not me' is often on holidays in your business.... Read More
-- Beyond Cold Calling, "Warm" Calling and Sending E-mails --Many... Read More
limo O'Hare Bonfield ..When is it a good thing to say no to... Read More
At first blush this idea might be difficult to wrap... Read More
When deciding to host a fundraiser for your company or... Read More
If you are just starting your business, or if you... Read More
Many of our nations 400,000 franchisees run their businesses out... Read More
Shipping materials can be expensive! Even the styrofoam "peanuts" can... Read More
Consistency is a huge word when operating your business. I... Read More
Attorneys and Lawyers are ruining the franchise industry. It is... Read More
Franchising has made the world look really small. The well... Read More
It has been said that the only constant is change.... Read More
Self-cleaning glass has been talked about a lot, with such... Read More
In my 18 years of consulting I have heard it... Read More
When you feel like you're always busy working on your... Read More
Many government department heads are on the take. Oh they'll... Read More
Q: Is the online world the best place to sell... Read More
Everyone is talking about small businesses. In 1993, when it... Read More
A janitorial cleaning service is one of the best businesses... Read More
Most business owners do not think of selling their companies... Read More
Most small businesses will not even try to advertise on... Read More
If you are in a franchise and have a territory... Read More
Sometimes the simple businesses are the ones, which make good... Read More
You bet it's worth it. Publicity via news releases, along... Read More
IntroductionIt is widely recognised that Email and the Internet is... Read More
If you run a mobile car wash, mobile fleet washing... Read More
With all the cabinet refacing business opportunities out there, you... Read More
Small Business |