Unemployment is at an all-time high and hard work doesn't get you as far as it used to.To protect your finances, your livelihood, and your sanity you need to learn how to create your job and then keep it.Owning a business comes with a lot of freedom and opportunity, but you can't have that without a lot of hard work.I have learned first hand what works and what doesn't so I put together some important concepts to keep in mind in your plan on becoming a business owner.Entrepreneurship is not about all about luxury living, sports cars, and yachts.It requires hard work on a daily basis.You can't expect to launch a successful business and to work 40 hours a week with vacation and sick days.In all reality you may be working 60-80 hours a week and you might not get a day off.You also can't expect immediate success, even if you have a great idea or product.You need to stay realistic and rational and focus on the important things like generating leads and immediate and sustainable revenue.Plan for slow growth and be pleasantly surprised.Don't waste time trying to make your business model original or different.Businesses that are successful are there because they know what works or they learned what works.You should look at several different and similar businesses that used different models and figure out which one is best to mold your business around.As your business grows you will have more room to try different techniques, tactics, and models to make your business more original.Use your creativity and innovation in marketing and product development right off the bat.Don't get your hopes up.It is easy to be the optimist and assume that people will be lining up to give you their money, but it doesn't usually work out that way.Getting that thought out of your head is probably one of the best things you can do for your business.It is better to be pleasantly surprised than shockingly disappointed.Instead of building your business around possible investors or rapid growth, become an expert at sales.You need a proven track record before most people will take you seriously, this applies when it comes to investors and consumers.As more and more people are exposed to your business you will build your credibility and things will start moving faster for you.No matter how good your idea is, you need a plan.Don't ever assume that the money situation will magically figure itself out later.Create a revenue plan and a strict budget and stick to it.If you can help it, make the money before you spend it.There will always be surprise expenses or emergencies that will drain your funds and expenses, you are better off handling those issues without letting them pull you further in to debt.Budget out some money every month for an emergency fund.This will save you stress, time, and money when a problem arises.There is another option for owning your own business that allows you to skip most of these struggles.Owning a franchise lets you step in to a business that has already been proven to work.You know your costs ahead of time, so you have a budget before you start.You don't have to worry about building your brand because it has already been done for you.Your biggest challenge will be raising awareness for the new location instead of raising revenue to keep it up and running.
Monday, June 18, 2012
What You Don't Want To Do When You Are Running A Business
Unemployment is at an all-time high and hard work doesn't get you as far as it used to.To protect your finances, your livelihood, and your sanity you need to learn how to create your job and then keep it.Owning a business comes with a lot of freedom and opportunity, but you can't have that without a lot of hard work.I have learned first hand what works and what doesn't so I put together some important concepts to keep in mind in your plan on becoming a business owner.Entrepreneurship is not about all about luxury living, sports cars, and yachts.It requires hard work on a daily basis.You can't expect to launch a successful business and to work 40 hours a week with vacation and sick days.In all reality you may be working 60-80 hours a week and you might not get a day off.You also can't expect immediate success, even if you have a great idea or product.You need to stay realistic and rational and focus on the important things like generating leads and immediate and sustainable revenue.Plan for slow growth and be pleasantly surprised.Don't waste time trying to make your business model original or different.Businesses that are successful are there because they know what works or they learned what works.You should look at several different and similar businesses that used different models and figure out which one is best to mold your business around.As your business grows you will have more room to try different techniques, tactics, and models to make your business more original.Use your creativity and innovation in marketing and product development right off the bat.Don't get your hopes up.It is easy to be the optimist and assume that people will be lining up to give you their money, but it doesn't usually work out that way.Getting that thought out of your head is probably one of the best things you can do for your business.It is better to be pleasantly surprised than shockingly disappointed.Instead of building your business around possible investors or rapid growth, become an expert at sales.You need a proven track record before most people will take you seriously, this applies when it comes to investors and consumers.As more and more people are exposed to your business you will build your credibility and things will start moving faster for you.No matter how good your idea is, you need a plan.Don't ever assume that the money situation will magically figure itself out later.Create a revenue plan and a strict budget and stick to it.If you can help it, make the money before you spend it.There will always be surprise expenses or emergencies that will drain your funds and expenses, you are better off handling those issues without letting them pull you further in to debt.Budget out some money every month for an emergency fund.This will save you stress, time, and money when a problem arises.There is another option for owning your own business that allows you to skip most of these struggles.Owning a franchise lets you step in to a business that has already been proven to work.You know your costs ahead of time, so you have a budget before you start.You don't have to worry about building your brand because it has already been done for you.Your biggest challenge will be raising awareness for the new location instead of raising revenue to keep it up and running.
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