Most people would agree that having a business of their own leads to financial freedom. In fact, more than 60 percent of the working class Americans who work for others wish to open a business someday. Every year, millions of businesses open the doors, either online or as a brick and mortar store. These owners set out with the optimistic feeling that sometime in the near future they are going to make a fortune.
Unfortunately, despite the highest hope, more and more businesses have been closing their doors in the recent years. This failure can be chalked up to many reasons, such as poor sales, inadequate business plan, failure to procure needed fund, mounting debt and disasters. So why are some businesses successful while others fail miserably? Why do only a few companies have greater edge over others? The factors are many. The companies that are successful do not have their key salespeople resigning. They don’t have trouble getting loan or fund on time. Investors and clients are eager to do business with them without second thought. They are lucky for the fact that natural disasters or mistakes have not happened in their businesses.
In essence, you need a lot more than luck by your side in order to run a business successfully and reach your financial goals. First and foremost, there needs to be the right attitude with you, among your employees and everyone involved. You may be required to wear multiple hats. You are not just the owner of the business starting out with this venture but an accountant, hiring manager, advisor, lawyer and customer support representative as well. As the business grows, these tasks can be delegated to other people in the form of your employees. However, having an employee is not just about hiring the right candidate for a vacant position but also about hiring someone who can thrive in the type of environment that your business has created.
Irrespective of how you work, whether alone or with other staff members, one thing is clear. You need to make the team work so that the demands of the business are met. Sometimes, assembling professionals from outside may be inevitable. These experts have the experience and knowledge of how to handle things during hard times and crisis. For example, if a litigation comes up with another party or a lawsuit is filed against your business, you may have to hire a competent lawyer from an outside firm. Not only is this move cost-effective but offers the flexibility of selecting the right professional from the available pool of lawyers. Similarly, handling your business accounts and taxes can be done through an outsourced accountant.
Plans are required to meet all the various contingencies arising from the business. For this, you need to have appropriate insurance to cover the losses that may occur in the future. From keeping your data safe to safeguarding your interests, there are many things that you need to be protecting diligently. And when there is a disaster, you should be ready with the right solution. All of these call for an elaborate business strategy in place. With the right tools, you can certainly navigate through the uncertainties and issues and reach your business goals. It is not impossible but easily achievable.
As mentioned above, having the right attitude is where any business owner needs to begin. Someone who is owning a business is likely to have been an employee of a similar business previously. The knowledge and experience that he or she gained from previous employment tremendously helps when they go on their own. In fact, that is how they decided to become independent and work for themselves rather than for others. Despite this experience, not many businesses survive after the first two years. Why? Because not many business owners have the right attitude in the sense, they rarely transition from being an employee to an owner. They never actually learn the difference between working in a business versus working for the business. For example, a passionate chef who has been working for two decades in a fine-dining place is having a hard time after a month of opening his own restaurant. A wood worker who has devoted most of his life working for a construction company is unable to get through the complexity of his new framing business.
What is wrong with the above scenarios? The answer is, to run a business successfully, the owner needs to recognize the broad range of responsibilities that come along and be prepared for it. So, it is not just enough for the chef to know how to cook delicious food or the carpenter to carve the wood to a required shape. These individuals need to wear multiple hats instead of just one. They need to learn every aspect of the business from production to dispatch.
Successful business owners not just devote their time working for the business from 9 to 5. Even though their business hours open from Monday to Friday and even though they have to juggle between families and personal care, their mind is always focused on the business. In essence, concentrating on the business matters is like a second nature for these business owners and that is how they reached the point they are in. And then the power of positive thinking can always be put to good use. A business owner with optimistic thoughts can easily achieve business goals within a given time frame. In other words, positive view of things is essential to make the business work. The naysayers will surely convince you that the business will fail pointing to high competition and declining market demand. However, you should not be dissuaded by such talks but rather keep your focus positive. You need to visualize success in order to be successful in business irrespective of the circumstances and rumors. For this, you need to accept the facts and stay flexible accordingly. The right thoughts and attitude can get you there faster than everything else.