You finally have made the decision to go into business for yourself. A big step in anyone’s life to realize their dream to be their own boss! The decision does not come without risk and your ability to reduce or mitigate risk can make the difference in being successful or not.
The fist step to finding the success that you are looking for is writing down a plan. In building your plan, you should look at every aspect of running a business. Your plans should include at least a business plan and a marketing plan. There is no secret to the format, but I do recommend that you at least use a template that you can easily find online. The plan should reflect the assumptions and the various decisions you have made for your business. It should provide a clear, easy to understand road map of your business that you and your employees can follow in building a successful business.
The second step is to determine what you don’t know about running a business. Experience can be a cruel teacher that may threaten the very existence of your business. You should connect with groups and other resources that offer the experience that you lack. Always be willing to ask the questions about what you don’t know and to learn from others. This is where a mentor or advisor can really help. Find one you can trust to help you avoid mistakes that are caused by your lack of experience.
A third and final must do if you want to succeed is to develop the financial management system that will give you the information you need to keep the business healthy. First and foremost is developing a system to manage the business’s cash flow. Your income and expenses and the timing of each are critical issues to the survival of a business. Other financial tools such as a profit and loss statement and a balance sheet are important. All financial reports that you chose to use must be available in a timely manner and they must be accurate!
There are undoubtedly other issues that you as a business owner must address to build the business that you want. However, I believe that these 3 are critical and without any one of them you and your business are doomed to failure.
Be sure to tune in every Monday to the The Weekly Business Hour from 11:00a – 12:00pm to learn more ways to save money and build a larger, stronger business for you and your family. You can listen live at www.irlonestar.com or on Facebook Live on The Weekly Business Hour page or on City of Conroe FM 104.5 or FM 106.1.
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