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Ingredients for success as a business owner

Having your own business is very exciting, although at the beginning a little daunting when you are getting everything set up.
 I always feel that some understanding of what it will take to become successful really helps when starting out. Owning your own successful business offers great rewards but you must be prepared and committed to the role.

Determining if you are ready to start your own business at the beginning of your journey is time well spent.

The first thing to do when you start out is to evaluate your strengths and weaknesses as a potential owner and manager of a small business.

Are you able to make decisions?

As the owner of a business you make the decisions. You don’t take orders from anyone else and you decide how, when and what your business will look like and what you will offer your clients.

It will be entirely up to you to decide on what type of business you want to have, how many hours you’re prepared to work and whether to employ others in the business or not.

You will also find the clients and offer them products and services, which you yourself decide upon. You make the decisions.

 I, myself love the freedom of making my own decisions, setting my own hours and working where and with whom I
choose. Is that something you want to do?

Business ownership can be exciting, but it's also a lot of work. In the early days especially there is a lot to do to get your business up and running and attracting clients. Are you up for the challenge?

Do you get along well with other people?

When you run your own business you will meet and need to develop working relationships with many different types of people including customers, sales people, staff, bankers, lawyers, accountants, or consultants.

There will be times when you may have to deal with a demanding client, an unreliable vendor, or a cranky receptionist if your business needs them. How well do you think you would cope in these situations?

Do you plan and organize well?

Research shows that poor planning is responsible for most business failures. Good organization of finances, inventory, schedules, and customer records can help you avoid many pitfalls.

Is your ambition strong enough?

Running a business can wear you down emotionally. Some business owners burn out quickly from having to carry all the responsibility for the success of their business on their own shoulders. Strong motivation will help you survive slowdowns and periods of burnout.

The first few years of a new business can be hard on family life. It's important for family members to know what to expect and for you to be able to trust that they will support you during this time. There may also be financial difficulties until the business become profitable, which could take a while.

I find that being aware of problems that may arise makes it easier to handle them when they come along. If you truly want to run your own business you can do it. Just keep going despite the obstacles that may get in your way.

There's nothing more rewarding than being in charge of your own life: deciding when and where to work and when to take breaks and holidays, not having to ask permission and deciding on who you work with. However you are also in charge of your income: finding new clients, keeping them happy and growing your business.

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