Owning and Running a Small Business for the Brave at Heart
Have you ever wanted to own a small business? Do you have the fortitude to answer the important, almost daily questions facing the owner of a business? Do you want to take on the multitude of problems that business owner face every single day of their business life? Can you sack a tenured sales person or agent of your business even if that person has become a friend and still manage to look at yourself in the mirror while shaving or putting on lipstick (hopefully not both)?
If you have answered all these demanding questions in the affirmative, then consider the most important aspect of any business. Money and an unending supply of money for every business contingency is and will remain the most important aspect of any small business. You can invent the better mousetrap but without capitol, you will not succeed! If you have drawers full of money you may have enough but if not then you need a money man, a banker, backer, sugar daddy. This person, along with the best factoring companies will be the stallions to your stagecoach with you riding shotgun. Face it for a successful business you need someone smarter, younger and better looking than you. That person who runs your business will have the reins but remember, you have the shotgun!
Someone once said that if you have ten employees, you will have ten problems. It’s an emotional roller coaster without even considering the success or failure of the cash flow. Still interested? Over a period of five years most businesses fail! Imagine the rudest, most obnoxious person insulting you and your product, if you can’t take that with style and grace and without losing your composure, then just forget about owning your own business!
Short List of What is Necessary to be a Business Owner
Yes it tops the list. Have enough for at least six months of personal living expenses. Don’t take a second mortgage out on your house but do sell some toys because you won’t have time to use them.
Lots of time,all your time, forget about a personal life for at least the first three years of your business’ infant life. Make sure your wife, family and loved ones understand the immensity of this undertaking.
Your idea, brand, business name all have to work to ensure your success. If you have any doubts, talk with other business owners or seek advice from consultants. Spend a great deal of time formulating these concepts, they are your brand!
You can have the perfect physical location for your business but if it is not in a heavily trafficked area, it will not work.
First impressions are important. No ugly ducklings!
If you still want to go ahead with starting and running your own small business, you may have a chance. There are rewards that far surpass any that exist when working for someone else. Your business can become a treasure, handed down for generations, assuring success to your progeny. Why not? The gamble could pay off!