Everyone at some point in their lives wants to own a business. They are truly excited about what they love and want to be in business selling it, instead of buying it. The problem is, most people have no clue what it takes to be successful, and sadly 70% of small businesses fail in their 10th year of business. 20% in the first year, 30% in the second, and 50% in their fifth year.
The worst part is, the longer they struggle, the more they borrow. Don’t be one of these statistics.Here is some important business coaching to consider before your embark on this great adventure. The first and likely, most important, is to believe in yourself. If you don’t have confidence, you will do better to just keep working for someone else. It takes a lot of perseverance and savvies to keep a business going.
Write up a business plan. Not necessarily a full-page report, more like an outline for you to go by. Okay, so you have a great idea. Next, identify your customers, and need for your product. Where are they likely to come to for such a need? Location can be either a boom, or bust. Next, separate your home finances from the proposed business. If you are already struggling, maybe now is not the time. You will need to know that you have enough money to keep the business going for a year. Don’t expect sales to start coming in the day you open. It has been done, but be realistic.
Start out small. You may have grand ideas for the future, but that is exactly what that is, the future. Okay so now you have a place all lined up, finances too, you are ready to proceed. Don’t skimp on important things, such as signing, with pertinent information. You want people to know you are there and ready for business. Do it right the first time, so no money is wasted.
If you can afford help in the beginning, make sure they are “like-minded” people. This means that they are as passionate about the business as you are. Don’t hire your niece because she owes you money or anyone else that really does not want to be there. Customers can feel when workers are not happy, and it rubs off on them. If your plan is to eventually expand, keep your eye on that goal, with a plan. Set a little away just for that.
Remember to listen to customers’ inputs, and politely respond to them. Unhappy customers are sometimes your best source for improvement. Making them happy keeps present and future customers happy. Sometimes in the cycle of business, you get too busy to notice the little things that customers think are very important. One little thing, such as not having some little trivial gift that you gave people when they purchased items anymore, upsets people. You’re trying to cut costs, so you eliminated it.
However, some people come out of their way for that thing. Maybe get them back and only give to people spending a certain amount? Just one example.
One very important, and last piece of business coaching. Always be ready for change. Not a whole new business, but certain aspects of it. If people are looking for a new way of doing something, try it, in small scale at first, then perfect it. You don’t have to lose your true objective, just improvise a little. Many large well-known companies have disappeared forever because they refused to change. Don’t be a statistic, be a success story!
I am Daisy Bell and a pro-level blogger with years of experience in writing for multiple industries. I have extensive knowledge of Food, Fitness, Healthcare, business, fashion, and many other popular niches. I have post graduated in arts and have keen interest in traveling.