The Challenges of Owning a Business
Most of us who have attempted to run a business have encountered hard lessons about life, business, and what is needed to become successful long term. Starting with a seed idea is one thing, but after the initial flurry of paperwork and setting up your sparkling new website, keeping things going is a different game entirely.
You quickly learn what you’re made of when you are in the midst of ordering products, maintaining a marketing plan, and managing employees. Here are some other hard truths that you may realize as a business owner; if you learn to manage your expectations and keep pushing through while keeping your eye on the prize, you’ll see that long-term success you’ve always dreamed of. Take these truths to heart and keep building, courageous one! You’ve got this!
Your Target Customer Can’t Be Everyone. Even the big box stores can’t cater to every taste and preference. While you might think that your product has widespread appeal, others won’t see it the same way. Skip trying to “preach” the value of your wares, and instead focus on those people who are responding to you. You’ll find those people who see your value and wish to purchase from you. Forage those relationships with integrity, and your target base will grow organically.
You’ll Need To Focus On Why, Who, and How. Millions of other business owners are trying to make it with products and services that are similar to yours—-too similar, perhaps. Your real magic will come from your “why” and “who.” Why are you branching out on your own? Who are you doing it for? Once those answers take center stage, the “how” will be a natural byproduct of your passion for your business and its growth.
Value Trumps Economy. Most business owners look to save a few bucks when starting out. There is value in staying in the “black,” but choosing substandard materials and cheap equipment will surely set you back in the long run. You’ll end up replacing parts, materials, and product that has not served your customers well, and that could end up costing you more money. Choose value over economy, and even though progress may be slower, you’ll enjoy more consistent gains as a result of maintaining a commitment to value and integrity of service.
Your Customer Isn’t Always Right. You can’t thrive without support from your customers, but that does not mean you have to take abuse from them. Where is the middle ground when you and an angry patron can’t see eye to eye? Treating people respectfully is important, but don’t neglect your core principles for a measly sale. Some people are just plain difficult to please, and it’s best to let them go in favor of others that are looking to build lasting relationships with you.
Your Business Account Isn’t a Personal Piggy Bank. Many entrepreneurs fail in the first few years of operation because they fail to draw a hard line between personal and business finances. Don’t rob Peter to pay Paul, no matter how tempting it may be. Setting aside surplus funds for business growth will be more important in the long run; do what you can to balance the books in life and business so you can enjoy lasting success.
No Amount of Technology Will Fix Bad Business. Regardless of the number of cutting-edge devices and Silicon Valley apps you use, these tools will not save you from bad business practices. Tech is just a tool; it’s not meant to keep your business afloat as you fail to analyze data that relates to growth and efficacy. Keep your head in the game and refuse to get distracted by technology, the latest budgeting software, or anything else that keeps you from seeing your “true” picture.
You’ll Have To Work……. Hard. Starting and running a business is not a hands-off endeavor. You’ll work harder than you’ve ever worked in your life for a time, and hopefully with automated systems and some good people in key positions, you’ll be able to relax and enjoy the fruits of your labor. Keeping a good head on your shoulders despite any measure of success will distinguish you from other distant entrepreneurs who have no idea what’s happening on the ground. This will ultimately be their downfall, and you’ll be experiencing triumph in the meantime.
At MaxGroup Business Solutions, we have professionals who know what it takes to run a successful business. Combining good business sense, solid strategies, and cutting-edge business and marketing plans, we can take your idea and transform it into the successful business you’ve been dreaming of. Contact us today, and see where this strategic move can take you. Visit www.maxgroupbusiness.com for more information.