Entrepreneurialism
Business Ownership ? Just Like Working But With More Freedom - Isn't It?
Well actually no it?s not usually but it can be far better if you know what to expect and how to manage your new business.
Every new business owner starts off, full of hope, excitement and enthusiasm. How do you make sure that you are not on of the 80% of small businesses that fails in the first few years?
1. Remember you won?t get a regular wage to start with. It takes some time for a new business to become profitable. Don?t panic, make sure that you have enough money in the bank to make your bills for the first 6 months. How do you do that? Make sure that you build this cash flow requirement into your initial planning, loan requirements and cash flow.
2. Your business takes a lot of planning. The 6 months before you start your business and the 6 months after the start really requires a great deal of organizing and planning. Plan what your business will look like, how it will operate, where your market is and what you should sell at what price. That should be in your business plan ? you DO have a business plan right? As you start your business, revisit your plans and update them as necessary.
3. Become disciplined. Plan out your work day and produce a regular ?To Do? list that you keep updated. Make sure that your plans are reflected in your work schedule. Ensure that you put in regular hours and that your ?office? is manned when people want to contact you. Don?t procrastinate, do things when they need to be done.
4. Learn from others. Look at what other company owners do and work out your business strategy along these lines.
5. Become self sufficient. You won?t have the support of your work colleagues so build your own network.
6. Be professional. In your dealings with your customers, suppliers, staff and professional support team.
7. Establish your office. Ensure that you have your own office ? home or away ? where all your business tools and information are to hand. Explain to friends, family and children that this is where you work.
8. Persevere ? if you do it right it will get better. Keep motivated by setting your own personal goals. Overcome temporary set backs and remember that the potential rewards will make it all worth well.
? Copyright 2006 Biz Guru Services Ltd
Lee Lister writes as The Biz Guru, for a number of web sites including her http://www.clikks.com where she sells her informational products. With over 20 year?s management and business consultancy experience with businesses large and small as well as being a serial entrepreneur, she now helps others set up, develop and market their businesses.
If you would like a professionally designed business plan with success written all over it ? which will include your strategic plan - then contact us at http://www.bizguru.us
This article may be freely distributed if this resource box stays attached.
Lee Lister
Tags: strategic planning, new business, entrepreneurship, entrepreneur, business start upSimilar articles
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