When you start a business you need to be clear about what you are trying to build.
Most trades’ people, retailer and all professionals are rarely taught how to run a business during their training or study. I have asked so many business owners, so how many hours in your course were devoted to running your business to ensure its success? The resounding answer is a big fat zero (0) hours.
There is a formula for success in business and it is based on researching your results and improving them over time. Why do people become business owners? They want to reach financial freedom and have flexibility and choice. Oh and yes their boss was an idiot and they could do a better job than him or her. Interesting.
Most small business owners are stressed working really long hours, are not paying themselves and haven’t had a decent holiday in years (even before COVID-19). They are working hard and just making ends meet or they are working hard and going broke. That doesn’t sound like much fun.
A good mate of mine who is an accountant who works with a lot of small businesses says, “Don’t delegate the responsibility of your business numbers to your accountant”.
No one care’s more about your business than you do. You are in charge. The buck stops with you. All of the reasons your business is working or not, or getting the results you want or not, is your fault. Plain and simple.
If you have left your job and started a business that only has income or sales if you turn up – IS NOT A BUSINESS. You have created a job for yourself. That’s it.
All big business start small and grow. Growth costs money. 8 out of 10 business startups don’t survive the first two (2) years. The number one reason is the owner didn’t know what they were doing! The second reason is that they didn’t ask for help and the third is they got their advice from a family member that has never owned a business because it was too risky in their humble opinion.
There is a right way and a better way to create an outstanding business. Beware – it is a long game. It takes 7-10 years to build a successful business that is commercial, profitable, and has the potential to work without you when you choose not to be there. It’s possible to build a business in that timeframe that will lead to independent financial freedom, give you your time back and support your extended family. Additionally, you will have created an asset, your business, which you can sell or keep because it is going so well.
Whenever you make a decision it’s not until later that you know if it was a wise one or not. Choose wisely. Not all investments are equal and being a successful business owner is not based on either fairness or equality. It’s based on the actions you take.
A marathon starts with a decision to take the first step!