Becoming a New Business Owner

The thought of running your own business is very attractive to many people. They dream of being able to set their own hours, work from home (or even anywhere in the world), and not having to please a boss. However, the reality is that at the outset of running a new business you will probably work longer hours than at a 9 to 5 job, and although you won’t need to answer to a single boss, your clients or customers become in effect your bosses and will demand certain results from you. The nice thing is that they will not be watching over you all day. But this brings us to the first tip:

Self motivation and discipline are key to succeeding in running your own business. You will have good days and bad days just like in any job. But you will not be in an office or place of work where all you are surrounded with is work without any distractions. Plus at a 9 to 5 job you have a boss or manager nearby and having that presence motivates you to work. This is not so with working for yourself. You will need to motivate yourself during bad days as well when you do not feel like working. You will need to avoid allowing distractions to take you away from the work at hand.

The business plan is something new business owners tend to rush or skimp on. But this part can not be neglected. The business plan is the map for your business. You will need to research your competition, your market, and then make sure your services will meet the needs of your market. You also will need a mission statement, a good business name, and why your business is better than the competition. How will you differentiate yourself?

Marketing strategy follows in the heels of the business plan. This is where you will get new clients and customers which are the life of your business. You need to know how will you market your business on the Internet, how will you market offline. These are things you need to research and clearly define.

You are starting a business because you not only want independence but also because you love what you do and are very enthusiastic about providing certain services and/or products. Most business owners want to get their hands dirty, so to speak, with the actual work. But you can’t rush through these very important initial steps if you want your business to succeed.