Taking the plunge and becoming a business owner is probably a thought that has crossed everybody’s mind – being your own boss, working when you want, answering to nobody. One of the most overlooked aspects of being a business owner, is actually running a business. Being a successful business owner is extremely difficult is an extremely difficult task and 80% of new businesses fail in the first 2 years. In order to ensure success, you must stay level-headed, meticulous and receptive to change, here are some simple tips to make your business a success…
When you’re first starting out, hiring your first employee is going to be quite overwhelming, and it is a milestone in your career. Making a quick hire can be really tempting, but be sure to properly get to know the person before you choose to employ them. It’s important to see what their long term goals are and essentially whether they share the same goals as you. If your employees fail to see your vision, then they are not going to carry out their days with the same passion as you.
The saying “do what you know, know what you do” springs to mind here. Be sure to do something that you love, that you have a great knowledge of and what you would be happy to do for the rest of your life. Starting a business because you believe it will make you money, rather than starting a business because you are passionate about the market/ service/ product, often ends in failure. If your heart and soul is invested into your business, then the money and success will follow.
Always start out somewhere that is within your means, as spending too much money on rent or buying a property can leave you in serious financial crisis. Remember, your wallet is your businesses’ lifeblood. As a business owner in the UK, you have to pay business rates, which are calculated based on the value of your business property – although these are often very accurate calculations, it can be the case sometimes that you are being over-charged. If you believe that you are being charged too much, then you can put in for a business rates appeal, with the help of commercial property agents, which could save your company a lot of money whilst buying commercial property!!
Always remember to keep a level head and to remember why you started the business in the first place – set yourself goals and celebrate the small victories when you make them. Running your own business isn’t a 9-5 job, it becomes your life, but you also have to remember that you are working to live, not living to work!