Many people starting a new business think that it’s an easy ride. Tired of working for someone else, often thoughts of “I can do this myself” lead the way to start a business when all you have is a core skill and a desire to work less and earn more.
While this is a great incentive to start, it’s not enough to keep you going when things get tough (and they will). Aside from this, you also need to understand your “why” (check out the find your purpose post) in more depth and you need to educate yourself on how to run a business. I love the phrase “you don’t know what you don’t know” however as part of being a small business owner it’s imperative that you find out what you don’t know! There is no-one above you, supporting you or telling you it’s ok when you say you didn’t know something!
80% of small businesses fail in the first year because the company owners didn’t know anything about business operations. Turning out 1000 widgets a day is great, if you have a market to sell them to, but how do you get them to your ideal client? How do you ensure that your costs to produce are not sky high? How do you protect yourself against one of your workers stealing your widget idea? The list goes on.
But I don’t like paperwork and operational stuff
Well too bad so sad, unless you have someone else working in your business who can do this for you or you are prepared to outsource it, then it’s on you. It is a crucial part of your company and cannot be overlooked!
While I cannot give you all the answers to every facet of your business operations, I can set you on a path to ensure you have the basic small business foundation in place to get you off to a good start. The rest is up to you!
Follow along with the blog posts in this series for some great information on running the operational side of your business and creating maximum growth!