Statistics tell us that over 45% of small businesses fail within the first two years of starting up. On the other hand, millions of self-made business owners have gone on to become millionaires. So what do you need to become one of the successful ones? Don't worry if you don't have everything it takes. Training can develop many of the so-called essentials. All you really need to know are which ones are your strengths and which are your weaknesses. Here are some traits you'll need. It's up to you to decide if you've got them, or if you'll work on getting them.
- Common sense. If you're not sure whether you've got it, ask your family. It's the ability to make sound judgments about all manner of life issues. It can be a combination of past experience and knowledge and will help you get to the core of a problem by simplifying it.
- Specialized knowledge of your field. It's no use jumping into something about which you know nothing. Most successful businessmen have gained much valuable experience in their trade well before they went into business for themselves.
- Self Confidence. When you start out in small business, the buck will usually stop with you. You are the one who has to make difficult decisions and wear the consequences. This is not always something you either have or don't have. You may have it in one area or situation and lack it in another. Training will help you to get it.
- The ability to get things done. This is actually self-discipline. It's no use deciding to take the day off because it's sunny and the surf's up. There are things requiring your attention and if you leave them they won't get done. On the other hand, it's no use being on the job if you fritter the time away on menial talks that should be delegated.
- Creativity. Sure it's been done that way since Adam, but there could be a better way to do it - one that will save you time and money.
- Ability to lead. Do you get along with others or is there a long line of dissatisfied staff, customers, clients, friends and relatives behind you? Your ability to lead and get people to do great work is paramount to your success in business.
- Self reliance. If you can't rely on yourself, whom can you rely on? You need to be able to set goals and do whatever it takes to reach them. Sure you'll have others under you ? eventually, but many small business owners need first to rely on themselves. If you want to start a small business, the best thing to do is get in there and have a go. You can learn as you go, but make sure you listen to others advice, even if you don't always follow it. Being open to new ideas and advice is important too.
If you want to start a small business and don't feel like you have the traits to be successful maybe you need to develop them. The traits listed above can all be developed to the point the are habitual. It takes time and effort. Sometimes it comes down to getting out of your comfort zone and as Nike said in their commercials "Just Do it."
Looking back now, years ago when my kids were young, I could have walked away from my 7 day a week factory job and I could have started making the same money (or better) working just a small part-time business as a house painter.
It's like that Rod Stewart song where he sings "If I only knew then what I know now". With all the overtime pay I was making I could still have beat that job by a mile. I could have went to from 56 hours a week to just 30 hours per week with better pay.
As an example, I have been a house painter for years now. If I get slow and need business, I can go out and get something going within a few days. And then I stay busy for weeks or longer. Most of the time longer.
My small, part-time, painting business has been one of the easiest and fastest ways for me to make instant cash. No waiting two weeks or longer for payday, no one to reprimand you for being late again?
No one to tell me that I cant take a day off from work anytime I want to. No more having to work with someone that I don't like. And best of all, if I can't get the money I want to make, I walk away clean on to the next potential customer.
Have you thought about a small business that produces instant cash flow anytime you need it? A part-time business where you could work just 6 hours a day or less, yet make a full time income? Or just to replace the job you currently have that you absolutely hate?
Just think if you had a way to make an instant $300, $500 or even a thousand dollars or more anytime you needed it without having to borrow it. The power to be able to sit down and write out checks to pay those bills anytime you need to.
To be able to afford to take your wife and kids out to a nice dinner on Friday night or Sunday afternoons. To be able to take a really nice vacation, or buy that new dream car, buy gas, etc.. Before starting a small business you must ask your self a few serious questions. Questions like:
1. What do I enjoy doing the most or know a lot about that I could turn into a profitable small business or part-time business?
2. How much income would I really like to have? (think big)
3. How many hours would I really like to work?
4. How much start-up capital will I need?
5. How can I get an unlimited flow of customers? (this guarantees continuous profit)
6. Can I do this business anywhere and still make a profit?
7.) Can I do this just as a part-time business and still make great money?
The idea is to think big, but at the same time be realistic about it all. Most people think that to start a small part-time business that they will only probably make an extra $500 a week.
Which is not bad by the way. But when you think about Uncle Sam wanting his part plus the cost of gas and the amount of time you may have to spend, only an extra $500 a week may not look all that appealing.
To make a pure $500 a week, taxes will take about 20%. So that drops it down to $400 and if you have to drive anywhere, that could suck up another $50 a week dropping your final weekly profits down to $350.
So the idea for starting a small business or part-time business is to think big. Think low hours, low mileage, big profits. Find a niche market that you already have experience in or would enjoy learning and doing. It could be anything from an interesting cooking related business to an automotive repair idea or service. The secret is your desire, personal experience and to not be afraid to think big or creatively.
Both Jeff Schuman & Lee Cusano are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Jeff Schuman has sinced written about articles on various topics from Home Internet Business, Network Marketing and SEO Articles. Jeff Schuman invites you to visit his >small business resourceswebsite for everything you need to start and run your own successful small busi. Jeff Schuman's top article generates over 49500 views. to your Favourites.
Lee Cusano has sinced written about articles on various topics from Acid Reflux, Painting and SEO Search Engine Optimization. Lee Cusano has owned and operated his own successful painting business since 1991. In the last couple of years Lee has added on a highly profitable small part-time business called. Lee Cusano's top article generates over 18100 views. to your Favourites.