Is Running Your Own Business Right for You?

Motivation - What’s your motivator?  A great new idea for products or services?  A desire to turn your passion into profit?  Wanting to be your own boss?  Desperation–no one’s hiring?  Self-employed individuals must be motivated, driven individuals.  No one makes you punch that clock but you.  Can you do it day in and day out?

Time Management - Until you enjoy the success to hire professionals or employees, a small business owner must do everything.  There are almost certainly tasks you won’t enjoy.  Perhaps sales, or bookkeeping, dealing with the inevitable dissatisfied customer, or government red-tape.  Whatever it may be, neglect that obligation and watch all the other hard work go for nought.

Money Management - You’ve got to have disciplined money skills.  Cash flow, credit, accounting skills and discipline.  Distasteful of all may be collector.  One of the rudest surprises in operating your own business is the discovery that while some individuals can’t pay after fully intending to, many people simply won’t pay.  This is an absolutely crucial aspect of business operations.  How will you get paid?

Marketing and Self-Promotion - Satisfied customers are usually the best promotion, but those first customers must come from somewhere.  Radio, TV, print, direct mail, websites, referral services are all great tools, but rarely it will be up to you to close the deal.  You’ll need to deal confidently with the public and turn shoppers into customers or you won’t get paid.

© William Hudnall 2011

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