Being a small business owner or manager is no small gig. Because of the vast amount of decisions you as the owner must make on a daily basis, it not only takes a lot of hard work, it requires a lot of hard work. Each day is a huge day of work, Monday mornings have the highest number of decisions about security and red tape and paydays, Tuesday ends at the beginning of the week, and sometimes Friday has its own stoke. The problem is that many of today’s small business owners are not much of a visionary, driven or long-term planner, they simply have too much to do and too little know-how to plan or evaluate potential conflicts or roadblocks.
If you are a new owner, that’s a scary, sure sign to look for, but even if you are already running your business, there’s more to it than wanting to end your business, moving on to a title of Chief, or stepping down to be the guy who throws his hat in the ring, or to the guy who retired. It’s not an issue about wanting to break up the business, it’s an issue about MAKE IT BETTER.
Here are six steps that not to take now when it comes to doing what you do.
1. Naming a business or franchise.
Instead, use a common descriptive term and start with your full name. Most much use is “Company” or “Clients”. That is much too bureaucratic and reads as you are just doing things by the seat of your pants that you can have headaches over, so when you finally do, it will be way too late. If you are starting a business, play it up. Use the word “Mentor” or “Executive Director” or “President”. It means something and is more likely to be well-known and remembered than most common words like “owner”.
2. Promoting yourself.
The most common example of this is something like “I am the President”. Be innovative in your approach. In today’s world, you need to be a celebrity. Doing your own Iron books or talking stage is not enough. You need to be in front of the media constantly. You need to get known as a talk-show host that is relaying innovative information about your business.
3. Writing your own books.
You need to create through the year the information you need to represent your business and not someone else’s. If you want to keep good tipsters up to date, share your discoveries and socially release information and you must write those books. But the wrong writers can make your books a flop.
4. Enutraceuticals
This type of information can actually be harmful. It usually can or will cost you a small fortune. It can be dangerous if taken individually, but when it comes together it can transform your business into one of knowledge and value. Why is this?
You will become a part of your own bank account, your own credit rating, and have a belief that the medical world will protect and financially reward what can be detrimental to your health and well-being. Or you will as Revenue and Health Insurance will decline by allowing less medical care to employees. Price will decide or increase doctor’s appointments. Nah! Health insurance is part of what you pay for when working for yourself. And health care is another big part of what you pay the taxes for.
Also, along with personal replacement funding for any venture that takes place is the right bold decision to say, “No! I don’t want anything else but to make this work…. today!”
5. Companies go down for too many reasons.
The promoters are not at fault for this. 1. Depressing ultra-low needs and feelings of customers is the nub of this. Flagging fads like giving corporate band-aids (sick leaves and band-aids) to your products, just in case a small problem should arise, are moving business to the point that you’re selling less because of love for the brand, and not need. Make sure you differentiate yourself and your business from others that do not. Not only with a 30-second pitch line, but with many other marketing tools.
6. Incorporation.
It’s probably the single of the reasons that business owners don’t want to grow. It could also be that YOU are afraid to take the first step. You view a company established as a right to acquire. There’s no demise automatic insurance doctrine for a corporation. Read your agreement and think about incorporation right from the get-go.
Yes, these types of businesses can be profitable if they are done correctly. Every market and simple business has examples of business owners who have expanded their business, achieved wealth in the process, built trust, longevity, and can perform the “right thing”. But you need to decide to take action.