Although it’s scary to start your own business, taking all the responsibility and assuming all the risk, it can provide you far more benefits than working for a paycheck.
You will also increase your chances of earning a higher income. Creating your own business is about possibilities, the possibility of expanding your identity, becoming your own person, and living life on your own terms.
Here are three good reasons to create your own business:
- When you set-up your own business, you will build your own dream rather than someone else’s dream, a dream that will contribute to your community and your country.
- When you found your own business, it’s an asset whose value will grow over time, possibly one that will make you far richer and happier.
- When you quit believing that a regular job provides financial security, you’ll appreciate the benefits of calling your own shots. After all, if there is one thing the pandemic has made quite clear, it’s that no employee is indispensable.
If after reviewing the benefits of you’re eager to your own thing and leaping from an employee to a business owner, then here are a few things to keep in mind:
Find the Right People
After you’ve identified your business idea, done your market research, developed your plan, and funded your business, one of the most important things to do is to find the right people. Instead of focusing on your big idea, focus on finding the right people. When you find the right people, then your idea will flourish. Without the right people, even the best business idea can flounder. After you’ve advertised, reviewed resumes, and interviewed the most promising candidates, follow up with background checks.
Learn as You Go
As you build your business, you’ll learn from experience. But, of course, that’s not the only way to learn. A little theoretical knowledge can go a long way. For that reason, it’s a good idea to make time to attend workshops and seminars. The Pinellas County FSBDC Business Workshops, for example, will help you fill in any gaps in your business knowledge and skills. You don’t always have to learn everything from the school of hard knocks. Sometimes a few good ideas can save you from expensive mistakes.
Identify Core Values
Besides creating a vision statement for your company, you also need to develop core values to guide and inform that vision and help your business grow and flourish. One way of distinguishing between a vision and core values is to think of vision as the good you intend to do for the world and core values as the company culture you create to ensure a happy, successful, and productive staff.
Here are some examples of core values that would resonate with your employees:
- Establishing a policy to uphold management transparency
- Encouraging an ethos to improve customer’s lives with your company’s products or services
- Making a commitment to providing in-house training to consistently improve employee’s technical skills
- Found a friendly culture, one that offers picnics, retreats, and social events so that employees from different departments can get to know each other better.
Success Is an Unfolding Event
Although every new business owner hopes that their new business, especially one founded on high ideals, will flourish quickly and easily, the reality of business is that even the best-laid intentions sometimes go awry.
One way to keep your spirits up when things are not going your way is to re-define the meaning of success.
Success is rarely a single business event, such as a high volume of sales, a surge in website traffic, an increase in community goodwill, or some other common business metric. Instead, it’s more helpful to think of business success as an unfolding event: every success leads to more success, and every failure allows you to learn from your mistakes.