Published on 18/02/2019 by Any Business.Com.Au

6 Musts for Succeeding as a Small Business Owner

A lot of people like the idea of running their own business but often don't know where to start. It goes without saying, but it's important to understand that becoming a successful small business owner is very different from holding a traditional job.

We've put together six assets you need to improve your chances of succeeding with your small business.

1. Be Passionate About Your Product or Service

It is not at all uncommon for many of us to hold jobs we don't particularly like. After all, we may earn decent money and have a solid benefits package, and since it pays the bills, we soldier on.

You won't be able to do that as a small business owner.

Your chances of succeeding as a small business owner will increase dramatically if you are passionate about the product or service you offer.

You'll be selling these products or services, everyday you're in business, and unless you have a strong desire to do so, it will just be a question of time before you will fail.

Before you buy a small business, make sure you're buying a product or service that you believe in and that you feel good about selling to other people.

2. Go All Out to Impress Your New Bosses

When people contemplate going into business, one of the benefits they imagine is working for themselves.

This can be a trap! You may no longer have a boss in the same sense as when you're on a salary, but you will ultimately answer to your customers and clients.

You will need to provide a level of service that will keep your clientele coming back on a regular basis. Even more, you will want them to refer you to other potential customers so you can increase your business.

They may not be able to direct your activities on a day-to-day basis, the way a traditional boss will, but your mission in your business will be to keep them happy.

3. Get Comfortable and Confident About Selling

A lot of people don't like to sell, which is why they work on a salary basis. But if you are going into your own business, you'll need to get really comfortable with selling yourself and the products or services applicable to your business.

When you go into business for yourself, you are two-parts salesman and one-part technician. You'll have to be selling all the time — that is how you will build your business.

This doesn't necessarily mean you'll have to do "hard selling" in the manner of a car salesman, but you'll have to persuade prospective customers that you and your product line are what they need to buy.

4. Adhere to the "80/20 Rule"

When you have a traditional job, it's quite possible to spend an entire day doing "busy work". You will not have that luxury if you're running your own business.

You've probably heard of the "80/20 rule" — which generally means that 80% of your production will come from 20% of your activities. You can count on that rule when you have your own business.

You may have 20 different significant responsibilities in running your business. But out of the 20, there are probably just four — 20% — that will produce the greatest amount of your income.

That may be marketing, sales, purchasing significant inventory for your product line and closing sales.

If most of your revenue is coming as a result of those activities, then that is where you need to spend most of your time. Any other allocation of time will be a recipe for failure.

5. Avoid Getting Sidetracked

When you run your own small business you almost have to become single-minded.

Your business and its success have to become your primary drivers in life. This is especially true when you're first starting out in business, and need to get it from 0 to 60 mph in as little time as possible.

This might mean that the coveted 40-hour work week will not exist in your life — that's actually quite typical for business owners.

You will have to be prepared to work 50, 60, 80 or even 100 hours per week — if that's what it takes to get your business rolling.

Later on you may be able to pull back, especially if you can afford to hire employees, but until that time comes, you'll have to be prepared to put in the time that is needed.

6. Plan and Persist

If there is one quality that separates business success stories from business failures, it's remaining relentless in the pursuit of success.

If you are going to run a small business, you have to do what is necessary to make it succeed.

You will face obstacles and there will be times when it looks like your business effort is a complete failure. That is exactly the time to not give up!

If you can keep pushing forward — no matter what — you will generally overcome whatever obstacles that confront you.

Adopt a 'never quit on yourself attitude' and if you can master this, you will at least improve your chances of succeeding as a small business owner.

AnyBusiness.com.au

Curtis is a leading expert in the business-for-sale industry, serving as a senior content creator at anybusiness.com.au.

With a career spanning over fifteen years, Curtis has accumulated extensive knowledge in the domain of business sales, acquisitions, and valuations. His deep understanding of market dynamics and his ability to translate complex industry jargon into accessible insights make him a trusted resource for entrepreneurs and business owners looking to buy or sell businesses.

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