Wednesday, 16 July 2014

Motivation: Running Your Own Business

Running Your Own Business from Terry Shadwell

A lot of people have a dream of one day running their own business. However many fail to realise that running their own business can often be harder than working for somebody else. People think that in running their own business they will have all the time and freedom that they want and only have to work anyway. This is not the case. Let’s look at some of the problems with running your own business.

When running your business it is important to be there 95% to 100% of the time. Especially when the business is in the start up phase. It may sound funny but you are your business. You know that happens in your business back to front. You know how things are supposed to work and how to fix them when they go wrong. If you are not there then the other people will not have any ideas on what to do. Or, even if they do, you are still the ultimate decision maker, and everything falls back to you.

Some of the big problems with businesses is the workload that they create. As an employee you can walk out the door and leave it all behind. When running a business you take your work load home. You get to sit down eat dinner and then go back to filling out order request, pay sheets, and numerous other forms. Time with your family is taken up with paper work and hassles that just seem to build up and up. For many this can really be a problem.

When you running a business you need to promote it to the general population, and that can be quite hard. In fact it can be one of the hardest aspects of a business. Where, when, how, who, what do you market your product? Figuring this out and take a lot of time out a person day. Sure you can hire a marketing company but that cost a lot of money. TV, radio and print ads cost a king’s ransom. Then there’s the internet. And this is all on top of your other daily jobs you have to do.

Customer relations are the most important aspect of your business. In fact without customers you have no business. Stats have shown that it costs ten times as much to get a new customer as it does to retain an old one. So not only do you get to save money but you get a repeat customer. Are you capable of dealing with irate customers? Or can even be nice to people. If you don’t like dealing with people then running a business is not for you.

When you work for somebody you have a pretty good idea that you will be paid at the end of every week. When running your own business you have no idea what you are going to be making from one day to next. Sometimes you may not make any money or you may go backwards. It takes a lot of strong will to carry on knowing that you may not have anything to live on for a little while.

Now I’m not trying to talk you out of running your own business. In fact I encourage you to start your own. While it may all sound like a horror story, it can be very beneficial, both financially and personally. The only that you can be sure that you business will work is to try it. There are ways to reduce the cost of running a business, and starting on line is probably one of the cheapest, but it still takes a lot of effort.

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