Managing Your Own Business

Now more than ever people are starting to explore different career paths as the economy worsens and jobs are becoming scarce. Many people see this as an opportunity to finally have their dreams realized and open their own business, “I always wanted to open that cupcake shop” or “Now I can finally open up my specialty yarn store”. The truth is- more and more people are beginning to start their own businesses. This can be a wonderful and frustrating experience. On one hand you are your own boss and in control of your career. On the other hand, the cost of overhead and unseen details that go into owning a small business can be an overwhelming challenge. Here are a couple of tips for small business owners:

Have reasonable expectations:

Many people begin their own business and expect to see profit immediately. In many ways this makes sense. It takes a long time a lot of money and a lot of energy to set up a business. Scouting a location, leasing the property, advertising, coming up with a name even takes a lot of preparation. However, the reality is quite the opposite. Most people don’t realize that it takes up to a year for small businesses to see profit. It’s important to keep this in mind when things get tough.

Excellent customer service:

The defining characteristic that makes small businesses stands out is excellent customer service. People want to come to the small business knowing that they are connecting with a real human being that cares about their needs as the consumer. Staying on task and remaining dedicated to a high quality product and service will help you stand out.

Conflict resolution:

Surprisingly, many small businesses suffer due to poor interpersonal relationships between coworkers and employees. Many small businesses start with family and friend and the progression from family business to booming business can be a difficult transition. Clear communication, positive thinking, and appreciation for the individuals that are working for you will go a long ways.

Finding a professional:

There are many professionals such as life coaches that specialize in helping small business owners. These individuals are trained to help business owners navigate through the ups and downs of owning their own business. They can aid with setting goals for the company’s success, finding solutions for minor setbacks or failures, and help brainstorm for new and innovative ways to expand a brand or market strategy. In addition they can serve as a mediator and an objective outside resource for interpersonal conflicts.