I have had the privilege of speaking with small business owners across the country whose strength and patience are so appealing. One of my favorite questions I ask them is, “Why do you do what you do?” The answer is usually, “I love my job.” From jewelry design and furniture manufacturing to auto repair and app building, the list is diverse and amazing.
One of the cutest business owners in our Small Business Revolution reality series is a devoted mother whose kids need gluten-free products. The “reason” is that she decided to make it herself after trying to find healthy and delicious pastries for her family.
A fun, rewarding, or important hobby can become a business if:
•• Invest in commercial equipment to make things faster.
•• Sign the lease agreement.
•• Quit your day job.
•• Hiring an employee.
•• I spent a lot of money on my savings/credit card.
SMEs are not companies if they do not make a profit. A new business needs to return to its hobby when the owner cannot generate enough profit to benefit from the investment of time and capital.
In my latest book, The Small Business Revolution: How Owners and Entrepreneurs Succeed, share that if you meet these criteria well enough, you are considered a business. Being a small business is a big deal. Now other people and families depend on you to make a living. You are also responsible if someone enters your facility or if a product you manufacture has been misused.
When responsibility increases, one has to ask again. “Why do I do what I do?” But the truth is, most people don’t ask. When they started their business, their “reason” was clear and they gradually became a business. But no one is telling them to ask this important question on a regular basis.
I know your goal
A successful company requires not only a livelihood, but a purpose as well. It should also be something you can stick to. This problem occurs when you are running a business and you reach the limit. People are overwhelmed and don’t get enough money to pay for themselves. For example, a certain business owner now runs a big business for the same “reasons” or goals he did five years ago when it was just a hobby.
The first difficult question is why you want to become a company. You should also ask:
1. Is there really a market for what I do?
2. If you have a market, can you sell your products and services profitably?
3. If yes, how long will it take to arrive from where I am today?
Would I recommend stepping back and asking these basic questions while running your business at the same time? Yes, Sir. If you leave a very honest review, you stand the best chance of achieving your goal of making a living from your business.
For example, the bridal boutique owners in our series determine audience size by looking at the number of marriage certificates issued per year in their market. Second, in terms of profitability, you need to know your numbers.
What is your most profitable or least profitable product or service? Do you know your company’s biggest profitability today? The third question should be a careful assessment of the numbers. Are you aiming for regular returns? Otherwise, the game isn’t over when you’re ready to fit in.
I am the last person to stop a brave entrepreneur from starting a business. But running a business is like flying a plane. Looking at the route for commercial pilots, there is no straight line from takeoff to landing. They continued to make adjustments to avoid other planes and bad weather.
As an entrepreneur, you need to orient yourself regularly. Analyze where you are, where you are going, and what it will take to get there. On this course, no matter how hard you work, employers cannot achieve their goals. You may need to find ways to increase prices or reduce inventory, menu items, and services.
As a small business owner, you must constantly grapple with the problem of:
• Are you able to hire someone else?
•• How can you get more customers for your door or website without spending a lot of money on advertising?
• How can you compete with companies that have entered your market?
The ability to adapt to new situations is as important as the skills you bring with your products and services.
Important tip for success: Learn from others
In business life, time is ticking, and time is too short to make all the mistakes yourself. Entrepreneurs wander around thinking, “I want to learn from others, but my business is unique. You have your own twist, but over 90% of your challenges are no different from any other company.
The same goes for posting pictures on Instagram and using other social media platforms. The appeal of your website should be in line with best design and marketing practices. Successful entrepreneurs look for something that brings out common ground and values.
Small business owners usually do not receive a salary. They are reluctant to charge extra and are prepared to endure long days and thin bank balances. This “flying”, however, is without gas due to lack of money, no life other than work, poor health, or some combination.
At this point, employers need to remember the aviation safety briefing, which we all hear 100 times. “Before helping others, wear a mask first…” This is not selfish. This is to help you stay healthy and functional. Become a small business champion by keeping your door sign “open” and serving your customers, employees and community.