Succession For Business Group | Business Development | Small Business | Succession Planning | Melbourne | Warrnambool

photo credit: stefan.erschwendner

This is the first of a two part series that provides ten tips about running your own business.

1. Have a Clear Goal

It can’t be overstated that knowing what you are trying to achieve will help you to achieve it.  Just wanting to work for yourself is not good enough.  You need to be passionate about what you are trying to achieve

2. Be Diligent

There is so much to do when you are running your own business that it is easy to get side tracked into the things you enjoy doing.  Remember that even the things you do not like doing need to be done well.

3. Think Outside the Square

Creativity can help your business survive unexpected dips in the demand for your core activity or product.  Be prepared to think about adding other components to your business so you are less vulnerable

4. Know your Competitors

Your business competitors are competing with you for market share.  That means revenue!  Unless you are good at creating demand for your product or service you need to protect the revenue you earn along with finding new ways to increase it.  Undertaking a little corporate surveillance will help keep you in touch.

5. Running a Business is Hard Work

For many people the dream of owning their own business does not include any of the negative aspects.  You might find yourself working longer and harder than you ever did for someone else.  The reward for this is knowing that the proceeds of your hard work are yours to keep.

Stay tuned next time for the second part of the ten things you wish someone had told you about working for yourself.