If you’re considering buying a small business for sale or taking a lease out on a spacious retail premises, going into business for yourself will be your next career challenge. Although you might get to a point where you can work a few hours a week or work anywhere in the world that has internet, this is probably many years away! So, before you take the plunge, what are the signs that you will succeed? Read below to find out if working for yourself, will work out.
Reasons that small businesses fail vary far and wide, but a lack of long term vision will certainly not do you any favours. Therefore, what do you stand for and what do you want to bring to the world? Many people open a business as a response to a problem that they have a solution to, whether it be in the form of a new product, way of life, or service that can provide. If this is you, it most likely means you have an entrepreneurial streak. Nurture this! For some people this means allowing enough down time to be creative and for others it is about fostering a working environment that encourages the ongoing search for better ways to do things. Not only should you live this, but design your processes, procedures and business structure in such a way that this is supported. Most likely, it means that profit (at least in the short or even medium term) is not the number one goal of the business. Knowing this, and preparing accordingly, can make the hard yards slightly more bearable, especially as you achieve the proactive steps you have taken the time to identify previously.
Many business greats have made their ventures a success because they have catered to their strengths as creators and CEOs. Ask yourself not only what you’re good at, but what you can uniquely perform that not many others can. Not only will playing to your strengths cut out a lot of the initial research and prepping that might be required to step into a completely new business area, but using your favourite skills will ultimately result in a more fulfilling professional life for yourself. This is not to say that you should not improve on areas where you lack expertise, but allowing other subject matter experts to take the helm or advise you in any fields where you’re deficient, will result in a stronger team that can achieve more.
The saying that insanity is doing the same thing over and over and expecting a different result is clichéd, but quite relevant to the new business owner. Although actions can never be truly the same as contexts and circumstances will always evolve, sitting back and waiting for the market to change to suit your idea or way of doing business is highly risky. Making mistakes in business will be inevitable, but learning from them and evolving will be your key to building a stronger brand.