Two of the companies I worked for went out of business. Looking back, I now understand why these companies failed. There was mismanagement, no quality control, lack of incentives for employees, poor moral, and mini-dictators in every department. The bottom line is that top management just did not care.
Before you begin a business, it is important to find out if you have the qualities necessary to run you own business. There are many ways to become a business owner including:
a) Start a business from scratch
b) Purchase an existing business
c) Buy into a franchise system
Each of the options listed above have their advantages and disadvantages. However, they all have something in common: You have the power to control you own destiny. A business lives or dies by the owners decisions.
You must ask yourself these questions before you begin any type of business:
1) Do I have good customer service skills
2) Can you relate to employees in a positive manner
3) Are you decisive enough to make important decisions
4) Can you delegate without micro-managing
5) Are you organized
6) Do I have the persistence needed to build a long lasting brand
7) What is my vision for the company
A successful business takes time to build. One must grow the business in such a manner that it does not grow out of control. Employees must be trained before you open for business. Ensure you have enough start-up capital to cover all expenses during the initial start-up phase. A feedback system should be in place to receive customer comments.
Operating your own business is an exciting and rewarding experience. To be successful, you need to follow a well thought out plan and have the persistence to see it thru.