Many businesses lose money yearly because they don’t think creatively about
future. They run their businesses doing what they think they should: dealing with customers, dealing with problems, ordering for their business, and paying their expenses. They act like their business is a job. They are surviving and that’s it. They are not looking at big picture. They need to use their business as a stepping stone to success. Picturing themselves as a successful business person, and setting up a plan to succeed. Many of businesses today are started by people who have been downsized or laid off. They are used to showing up for a job and getting paid, and this is how they are operating their business.
The first thing you must do is to find out what you are really good at. Many people want to know, “How can I make more money?” Unfortunately too many business people never ask themselves, “What am I good at?” They need to do so, and then ask it again every time they want to do something new. This is one of biggest reasons businesses fail. The owners did not focus on what they were good at and did best. This does not mean you can’t try something different. What it does mean that it is best to go with skills and experience you already have.
The second thing you need to do is take an objective look at yourself. Take a piece of paper and write down what you can and can’t do. Picture yourself hiring you. Would you hire yourself? Would you be impressed? What do you know best? What are your hobbies? Can you turn that hobby into a business? Remember you work best at something you enjoy.
I was an exceptional secretary, so I started a word processing business. I loved typing and taking dictation by telephone, writing up letters, proposals and setting up identity packages. However, I hated having to drive around town to pick up and deliver projects, and cold calling for business. So after losing money, I shut down business. A couple of years later I started another business where I was assistant to businesses, but worked from my home. I got to do all secretarial aspects, but out of a home office. All I had to do was send flyers and mailers to independent contractors. I also worked with answering services for referrals and gave them business, plus a cut of my fee.
What this means is you need to discover what your likes and dislikes are. People like to work at things they do well. They enjoy themselves more. A test for you is to think back over last couple of days. Then make a list of things you enjoyed doing. Think about when you were happiest and what you were doing.
The third thing you need to think about and be able to recognize is: What your competitive edge is. After you do above test and find out what your strengths are, you will find that some of these strengths give you an advantage over your competition. Do your particular strengths and abilities help you provide exceptional customer service? Can you do something or produce something that others can’t?
