Most of us do not enjoy the feeling of rushing from one thing to the next. Starting a business can make you feel that way, particularly if you did not take enough time to plan from the beginning. It does feel chaotic at times. You might need to deal with customer requests, follow-up from networking events, there’s ongoing employee issues and responding to that last minute request for proposal, all in the same day. When you start a business without a plan there will be many days when you will feel like a chicken with you head cut off. Running a successful business has a long learning curve. It’s 7 course meal, not a fast-food experience.
Here are 4 P’s to starting and running a successful small business.
Passion — Determine your calling in life and make that your business. Determine what you would do for free and figure out a way to get paid for it. When you love what you do you are far less likely to burn out. Your #1 job is to be enthusiastic about your business. If you are not excited about your small business no one else will be.
Planning – Success doesn’t just happen by default – it’s something you plan for. You must understand what skills you have and what skills you need to make your business successful. Plan your life and your business. In the beginning you may feel like your business owns you, but make sure to take at least one day a week to recharge yourself. Plan your finances before you start your business. 98% of the time start-up businesses are self-funded. Save your money and get your credit in order before you start your business. Read as much as you can about your business. It is important to know your market including the trends in your industry and make sure you have a niche focus. Once the business starts rolling, plan for growth and a rainy day.
Perseverance -If starting a business was easy, to everyone would be millionaire entrepreneurs and no one would have jobs. When you step out on faith with the determination to earn your own paycheck that is one of the bravest things you will ever do. You will hear “No!” more than you will hear “Yes!” Your ability to stay optimistic will be what separates your business from the competition. Take responsibility when you do not keep a promise to a customer, and then work to build a better relationship with them. Give them plenty of attention. You would be amazed how a mistake can build an even stronger relationship. Stay away from negative people, and if you are married to one try not to talk about the business at home. Surround yourself with other entrepreneurs -you will gain strength from each other.
Patience – Keep in mind that you will need to be patient with your customers, patient with your employees, and patient with yourself. Things will never happen as fast as you thought they would in your business plan. Starting a business is a learning process. Do not waste time dwelling on mistakes. If all else fails, learn the lesson and know that tomorrow is another day.
If you have another P to suggest, leave a comment. I want to know what has worked for you in your business.
Hi Melinda!
Love the site – impressive. “Profit” is a word I might suggest. So often, folks may forget why they are in business – passion and interest not withstanding. If there is no profit, there is no business.
I am working my way through the whole site – will comment along the way. Great job!
Morris
Positive Attitude!… I guess that is two words :), anyway it is hard to do in stressful times but it is a necessity.
Proofreading. All public materials and internal business correspondence should be proofread, not just spellchecked, to avoid mistakes like your “waist” instead of “waste” above. People judge your ability to get a job done right and your attention to detail by what you write. Make it count as a good impression.
Praise! A simple “thank you Father God, in the Name of Christ Jesus” for the little itsy bitsy, things will add more life to your life, and hours to your day!
Personality. without it, you’re just another cog in the system 😉
Thanks Melissa. Great post and also great comments folks. Especially “profit”. I have been so wrapped up in trying to develop my brand, create good content, make relationships etc. I haven’t really focused on the Profit/money-strange, as ‘business’ suggests money making etc. I need to get on with the ‘business of profit’!
Penny pinching! I always heeded the admonition that if you ‘watch the pennies, the dollars will take care of themselves’. Often times, the economic market demands that we trim any unnecessary or excessive spending. We should never be unrealistic about what we can really afford.