Owning your own business can have its ups and downs. It is nice to be in charge, make your own schedule, and be flexible with how your spend your time within the company. Creating a business plan is very important in the beginning, setting goals for the company and understanding where you want to see your company in the future are very important strategies to implement.
TheNetworkJournal.com wrote an article about keys to owning your own business. Below are some of the tips that I found to be helpful
Follow Your Passion
Select a business that allows you to work in your “passion” field. For example, if your passion involves preparing meals for large groups of people, you could open a restaurant, banquet hall or fast-food stand. Working in your area of passion will motivate you to meet your goals and to “hang in there” when customer support lags or access to capital stalls. Passion will also help you to commit to the success of your firm.
Writer and mountaineer, W. H. Murray, put it well when he said, “Until one is committed, there is hesitancy, the chance to draw back, always ineffectiveness. Concerning all acts of initiative (and creation) there is one elementary truth, the ignorance of which kills countless ideas and splendid plans: that moment one definitely commits oneself, then Providence moves too. All sorts of things occur to help one that would never otherwise have occurred. A whole stream of events issue from the decision, raising in one’s favor all manner of unforeseen incidents and meetings and material assistance, which no man could have dreamed would have come his way.”
Create a Business Plan
Dedicate one month to writing your business plan. Anne Wenzel, CEO of Econosystems (a consulting firm for small businesses) states that, “To successfully create an effective business plan and strategy document, you should commit to setting aside several hours of uninterrupted time each week for several weeks.” Include the following areas in your business plan: Overall Summary, Mission Statement, Company History and Executive Team, Marketing Plan, Financial Statements and Market Analysis.
Of the above business plan components, it is market analysis that will help you to measure the public’s appetite for products and/or services that you offer. Market analysis includes demographics about your potential customers (i.e. age, gender, hobbies, marital status). Market analysis also includes market trend studies and the numbers of competitors in your industry.If you start a company in a saturated market, you could still achieve success by focusing on unique and distinguishing identifiers that your business possesses. For example, you could offer a product or service differently. Amazon.com did this when they offered books at discount prices for sale over the Internet. They recently extended their offerings when they rolled out Kindle, a tool that allows readers to enjoy a story with the click of a button. For more information about business plans, check out the Small Business Administration’s “Small Business Planner” section.
A credit score is very important. Having a poor credit score can reflect and even restrain you from purchasing things you both want and need to survive. A credit score scale is what measures your actual credit score and explains the impact.
There are several factors involved with a credit score. The FICO score is a number that ranges from 0 to 780. A good credit score is one that is above 620. Not making payments on time and collection accounts reflect poorly on credit scores.
Below is a helpful video about how to rebuild your credit score.
