Things Every Business Owner Should Know

1. Why you are in business. For the vast majority of business owners/managers the obvious answer is 'to make money'. But for most, there are one or more secondary factors that caused you to make the choice to go into business for yourself. It could be that you needed a supplement to your income. Maybe something to do with your time. Or the chance to do something you really enjoy, to give back to your community, or to gain some independence in your work life.
   
   
2. Who your customers are. What is the gender, age range and location of your typical client? What are their income levels and are they extravagant or budget conscious? How about his or her hobbies, tastes and beliefs? Try to form a mental image of your typical customer.
   
   
3. What you have to offer your customer. Beyond a basic list of your products and/or services, think about why your customers choose to do business with you. What benefit, use, profit or knowledge does that person receive?
   
   
4. Who the competition is. Try to answer these same questions for the other guys in your field. How are you alike? What are your differences? And do you know how to turn those factors into advantages for you?
   
   
5. Your level of commitment. It's said that up to 80% of small businesses "fail" within the first 5 years. Most of these are caused by poor planning and/or giving up. What about you? Is your venture something that you decided to "just give it a try", or do you have a passion and desire to succeed?
   
   
6. Where you will be in five to ten years. Are you still in business? Is it much the same as it is now, or do you have more locations, more employees, more profits? Maybe you just want more work where you are. Maybe you want to go from part time to full time. Indulge your dreams, whatever they may be!

©2003 Vanessa Shelton   info@vanessasdesk.com   (404) 285-7935