Owning Your Dream Business
America is considered the land of opportunity. For many Americans, this opportunity includes owning and running your own business. Although big businesses were popular for a long time, small businesses are starting to make a comeback. Regardless, in an economy based on entrepreneurialism, it is important to consider why some businesses succeed and why some fail. Consider these Dos and Don’ts if you plan on creating or taking over a business.
Do: Think Outside the Box
In an economy prided on tried and true brand names, it can be hard to break into a business that already has staunch customer trust behind it. Sometimes, a great a idea that is different than the rest can really flourish. However, if you do have an idea that is similar to an already-existing company’s idea, make sure that it is different. You should do this not only to avoid any sort of legal issues, but also to provide variety for people who are already interested in that Brand. For instance, Apple kind of championed touchscreen smart phones. However, in the age of competing smartphones, Moto just released a smartphone with add-ons, which is something that was unheard of before it. Dream big and continue to expand that dream (Like Apple and the Apple Watch!)
Don’t: Get Messy
Things to consider, especially with larger business, are hiring others to do work that will slow you down. Fortune 500 companies have slews of people doing things that are necessary for their business : lawyers, accountants, tax preparers, payroll committees, and many others. Even if you are not a Fortune 500 company, it is worth it to consider getting people to do things you are less comfortable with. Have no idea how to do business taxes? Consider saving your own time and paying someone to do that for you. After all, your time is your money.
Do: Be Personal
In an age of Etsy and Freelance working, there is nothing people hate more than canned responses or impersonal ideas. Even if it means hiring someone to do it, make sure to keep in touch with your client base. For larger companies, this will mean having someone be in charge of social media, email and traditional marketing. For smaller businesses, this could mean the same thing on a smaller scale.
Don’t: Get Personal
One of the biggest mistakes that small business owners make is lashing out at customers who don’t like their services. Chances are you’ve seen this happen: For instance, a business Yelp account leaves a lengthy response to a bad review. Regardless of how great a company is, there will always be someone who doesn’t like something you do or a product you sell. Don’t try and save face by responding to these criticisms — it only makes your company look desperate. Instead, learn from those criticisms, and if you really feel like responding to the bad review, only do so in apology.
While these do not nearly cover all of the intricacies of owning and operating a small business, they are definitely suggestions to start with. In the mean time, should you have any other questions, reach out to us! We try to respond in 1 business day.