7 steps to owning your own business
Australia is an increasingly supportive place for owning your own business, with the number of actively trading businesses increasing 3.1 per cent in the year ending 2017. Young entrepreneurs have never felt more free to work hard at their goals and achieve business success in their fields of interest. While the tech revolution may have made things easier (and in some ways more complicated) for business owners, there are some things that never change. Here are 7 unalterable steps to owning your own business and doing it right.
1. Find what you are passionate about
With the amount of dedication, not just of your time but of your emotional capacity, physical energy and finances, it is important to find an industry you’re passionate about and care about the business you own.
Narrow your options down by assessing your personality, ruling out those areas you know you aren’t interested in, talking to others in the industries that do interest you, and follow your intuition!
2 Plan the lifecycle of your business
When thinking about owning a business, it is important to know where you see it going, and where you see yourself in that growth. What is the business lifecycle? Do you want to start a business so that you can sell it, or is this something you want to own even when it has passed the point where it is worth the most on the market.
Do your market research to know just what the growth patterns are for similar businesses, when do the sell and for how much.
3. Seek advice from business leaders
It is important to have some form of mentorship as a young or new business owner. Seek out those that have considerable experience within the very industry you are breaking into. It is even better to have advice from those who are both new and old to the business, as they will be able to offer you advice on different aspects of owning a business (e.g. digital marketing vs. employee management may be addressed differently by those with different levels of experience and time in business).
4. Find your financing
Obviously one of the most important aspects to owning a business, you need to know that you can survive if the business fails, and to put yourself in a financial position that limits this possibility.
The type of financing you acquire may depend on the business lifecycle you are following. For example, if you are looking for venture capitalist support, you may go direct to private investment rather than to a bank.
Become a master of networking, as even if you do not find financiers for your business, you would be surprised how many times in your life people you have met 10 or more years prior may play a large role in your business.
5. Look at the competition
The most important tool on your belt is knowing all about your competition. The team at Magnum and Wines analysed their industry and through this identified a gap in the market. Always look at both what other businesses do right and what they do wrong, and you may discover gaps in the market that you can target your business towards resourcing.
6. Create a clear marketing strategy
Online strategies for your marketing don’t necessarily make or break a business, but successful digital marketing can propel a business far beyond your expectations. Understanding such digital marketing concepts as Search Engine Optimisation is just one of the many parts to a successful digital marketing strategy, and one that should always be evolving when owning your own business.
7. Find the best staff
In the end, your staff are your business, so it is important to learn how to network to find great employees and partners as well as how to conduct a job interview when owning your own business. Never be afraid to hire those based on their character, as skills can always be taught but character cannot. This is even more important at startup stage of a business, where responsibilities are muddied and it requires a team effort and hard work to pull in new business.
8. Know what your role is
It can be confusing to know what your role actually is when owning a business. As you employ more people, especially managers, you may be reticent to let go of responsibilities that you may have even spent time and money learning the skills to perform. Consult with other business owners and courses to learn how to evolve your own role within the business so that you do not stifle growth but actually foster it.