Business Ownership: Do You Have What It Takes?

There are those who lead and those who follow. If you are a leader by nature and currently working for someone, you may feel that your talents are going to waste. The good news is that there’s still time to take charge of your life and become your own boss. However, before turning in your resignation it’s in your best interest to understand everything involved with owning a business.   

The Money 

In order to support you and possibly a family too, you must have money. Some business owners, like massage therapists, don’t necessarily have to have tons of money to get started. Instead, they need enough money to cover the basics, as well as the knowledge needed to find a luxury massage table and chairs and lease a location for the business. However, to give yourself every opportunity to achieve success, you should have at least six months of your estimated expenses tucked away in savings. On the plus side, if your startup is an established company, you may be able to acquire a loan from a bank to buy the business.


When you own your own business you create a work schedule that gives you flexibility. For example, if you aren’t an early morning person, you can change the hours you work to benefit you. If you have a family event coming up you work around it.


As a business owner, you are the one who has the final say on anything related to the business.  This, however, also means there’s no one else to answer to or blame, so if you make a decision that doesn’t work in your favor, it comes back to you.


Running a business isn’t just about making money. In order to make money, you must practice dedication, work long hours for the first year or two and keep things organized. Having the proper equipment and programs in place such as software on your computer for invoicing, farming out or services like payroll and accounting and having adequate office furnishings and supplies and space are all critical to your success.


You can’t make sales if you don’t market your business. Launching a successful marketing campaign out of the box is something that can help you start your business in the right direction. Thankfully, with continued advancements in technology more small business owners are enjoying a comfortable lifestyle. For example, social media makes it easy to advertise your new business cost-effectively. Since most new entrepreneurs don’t have a large budget for marketing, using social media they can attract people to their website for pennies a day.


Before putting out the word that you are open for business, it’s essential to have a stellar website. Without one, people will not view your business as legitimate. Try to make it informative about the business, your humble beginnings and your goals. A new addition to business websites is animated whiteboards. These videos help to capture and hold the attention of viewers allowing the material contained in the video to sink into their minds. It’s also in your best interest to make it easy to maneuver from one place to another.

Know the Competition 

No matter what business you intend to open, someone else in your area, or more likely, many in the area have one similar. Before announcing your opening, get to know the competition. Find out everything you can about their dealings, especially if they are well established. A few learned tricks of the trade can help you start out experienced in your field and as such gain more sales.

With job uncertainty, underpaid or overworked employees, it’s easy to see why so many people today want to run their own business. However, before making the leap from employee to business owner, make sure you understand the risks, know what’s involved and that you have the stamina to make it a success.