You want to start your own business, now what? How do you run a successful, profitable company? I decided to be my own boss and open a The UPS Store over seven years ago. As a small business owner, I’d like to share some tips that have helped me become successful.
Create a business plan – A business plan defines your business, identifies your goals, and should include your mission statement and values. Some basic components include market information, a competitor analysis, company structure, the business model and a financial plan.
Know why you want to be in business – Some business owners try to go into business for themselves because they hope it will be easy money, less working hours, and fun to be the boss. For some, it’s a disappointment when they realize the number of hours, dedication and hard work that’s needed to be successful. Be realistic and research the amount of time you’ll need to invest in owning a business.
Create a marketing plan – How will you reach new and current customers? Marketing is essential to getting the word out about your business. Create a plan and set a budget for marketing. The UPS Store helps business owners through its Small Business Solutions website, where it lists marketing service providers that business owners can take advantage of at a discounted rate. Need help deciding what marketing materials fit your business best? The UPS Store offers Small Business Tool Kits, designed marketing products and services packaged in a convenient affordable kit to fit your marketing needs.
Decide the ‘culture’ of your business – A company culture is the shared values and practices of the company’s employees; this can make or break your business. Look at what kind of culture will work best for your organization. Review your mission, vision and values and make sure the company culture you are designing supports them.
Set goals – Set weekly, monthly and yearly goals for yourself. Try to be realistic – expect the best but be prepared for the worst.
Don’t let setbacks get you down – Life is full of surprises. Don’t let them get to you. A strong boss can handle life’s unexpected moments with integrity and can embrace change.
Work hard - Initially be prepared to work long hours to get your business established. The saying goes, “If you build it, they will come,” but be prepared if they do not come right away, and be ready to work hard to create a successful business.
Catering to your clientele – Don’t speculate on your equipment needs. Build a clientele first and ask the customer what they want. The last thing you want to do is have equipment sitting around that’s not generating any revenue.
Utilize business resources – Establish your business partners that you can go to for various jobs that are not within your capabilities. There are a significant number of resources available to business owners; see which partnerships make sense for your business. Not sure where to start? That’s the whole idea behind Small Business Solutions from The UPS Store. Through relationships with valued service providers, you’ll get exclusive deals on the types of business services you need most.
For more than 30 years, entrepreneurs have been benefiting from franchise ownership with The UPS Store and other franchise ownership opportunities. Now it’s your turn. Learn about opening a The UPS Store and become your own boss.
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