We're so excited to have Julie Beckwith as our guest author today! As the owner of Living on the Patio, her latest entrepreneurial launch, Julie is no stranger to the professional world.
She's written an informative post about the 4 key elements every business owner needs to have in order to create a profitable venture.
Read on to gain insight from Julie as she shares her expertise and tips on how to create a successful business.
Many people dream of starting their own small business: there can be emotional as well as financial benefits to pursuing your passion and creating a valuable asset from scratch. Small businesses are the backbone of any economy, as almost half the US workforce is employed by small business. And many people are deciding to move forward on that dream. Numbers released by the U.S. Census Bureau stated 5.4 million new business applications were filed in 2021.
If you are one of those who plan to launch your own business, here are 4 things you need to be successful:
- Have a business plan
- Become a sales person for your business
- Learn good financial habits
- Commit to ongoing learning
1. A Business Plan
The value of a business plan is really to help you, the owner, truly evaluate the feasibility of a specific idea. Particularly you, as the owner, want to know if this specific venture is worth the time, money and effort you will put in to achieve success, whatever you define that to be. The process of writing a business plan may help your perspective and widen your view of the opportunities available as well as the challenges and hurdles you may face.
And today creating a business plan is quite easy. You can start your own business plan from scratch or use a business plan template. Books are available at your local library but there are many templates available online, for free. A possible resource for help is the U.S. Small Business Administration, which offers guidance about business plans online – click here for more information. Your business plan will become your blueprint for success.
Related: The Three Secrets of Highly Productive Entrepreneurs
2. Become a Sales Person
Sales is sharing knowledge and enthusiasm. And as the owner of your business, you need to be its main cheerleader. Your responsibility is to communicate the features of your product and to educate others about the benefit of doing business with you. Let me repeat that – you want people to do business with you, not your competitor. So while offering your product or service, you will be selling your self – your knowledge, your experience, your influence, your value, your trust, your expertise, your credibility. Remember, you are a product, too: in addition to offering that quality service or product, you do need to communicate what you stand for – people like to do business with people they like, admire and respect.
Related: LinkedIn Marketing Strategy for B2B: 6 Smart Ways to Use LinkedIn for Marketing
3. Good Financial Habits
Usually someone starts a business because they are good at doing something – woodworking, sewing, baking, etc. You may not have experience in understanding or managing business finances, but you will need to learn how to make your business a profitable one.
Start with your personal finances as there are some similarities between personal and business finances. For example, it’s important to have a good credit rating whether it’s personal or business. To have good credit, you need to pay your debts easily and timely. It’s also important to set aside time each day or month to review and monitor your finances, reconcile accounts, ensure adequate cash flow and budgeting. Having your finances in order is critical for you to be able to operate your business in your core skill.
Related: How Parenting Principles Align with Business
4. Commit to Ongoing Learning
Our world changes rapidly. New technologies, practices, industry developments can directly affect you and your business. So keep learning – continuous learning enhances our cognitive ability, increases our problem solving and memory capability, helps us adapt to new circumstances and helps us avoid tunnel vision. Develop a schedule for learning and make that time sacred.
About the Author
Julie Beckwith is the owner of Living on the Patio, her latest and most recent entrepreneurial launch. Previously, she was product manager for US Bank, the 5th largest bank in the USA, as well as the owner of one of the top marketing agencies in the Rocky Mountain West.
