
So You Want To Own A Business
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  A few years ago being an executive with a large corporation was
the socially and economically fashionable way to spend your work
life.  With so many frustrated middle managers things have changed.
Today it's at least as fashionable to start or buy your own
business.  Seeing how many successful businesses you can own is
becoming the mainstay challenge to many your entrepreneurs.  If your
dream is to own your own business, keep these points in mind:

1 - Look for a business idea that has a part which is a sales
repeater.  Often your main product is a one-sale only, but the
profit is in the repeater item.  Some examples are film for cameras,
vacuum bags for vacuum cleaners and ribbons for typewriters.

2 - Find a gap in the market that you can supply or service.  Search
in your own lifestyle for things you need that are difficult to
find, that aren't serviced well, or that are of poor quality.  Your
business will be fueled with purposeful enthusiasm if you can find a
genuine need in the marketplace.  3 - Try to find a business where
you get paid up front.  The post office and the insurance companies
are great at this.  They charge you before you mail the letters or
receive the coverage.  This eliminates or lessens the accounts
receivable problem.

4 - If you have to sell shares in the company, use a larger number.
It sounds better to own 500,000 shares rather than 50.  It's easier
to raise smaller amounts of money from several sources rather than
huge chunks from one or two.

5 - When you have your idea for a business write out a plan.  It
will be your business roadmap for the future.

6 - Begin on a small scale if you choose a start-up.  You can only
increase and it costs less if you don't make it.

7 - Be persistent with making your idea successful.  Henry Ford
commented, " Business is never so healthy as when, like a chicken,
you must do a certain amount of scratching for it."

8 - Learn every facet of your business thoroughly.  Then teach
others to do it and delegate it to them after they're proficient
enough.

9 - Want ads and employment agencies are effective ways to find
employees.  Hire people who are better at a task than you are.
Favor enthusiastic amateurs over seasoned experts in hiring.
Experts are great with all the reasons something will not work or
cannot be done.  Enthusiastic amateurs think anything can be done or
learned and they think they can do it or learn it.  Attorneys,
accountants and consultants are obvious exceptions to this.  When
you employ these professionals find the most proficient and skillful
ones you can find and prefer the out- going ones who can do a real
song and dance for you if they have to.  Be careful of the out-going
ones who are not proficient.

10 - Have your attorney look at any business transactions before you
sign them.

11 - Teach everyone in your business to be sales oriented.  This
means they have to know how to answer the telephone and appropriate
phone manners.  Always answer a business phone before the 4th ring.
Don't leave anyone on hold longer than sixty seconds.  Call them
back.  Their time is valuable too.  Everyone who enters your
business should be treated warmly and acknowledged pleasantly and
immediately.

12 - When there is a problem with a customer, maintain your
graciousness.  There's no excuse for you to be rude even if he is.
Remember the goal is to satisfy your customer so he will tell others
about your good establishment and become a happy repeat customer
himself.  The goal is not to be right or have your ego soothed by
rudeness.

13 - Know what the weak areas in your business are.

14 - Collect payments due to you.

15 - You have to excel in quality and service, not necessarily
price.  Set your profit first.  Then add your business costs to
that.  This way you have enough to make doing business worth your
while.  Try not to charge the highest prices or the lowest.

16 - Find an accountant and attorney who specializes in small
businesses.  They are usually smaller firms themselves.  Plan for
these relationships to be long-term.  Realize they are usually of a
more cautious and pessimistic nature than you are.  You pay them for
this.  They're doing their job.  It's also usually their
temperament.

17 - Purchase plenty of insurance to protect yourself and your
business.  Make business decisions as though you weren't insured.

18 - On suppliers, be careful of those who give low initial quotes
to get your business.  They have to make a profit so they will
usually raise prices on you.  Buy only what you need before you need
to have it.

19 - Spend money to market your products only after you understand
your customer's lifestyle and needs.  Target your market and study
the demographics of that market.  Knowing your customer's needs will
help you select future products and services.

20 - Make your business successful by making others successful.
Teach them how they would benefit from your product.

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Resource Box - Available from your local library THE START-UP
ENTREPRENEUR by James R. Cook; DOING BUSINESS WITH THE JAPANESE by
Mitchell F. Deutsch; FORMULA FOR SUCCESS by Lawrence J. Appley; MARY
KAY ON PEOPLE MANAGEMENT by May Kay Ash.
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Service for Entrepreneurs, Managers & Business Professionals.
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