Congratulations, you’re a new college graduate. You achieved your hard-earned mba degree. Now, what’s next? You could go the traditional route and join the ranks looking for full-time employment. However, if you don’t want to take the normally paved path, you may be looking to open your own small business. Becoming a business owner is not an easy path, but many Americans have found their true heart and soul becoming business owners.
Small Business Ownership- A Popular American Sport
If you decide to become a business owner, you won’t be alone. Over 36 million Americans reported small business income in 2009, according to the New York Times. In fact, small businesses are a critical component of America’s economy. As you join this wave of entrepreneurs, there are some important points you should know.
1. Real World Experience
If you have no experience with running a business, you’ve got to get some. This includes all the stuff you won’t learn in a lecture hall at college. A great way to do this is by doing internships with other small businesses and even interviewing business owners. Don’t be afraid to ask in-depth questions, especially from someone who owns a business in a similar field to the one you want to own.
2. A Solid Business Plan
When starting a new business, a solid business plan is crucial. You’ve got to know your processes and start building them immediately. This includes accounting software and efficient ways to start building a strong customer base and begin maintaining great customer relationships from the very beginning.
3. Money and Marketing
When starting a new business, many new owners get caught in the details and never get to the actual business of making money. They forget that without money, they can’t survive. Customers are the life blood of any business. You’ve got to know how to get them, keep them, and get more. As a new small business owner, you will need to spend a great deal of your time building your customer base.
4. You Need Capital
Getting a business started; takes money. You can’t make cookies without ingredients. It works the same way with starting a business. You need funds to purchase the ingredients to get your business started on the correct foot. You also can’t do it by yourself. Hiring the correct support staff, will make your life so much better. Don’t mooch in this area. You need to get the right person or persons hired. They need to be hard workers and experienced. You don’t need lots of inexperienced staff working for you. It’s best to have at least one well cured veteran in a business office to keep things starting on the correct foot.
5. Learn Quickly from Mistakes
Mistakes are part of owning a business. Learn quickly from your mistakes, and don’t make the same mistakes twice. Stay humble and always open to new ideas. It’s important to carry out your business plan, but don’t be closed to new ideas.
Owning your own business is a dream that’s achievable, and you can do it with the right plan and path.