What does it take to be a business owner?

Always dreamt of having your own business? Perhaps you’ve fantasised of being able to plan your own day or want control over your workload –  but do you actually know what it takes to be a business owner? We help thousands of businesses get started every year, so you could say we have some experience. Here’s what we consider to be the most important requirements for getting your business idea off the ground:

Get organised

Whilst you may be the only person currently involved, it’s important to think like a business. Create appropriate business plans and a schedule so you don’t get overwhelmed. As your business grows, so will your schedule, therefore organisation is key. Always stay on top of commitments and meetings, or look to hire someone who can help with this as the business expands.

Be committed

You may be juggling commitments such as a job or childcare in the beginning, but as the business starts to take-off you’ll need to dedicate a huge amount of time to make it a success. If you can’t fully commit you should consider getting a business partner to help with management when you’re tied up.

Network, network, network!

Take as many opportunities as you can to socialise – with the aim being to meet different people, not just people in similar circles. You never know who you might bump into and how they could help your business further down the line. It’s all about building up your contact book.

Seek help when needed

Starting a business can be hard, but there’s no shame in asking for help – even the most successful entrepreneurs had a little assistance along the way. Utilise any help you can get and always ask for advice if you meet people who have been through similar experiences.
 

Don’t be afraid to get stuck in

Once you have a team behind you it can be easy to delegate work, but it’s important to show that you can ‘get your hands dirty’ when it matters. Try to help out when you can – as well as keeping you involved in the day-to-day running of the business, it will set an example to staff.

Prepare to make hard decisions

Part of being a business owner is being able to have the final say – and this will mean making difficult decisions. Be prepared to make unexpected cuts to projects, or perhaps even staff. Sometimes plans don’t go as expected and you will be the person others look to handle it.

Adapt to changes
Always be prepared for the unexpected. Businesses, especially when first starting out, are susceptible to changes – learning and adjusting is part and parcel of a startup company. How you learn to adapt and take on changes will be one of the best learning experiences.

Stay ahead of the curve

Startups are increasingly more tech-savvy, so it makes sense to have an awareness of any updates or new features that could benefit you. This also extends to social media and the rest of your marketing strategy. Keep an eye on trends and test where you can.

Know your customers

It’s crucial that you know exactly who you are targeting – so go out and meet potential customers, read reviews, ask for customers’ opinions and make sure you are interacting with them on social media. Analytics are great, but you won’t know who your customers truly are by sitting behind a desk.

These are just a few qualities needed to start a business, but we hope this helps you decide whether it’s for you. If you’re looking to get started with your business, take a look at our formation packages and get in touch if you have any questions. In the meantime, you can check out our support page for handy explanations covering all of our services.