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Fear of Success – Overcoming the Unknowns As a Solo Business Owner

As is the case with most of us, we go into business for ourselves because we feel we can offer a better product or service and be more successful. A vision of success and personal drive brings us into the world of owning our own business and now that we are here most of us suffer from that paradoxical fear of being successful. It sounds odd that we would go into business for ourselves and then be afraid to succeed, doesn’t it? This is because our desire to succeed in business has nothing to do with our fear of being successful.

Success is scary. It requires that as a business owner we do things we may never have imagined or thought ourselves capable of.

The fear of success in business hits us squarely between the eyes and without warning; often within the first few months of starting our business. Fear comes with the recognition that we are now responsible for much more than simply making widgets or providing a service. The fear envelops us as we realize we don’t know a third of what we should to make our business sustainable. How many times have you said, “I didn’t sign up for this.” or “All I want to do is make and sell my product.” Business taxes, Client Relationships, and Sales are all contributors to the fear of success that builds within us right after we turn on the “Were Open” sign.

Know what you are getting into and what it takes to succeed in the business. Just because you believe you can make a better widget does not mean you understand the process of managing and marketing the business that makes them. Do your homework about the business. 90% of all small businesses fail after the first year because the business owner failed to do the necessary research about their business. So before you turn on the “We’re Open” sign spend some valuable time researching whether or not your business even has a chance in the market and that you have what it takes to meet all the challenges necessary to succeed. Find out how many businesses like yours already exist, how successful they are, and how many have failed. You will get valuable information from those that went before you in both their successes and failures. You may surprise yourself and find you have a gold mine or you may find what you thought was a great money maker turns out to be an unsustainable venture

Unless you have the capital to hire outside agencies to manage all your business needs you will be doing it yourself. Spend time reading up on necessary business aspects such as marketing, licensing, developing a business plan, financing, loans, grants, and website development. You don’t have to be an expert in these fields but you should make yourself familiar with them and analyze how your business may be impacted by these factors. The sale and success of your product or service is dependent upon all these things and when you realize you don’t know anything about “Selling the Sizzle” “Product Liability Insurance Premiums” or “Price Points”, you realize that becoming successful is a very scary thing.

Be confident. Be educated. This is what is going to make the difference in whether or not you succeed in your business. You may doubt your knowledge and qualifications. You may call into question your abilities and ask yourself “why am I doing this?” When this happens and the fear seems overwhelming remember what brought you to start your own business in the first place. It was a vision of success and personal drive. Use your fear as a motivator and don’t let it paralyze you. Prepare yourself for the unknowns in the business world by doing the research first because the unknowns will eventually find you. Familiarize yourself with the jargon and concepts of managing a business but most of all remember – If you believe in yourself and that you can succeed… then you will.

5 Ways Business Value Statements Impact Business

DEFINE THE FUNDAMENTAL VALUES BY WHICH YOU WILL RUN YOUR BUSINESS

Okay – so now that you are here, you know that:

  • Your Business Mission Statement provides a path to understand the business vision in line with its values; defining your business’ purpose and primary objectives
  • Your Business Vision Statement defines both the purpose and values of your business and can encourage you to achieve defined objectives, even if they are objectives that stretch you, knowing that the vision is SMART (Specific, Measurable, Achievable, Relevant and Time bound).
  • Your Vision Statement also defines your business’ reason, in terms of your business’ values.
  • These statements have a direct influence on your business’ bottom-line and success.

Business Values are guiding beliefs about how YOU want things done.

Value Statements: You demonstrate and represent your values in action in your personal and work behaviors, decision-making, and interpersonal interaction.

Here are a few value statements:

  • Marketing is a constant, learning process.
  • Maintaining outstanding customer relationships is key.
  • Operate with integrity and accountability.
  • Give back and support participation in the community activities that empower others.
  • Provide quality and thoughtful services
  • Showing improvement, innovative actions, credibility, and honesty.
  • Enjoy your business, achieve your vision!

Consolidate the common values by which your business will be operated.

Example of value statement: In conducting our business, we will realize our vision by performing our affairs so that our actions provide confirmation of the high value we place on:

INTEGRITY: by dealing honestly with our clients, staff, vendors and community.

RESPONSIBILITY: by considering the environment in which we do business, community views and the common good.

PROFITABILITY: by being aware that an appropriate level of profit is necessary to maintain our business and allow our values to continue to be observed.

VALUE: by providing quality products/services that deliver value for money.

Once your Business Value Statement has been defined, these values will impact every piece of your business.

How can the values you identify have an impact on your business?

1. Value Statements provide boundaries on how your business successes will be achieved. Business objectives and goals are grounded in the established values.

2. You and your staff demonstrate and model the values in action in personal work behaviors, decision-making, contribution, and interpersonal communication, to ensure a value-based, shared culture.

3. Your Business Values will help establish priorities in your daily work life.

4. Values will guide decisions that are made.

5. When hiring and promoting others – their outlook and actions will need to be congruent with these values.

The work and art of a successful business includes planning – And, that is where a business coach comes in to help you put this together. Because success is a piece of art.

Click here to claim ==> Your Business Strategies Starters’ Kit

Getting Off To A Good Start In Your Home Based Business

Many people assume that working from home is impossible. If you know the tricks on how to work from your home, it’s easier to run this type of business than you realize. Follow these tips to get the low-down on getting your home business off to a good start.

Sufficient help is important in any business, especially a home-based daycare. Being overrun by kids, because you are the only one taking care of them, is an unnecessary pain.

Understand all of the needs of your business before setting it up. Your home business needs to be considered from all sides.

Just because you are working from home does not mean you can have a less than professional attitude about what you are doing. The flexibility of running a home based business can be a blessing. However, you still need to take time for yourself. Continue to shower every morning, get regular exercise, and limit snacking. Apply these tips to boost your self esteem and you’ll find that others hold you in higher esteem as well.

Business trips are a very good idea. You should be able to deduct a portion of the expenses of your business trip from your taxes. Find a destination where there is a conference or seminar related to your business if you desire a vacation. Attend the event and enjoy the remaining time as a vacation. You can normally write the travel expenses off on your taxes.

Be certain that your home-based enterprise is compatible with your family’s lifestyle. If you believe that the business will have a negative impact on family life, it may be wise to reconsider.

Always keep excellent financial records of all your spending and the costs of running your home business. This will help clear up all of your problems with taxes.

When you are “knee-deep” in work, inform your friends and loved ones so that you are not bothered at that time. If friends or family members constantly pop in and interrupt your work, it is important to let them know that you are busy. If these people continue to insist on spending time with you while you work, have them wait quietly in a separate room until you are on break and ready to have company.

It’s always appealing to be nice about payments with customers when you first start out, but this is a bad business model. It is important to establish a clear payment system including proper invoicing and penalties for late payment.

A successful business venture will have a quality business plan. Even though you may not be planning for investors or applying for loans in order to raise capital, consider creating a business plan in any case. Doing so motivates you to specifically state what your objectives are both in the near future and down the road, making it easier to know the logical steps towards those objectives.

Find support for your home business through online forums with other home business owners and operators. You will learn that there are many online places to meet up with other home business owners. You will find others who have had comparable experiences and who will happily share ideas that they have market tested to keep you from having to reinvent the wheel.

Make sure that your home business has an objective or mission statement. However, do not make the description too long; you want to explain what your business does in a concise way. This way you have a ready response when someone asks what your business does. You’ll impress potential customers by being confident and informed about your business and its products.

A home business is a dream many people have in common. Sadly, too many people try and fail or just never try due to not really understanding the basics behind running a business. Use the advice in this article, and you will be on your way to running your successful home business.