Making an Investment in Yourself for Business
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Robert has sent in some excellent tips for going into business, saying: “I will say I have learned all this and more since opening my first business in the Philippines which was a Drinks shop and I’m only 19. Its been open for just under a year and I’m soon to open my second one.”
- Market Study – See what your local and Global markets desires,wants and needs are. If you introduce a business that delivers a product or service for the minority of people that have money you will either fail or have a seasonal income.
- Dont put all your eggs in one basket – Simply you believing that your business will work is by far not enough. Have thoughts and considerations to alternative business lines you would be happy breeching into. Sure business is going to put a big hole in your pocket but this is exactly the one reason why you should have more than one pocket. Putting all your money into that one business and then leaving your self financial broke without any backup plan or way of ever continuing life without that business is why many early entrepreneurs fail and leave them selves in worse off conditions than before they ever began.
- Mind your own Business – I will give credit to the title of this tip, a Robert Kiyosaki the author of ‘Rich Dad Poor Dad’ and it is simply about minding your own business. Not in the sense that you shouldn’t know or take interest in what peoples personal affairs are but more that when you have already established your business, Never for one moment let your mind slip on how your business is being run. Small errors and little mistakes end up being big hassle when it gets to you. Then at the end of the day your the one loosing and your the one to sort it out. Keep records and keep track of everything that happens with your business. Money transfers, incoming stock, out-going stock the list is endless and the list depends on your line of business. The success of your business starts with the correct management and since its your business you have to be the manager.
- Reinvestment – Although at the end business is about money never expect to make fast money in your first opening years. Another top reason for entrepreneurs to fail or quit is the unclarity of the return investment. Most inverters expect a fast return and this simply cannot be. What you should be doing in your first year is reinvesting in your business. For example the profit you make out of your products or service should go into: a) Expanding the range of products or services you have to offer, b) Promoting and advertising your business to places that may not know already, c) General maintenance to your equipment/Building etc, d) maintaining a reliable service for your regular and non-regular customers.
- Staff / Employee’s – Just picking up anyone from the street that wants work and doesn’t mind what they get paid is asking for trouble. Also the adverse of that, finding an over qualified individual can be just too much hassle. Here are a few pointers in finding the right staff:
- Check their history before employing them, most times if there is a criminal record attached to them they don’t tend to loose there trade
- Check their personal appearance, if your gut reaction is bad imagine how your customers will feel being greeted by that person
- Trust, this one is urned over time but one mistake of bad trust and there should be no hesitance for you to get rid of that person straight away
- Have them trained in the way you would like your customers to be treated and make sure this training is thorough to every little detail. For example if one of your customers accidentally leaves his wallet in your shop, your staffs standard procedure should be to take that wallet and pass it to the front desk, most likely that customer will come back and wont have to worry about his wallet ending up in the wrong hands
- Lastly keep your staff happy and let them enjoy working for you, keep an open mind of being equal with them but also letting them know your still the boss and should be respected. Happy staff can equal a satisfied customer so keep this in mind when it comes to the personalty of your staff, although you can never really change the personality, you can always change the person.
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