Keys to Operating A Successful Business

keys to success
Keys to success
Before I began my own business, I worked in the corporate world for 15 years.   I had many bosses, became knowledgeable in different fields, and learned what works to operate a successful business.

Two of the companies I worked for went out of business. Looking back, I now understand why these companies failed. There was mismanagement, no quality control, lack of incentives for employees, poor moral, and mini-dictators in every department. The bottom line is that top management just did not care.

Before you begin a business, it is important to find out if you have the qualities necessary to run you own business. There are many ways to become a business owner including:

a)           Start a business from scratch

b)           Purchase an existing business

c)           Buy into a franchise system

Each of the options listed above have their advantages and disadvantages. However, they all have something in common: You have the power to control you own destiny. A business lives or dies by the owners decisions.

You must ask yourself these questions before you begin any type of business:

1)           Do I have good customer service skills

2)           Can you relate to employees in a positive manner

3)           Are you decisive enough to make important decisions

4)           Can you delegate without micro-managing

5)           Are you organized

6)           Do I have the persistence needed to build a long lasting brand

7)           What is my vision for the company

A successful business takes time to build. One must grow the business in such a manner that it does not grow out of control. Employees must be trained before you open for business. Ensure you have enough start-up capital to cover all expenses during the initial start-up phase. A feedback system should be in place to receive customer comments.

Operating your own business is an exciting and rewarding experience. To be successful, you need to follow a well thought out plan and have the persistence to see it thru.