Exploring Business Ownership – Maybe You’re a High Rolling Entrepreneur – Part 6 of 7

We’re wrapping up a series on evaluating whether the concept of business ownership is right for you. Most recently we’ve discussed how to assess your risk tolerance by analyzing the way you think. We’ve covered the 3 main ways to earn income, outlined the risks associated with employment and franchise ownership, and how each personality type typically thinks. If you didn’t identify with either of those, then maybe you’re an entrepreneur at heart.

Entrepreneurial Business Ownership

Entrepreneur think is:

How can I meet the needs of my customers by profitably solving the problems they have?

If you want to chart your own course, solve all your own problems, be captain of your own ship, be totally responsible for whatever success or failure comes, and chafe at the thought of working for someone else in return for less risk, then you probably have the entrepreneurial bug.

Risk Assessment

Being an independent business owner is a high risk proposition with a high probability of first time failure.

Why high risk? Because you will most likely pledge every asset, such as home equity, savings, 401(k), etc., that you have to finance startup or purchase of the business. If your venture fails, you may very well lose everything you’ve spent or offered as collateral. (This is also true for franchise owners.)

Why a high probability for failure? Because first time entrepreneurs have such a clear vision of what they want to do and how to do it; they think they know everything! I have several colleagues who generally refuse to work with first time entrepreneurs because (in their words) “they think they know more than I do and helpful suggestions that I make are either ignored or become implementation battles.” Truer words were never spoken.

If your risk temperament is right in line with the type of person I’m describing and you want to go forward, then how can you improve your chances of success? Buck the trend by getting lots of experienced advice and counsel from those who have gone before! Be willing to listen to those who have graduated from the school of hard knocks and learn from their mistakes to avoid making them all again yourself, because you simply don’t have either the time or the money to survive the experience of learning it all firsthand.

We’ll wrap up this series in part 7 by outlining why businesses generally succeed or fail, and I’ll suggest some more reading resources and offer some advice on how to navigate a path to success.

A Basic Guide to Small Business Ownership and Managerial Training

Business ownership is an extremely tempting form of income for many people. The idea of creating your own work hours and environment is great, and the constant opportunities for your ingenuity to be put to use would have any creative person asking, “where can I sign up?” Although there are huge perks to owning your own business, there are twice as many issues that come along with it. Between the training of employees, store financing, legal issues and many other things, A business owners head will almost always be spinning.

Depending on the amount of time you yourself will be able to put towards your business, managerial hiring and training will be one of the most crucial initial tasks. Any manager should be able to relay information quickly and efficiently. Additionally, solid leadership skills will also prove very helpful. Give managers insight towards your reasoning or train of thought for important decisions you have made. By allowing them to further understand how your business is run, employees will feel as if they are part of a team and begin showing more commitment and dedication towards improving your overall business.

Regardless of how much is put into the hands of your managers, the basic financing and merchandise purchasing will almost always be left in the hands of the owner in any small business situation. Deciding exactly where to allocate any capital money or earnings can sometimes be difficult. Consider offering short questionnaires to customers that might give you a better understanding of exactly who you are marketing to and which advertisement techniques are working the best. If you aren’t the sole beneficiary of your business establishment or received funding through various investors, there will be a large amount of people awaiting your success. Not only will you have to satisfy your customers, but you will also have to satisfy all your investors and colleagues.

During the initial stages of your business,be sure to work out all details and inform potential investors of realistic outcomes and results – any investor breathing down your neck will make it difficult to make the important decisions you will need to make as a small business owner. Issues that never crossed your mind are bound to arise as your business progresses, and these are only a few of the things that you should be aware of. Be sure to inform yourself of all information pertinent to your business field and location, including competition and consumer-base.

Hair Salon Business Ownership: Online Marketing That Draws Traffic

Online salon marketing can be used for hair salon business ownerships, nail salon business ownership as well as any beauty business ownership. One of the keys to staying in business is making sure you are using proven marketing strategies.

YouTube is a great low to no cost marketing strategy that can help any business get placed on the map and draw more traffic to their physical location as well as virtual location – website.

Cross Promoting and Collaborating with others in your industry can be beneficial. Check out below different ways you can cross promote your hair salon business.

1. Video Guest Promotions: You can use your skills and education as a hair salon business owner and cross promote using videos with a hair stylist. He or she could be featured in your online salon marketing video. Simply take clips or ask the creator to send you a video of them answering a specific question, showing a new technique or giving some good advice.

2. Video Teasers: You can use clips from a fellow collaborator highlighting whatever you all decide. This can work both ways. You can send them a clip of something or some topic you would like to promote as a teaser to get viewers interested and clicking for you.

3. Video Shout Outs: Owning a hair salon business involves more than just you operating the day-to-day of the salon. Being a hair salon business owner you have a responsibility to the hair and beauty community to stay on top of the latest trends and ideas. By researching prospective collaborators or cross promoting you can give a shout out to other YouTube channels and creators in your salon marketing videos. This builds goodwill, gives the audience more information and it helps to distinguish you as an expert in the industry – It lets people know that if you don’t have the answer, you know someone who does.

4. Tip: Remember you can use annotations and links in your description of the video. Make sure you place the link to your fellow collaborators channel in your description.

5. Click Like: Something as small as clicking like on others YouTube channel is a form of cross promotion. Your subscribers will be able to see your activity and see whose channel you like. You can also use this same concept by leaving a comment and marking the video as a favorite.

6. Subscriber Sharing: Using your hair salon business ownership status as influence when you subscribe to a fellow YouTubers channel that subscription is broadcast to your own subscribers or anyone visiting your channel page. This allows your viewing audience to indirectly see who you are promoting. This is a great way to help other salon owners, hair stylists, nail salons and beauty experts.

7. TIP: When you subscribe to someones channel send them a message asking them to subscribe to salon channel. Let them know that you would like to promote them and their business and you would appreciate the same. When they subscribe to you then you will show up and be indirectly promoted to their existing subscribers.

Personal Empowerment: How Business Ownership Can Create Wealth And Personal Happiness

We all want personal fulfillment and empowerment, especially in these uncertain times. We want to be in control of our time, our jobs, and our earning potential. And, some of us know that working for someone else is simply a necessary means to an end. You go to work, you do a good job, you get paid for your productivity and efficiency and your value to the company, you bring home your paycheck and you get up the next day and do it all again. But, do you really feel a sense of personal empowerment and happiness? What are the odds that you are going to create “personal wealth” working for someone else? You are more likely contributing to someone else’s personal wealth!

Please keep reading if you would like to know more about personal empowerment and how business ownership can create wealth and personal happiness.

Americans as a whole, are very entrepreneurial people. Small businesses and small firms are the backbone of our economy, in good times and in bad. According to statistics by SBA.gov, office of Advocacy. small businesses:

  • Represent 99.7 percent of all employer firms.
  • Employ just over half of all private sector employees.
  • Pay 44 percent of total U.S. private payroll.
  • Have generated 64 percent of net new jobs over the past 15 years.
  • Create more than half of the non-farm private gross domestic product (GDP).
  • Hire 40 percent of high-tech workers (such as scientists, engineers, and computer programmers).
  • Are 52 percent home-based and 2 percent franchises.
  • Made up 97.3 percent of all identified exporters and produced 30.2 percent of the known export value in FY 2007.
  • Produce 13 times more patents per employee than large patenting firms; these patents are twice as likely as large firm patents to be among the one percent most cited.

Please note the astonishing statistic that 52% of small businesses are home-based!

With the above statistics in mind, I think it is safe to say that being a successful business owner and entrepreneur empowers you and can give you control over your financial future and your personal happiness. I also think it is safe to say, that, even if you are making a good living working for someone else, you probably aren’t going to “create wealth” while working for someone else.

People who own their own businesses express contentment, even when they own stressful businesses. The small business owner understands that he is working hard and enduring long hours because is working for himself. He and his family will be the direct beneficiaries of all that hard work. Many businesses are “family-owned and operated.” If you are working for someone else, can you pass your position on to your son or daughter? A family business is a legacy! And, even if you don’t pass your business down to your children or grandchildren, can you sell your current position when you decide to retire? A business is an asset. Your current job is just that: a job.

It has long been known that personal empowerment,and business ownership can create wealth and lead to personal happiness. I’m not saying that owning your own small business is easy, but, we all have to work, and most of us work pretty hard. So, what I AM saying is this: if it’s worth doing, it is worth doing for yourself!

You owe it to yourself to at least look into owning your own business: You’ve probably thought about it a million times. Give yourself the gift of personal empowerment and find out how business ownership can create wealth and personal happiness for you and your family.