How to Become a Successful Business Owner

Dreaming of becoming a business owner? Most of the time, we tend to focus on the norm - to study, get a course, graduate and apply as an employee. We brush aside the fact that we can do something better than that. Something bigger. Something that could change how we live our lives.


Now, you have decided that it is time to break free. That it is time to finally claim your financial independence, follow your passion and create the life you deserve. However, it is easier said than done. Most often than not, we end up with just the thoughts in our head, with no actions implemented. We were prevented by the negativity. We tend to push ourselves down, instead of thinking that we can do it.


When you start a business, you also learn what makes a business successful, and what makes it a failure. Listed below are the key factors that you need to know if you want to be a successful business owner or an entrepreneur. Indeed, starting a business will provide you with the cash flow you need, but not from the very start. You may experience the struggles, some hardships, even a failure. However, what’s important is that you are trying and is willing to try again.



1. It is important that you find a mentor


Finding a mentor will definitely increase your chances of success. A mentor will guide you with the do’s and dont’s of business ownerships, the red flags that you might encounter, more so, a mentor will motivate you and push you through your limits.


It is also helpful if you will enroll and get an MBA. An MBA will teach you the basics of accounting and financial analysis. If you are afraid of numbers, this is highly recommended. Although an MBA certificate would not greatly mean that you will not fail in business ownership, this step will surely boost your way up the ladder. Just like getting your first experiences on your first job, an MBA will teach you many, many things which are definitely helpful for your newly chosen endeavour. From there, you may also meet someone who can help you, and increase your business network.


2. You may opt to buy a franchise


Instead of starting from scratch, why don’t you try and buy a franchise? A franchise is a proven business which is open for partnership. With a franchise business system, you can be sure that you will be on the right track. The company will help you from getting the documents and licenses done, up to the very moment when you open your own franchised business. Thus, a franchise is already a known brand, therefore, marketing your own business is really not that difficult. People already know your business, they are already familiar. Your target market is already waiting for the product or services that you will offer.


Another thing, with franchises, no experience is necessary. Plus, the company provides full training, so therefore, you can skip number 2.


3. Increase your network


It is time to go out there and meet new people. If you are planning to start your own business, it will be helpful if you attend the various seminars and trainings which are open in your area, and are applicable on your planned venture - may it be free or not. Not only that you will gain knowledge and get to know the how’s and why’s of business ownership, but it will also increase your network. You will gain new friends which are like you; planning to own a business too. This will motivate you and inspire you, hence, challenge you to make it work. Meeting new people and learning from their experiences will have a great impact on how you will handle your own.


4. Research, research, research


If you have a business in mind, researching more about it will indeed help. Is it seasonal? Will it offer you continuous profit? Does it need bigger number of employees? More manpower? Who is your target market? Is it location specific? Will it be difficult to market? What will be your edge amongst others of the same product or services?


Research more about the business, the market, the expenses that will incur, the competitors and how tough the competition on your chosen industry is. Researching will equip you with steps that you would need to take to avoid future issues and business failure.


5. Avoid the negativity


For sure, there will be someone who will discourage you and prevent you from pushing into your dreams. That is natural. It is a norm. However, do not let the negativity get in you. Business ownership is not for everyone. Owning a business is not a one size fits all thing. The owner chooses the business, and the business chooses its rightful owner. Hence, in franchising, there is what they call the “D” day. It is the day when both the company and the franchisee will “discover” if they are a good fit.


So always remember to surround yourself with the right people that will help you get through the hardships of business ownership, motivate you and inspire you to be the best you can be.


Lastly, there is no perfect time to start than today.


With the great improvements in technology, becoming a successful business owner should be easier than before. Marketing your business unlike the old age, is more targeted. You may easily reach your target market with today’s various marketing platforms. The chance of leveraging your business is available to virtually everyone who wishes. The risk of failure is greatly reduced. So there is no excuse to not start today.


Owning a franchise is your easiest access to financial independence. You will no longer start from scratch. All that you will need will be provided, including the training, materials, products and services, accounting software, and more. If you want a quick way to successful business ownership, you will not fail with a franchised business.