TREAT YOUR SMALL BUSINESS LIKE A HOBBY AND FAIL!
Posted on January 30, 2011 by Nathan R Mitchell, One of Thousands of Business Coaches on Noomii.
Nathan Mitchell, Small Business Coach, Author, Speaker, Clutch Consulting Tulsa OK, addresses the implications of treating your business like a hobby
Many are looking at the business climate for 2011 with optimism. Although it’s hard to tell what the year will bring with eleven months still remaining, there are some things that you can control as a small business owner that will increase your chances of a sunny outlook for 2011. Unfortunately, 50% of small businesses fail within the first five years of ownership. One way to minimize your chances of becoming another statistic is to make sure you don’t treat your small business like a hobby; if you do this, you will increase your chances of failure significantly.
When some people start a business, they study the market and find a niche that they can serve, and they serve it well. These people really find an opportunity, and start a business around it. Unfortunately, far too many find a product or service they like and declare themselves a new business owner. Although it is extremely important to be passionate and to love what you do, the new small business owner must find a way to make themselves stand out from the crowd. Otherwise, you are just another entrepreneur selling another widget that your customer really doesn’t need in the first place. When new business owners study a market, find a niche, and approach that market from the standpoint of providing value to the customer first, they are more likely to succeed. But this cannot be done effectively when you treat your small business like a hobby, rather than the profit generating machine it can be!
The most effective way to increase your chances of success in the world of small business is to research your business idea before you ever start selling. When doing this, you may find that market demand is really not there for your product and service in the first place. This will save you a lot of time, headaches, and money too, which will keep you from going broke and searching for another job.
It’s also important for business owners to continue learning. Once you have opened your doors, you have to continue researching and finding ways to adapt. The marketplace is always changing, and so should you. You must learn to remain flexible as a small business owner. If you don’t stay abreast of changes in your industry, your competition will, and will eventually overtake you. Your customers tastes will change over time, and new and exciting trends will begin to emerge as well.
In today’s world of advanced technology, changes in the world of business happen much more quickly than they did twenty years ago. If you treat your business like a hobby, you won’t be able to stay on top of them.
Keep Winning!
Nathan R Mitchell
www.clutchconsulting.net
