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Starting A New Business

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December 28, 2016

Do You Have What it Takes to be an Entrepreneur?

Have you been thinking about starting a new business this year?

Many people dream of being their own boss and becoming financially independent. Are you simply wishing for an easier life, or do you actually have what it takes to succeed as a small business owner?

Small Businesses, Big Impact

Starting a New Business

According to the Small Business Association (SBA), there are over 28 million small businesses in America. These mighty mini dynamos rake in 55% of all U.S. sales, and provide 56% of all jobs in the U.S.

Since 1990, big businesses have jettisoned four million jobs. Small business expansion has more than picked up the slack, adding eight million new jobs over the same time span.

Ten Traits of a Successful Small Business Owner

With the right leadership characteristics and drive — and of course a spot-on product or service — small businesses can thrive. Without those qualities, new businesses flounder and sink into oblivion.

So what are the qualities and skills needed for successfully starting a new business?

PASSION.

Successful businesses — both big and small — are run by people who absolutely love what they are doing. Otherwise, what is the point of risking it all by going out on your own?

No one succeeds if their heart is not deeply invested in what they are doing. Passionate people are driven zealots about their businesses. For these effective business owners, it’s about more than the money. They care about what they do and the values their business is built upon.

CONFIDENCE.

Prosperous business owners are confident in their product or service, as well as their own abilities to succeed. Enthusiasm and sincerity are hallmark characteristics of a successful business. If you don’t believe in yourself, your idea, or your business, neither will your customers.

When times are challenging or stressful, the self-assured business owner keeps his or her eyes on the prize. Confident people see mistakes as a learning experience, not as an indictment or a personal failure.

VISION.

When starting a new business, the owner needs a clear vision of where the business will go. New enterprises require very specific goals and detailed strategic plans.

Business owners must be good planners, researching everything carefully and analyzing their potential market thoroughly. They must create a business plan based on facts and concrete data, not mere ideas. Excellent planners also know when to expand or adjust their plans as the business grows and changes. They are flexible enough to modify plans if they see a more effective way of increasing business. Rather than doggedly following a plan that no longer works, successful entrepreneurs adapt to changing markets.

INTEGRITY.

Satisfying the customer is the main goal of any business. Without customer satisfaction, no other business strategy matters. Remember, it’s the customers that ultimately decide whether a business fails or succeeds! If promises are made, the business better deliver on them.

Everything in your enterprise must focus on your customer’s needs. Know your customers. Cater to them. Be easily accessible to the customer. Treat them with respect and courtesy and you will not only have a repeat client, you’ll also have a happy customer who refers others to your business. Be willing to go above and beyond your competition and build your company’s character on first-class service.

Carefully guard your own reputation and that of your company. Once lost, your integrity — and your company’s reputation — cannot be easily regained.

SALESMANSHIP.

No matter what products or services your business offers, salesmanship is required. New business owners without prior sales experience need to learn basic sales techniques. Because it is one of the most important traits of a successful business owner, hundreds of books and courses are available to teach the uninitiated how to sell.

The best salespeople simply like people. They are genuinely friendly and outgoing, making connections, not just sales. Good salespeople focus on the needs of the customer more than their next sale. They are able to clearly articulate how the product or service fills the need of the customer — and know how and when to ask for the sale. Make sure you feel comfortable with selling before starting a new business.

MANAGEMENT SKILLS.

Cash flow is the life blood of any business, large or small. Without astute money management, new business owners quickly find themselves overburdened and underpaid.

Growth needs to be at a sustainable rate, with accounts receivable and accounts payable carefully scrutinized and balanced. Successful, self-assured business are disciplined and budget-minded, keeping their businesses on track. Marketing dollars must be carefully watched and results tracked. New businesses operating on a strict budget cannot afford to waste money on advertising and promotions that do not bring in results.

ORGANIZED.

Organized individuals are the most effective in any business environment. Organization is especially important to when starting a new business.

Ideally, you should have a space to run your business that is separate from your home. Working at home can cause distractions and disruptions — two time-robbers. Look into business construction services before launching to get ahead of the game. Even if your business starts in a small space in your house, the area needs to be meticulously neat and organized. Business startup owners have many responsibilities and cannot afford to waste time looking for lost invoices or orders or client requests. A good business manager also knows how to prioritize projects and purchases, making the most of their time and resources.

TENACITY.

A plan isn’t viable without the ability to follow through. If you are a person who starts projects with great enthusiasm, but steadily loses interest over time, starting a new business may not be right for you.

Perseverance pays off in all businesses, but is especially critical in new startup enterprises.

Maintaining determination is mandatory during the ups and downs of a new business startup. Persistent managers with a never-give-up attitude will outperform more talented business people who throw in the towel too easily.

DELEGATOR.

Many entrepreneurs can be control freaks. The business is their baby and giving up control of any area is terrifying. However, the ability to delegate is a vital trait of a successful business owner. New business owners soon burn out trying to dominate everything themselves.

Micro-managing keeps your staff ineffective and leads to wasteful staff turnover. Growth is strangled by bosses who demands having the last say on every detail. For the sake of your business — and your sanity — learn how to delegate. Save your attention for the areas in which you are most skilled. Hire talented people and then allow them to do their jobs.

KNOWLEDGEABLE.

The best entrepreneurs are learners. They learn everything about their product, service, market, competition, and industry. They enjoy learning and sharing their knowledge, and they are ready with an answer to every customer question.

Good business managers find their niche — their competitive edge — and then exploit it. They are constantly learning ways to improve their skills and their operation.

 

How many of the above traits would you bring to the table as a new business owner? Which traits do you lack? What could you do to develop your weaker areas into strengths?

Drive the Business, Don’t Let It Drive You

Here’s a bit of hard-earned advice from our own experiences building our RHINO Steel Building Systems business: resist the temptation to work 24/7.

Starting a new business is hard. It is especially difficult when you are working full time while creating a side business. Do not make the mistake of letting your new business consume you. Don’t let yourself become so intensely focused on your work that you never take breaks or stop for meals or spend with friends and family. Taking time off for rest and relaxation will pay off in the long run, keeping you stronger, more enthusiastic, and more creative for your new business.

Your New Business Headquarters

RHINO Steel began as a startup business in 1998. We know the passion that drives a new business owner and we know the joy of watching your business succeed and grow. Today RHINO Steel Building Systems is well established as a premier brand name in pre-engineered steel buildings. We’ve built our reputation for excellent customer service one steel building at a time.

Market Street 015

If you are looking to build a headquarters for your new business, work with RHINO. RHINO business construction services meet or exceed all local building codes for the LIFETIME of the structure — guaranteed. Our metal building packages include 26-gauge steel panels as standard — 16% to 26% thicker than the 28-gauge or 29-gauge panels of many competitors.

Other metal building companies turn out cheaply made R-style steel panels. RHINO supplies stronger PBR steel panels with deeper overlap for much stronger structures.

RHINO’s value-added features include die-formed ridge caps, closure strips, welded clips, formed base trim, and cover trim for all opening. These features are included in the standard RHINO steel building package at no additional cost to our customers.

At this moment, RHINO buildings are going up all over Canada, Mexico, and across America. Shouldn’t your new business headquarters be one of them? Whether you start with a warehouse or a small backyard office, consider RHINO pre-engineered steel buildings to house your business operation.

Call RHINO today for a fast and accurate building quote for our business construction services. Our toll free number is 888.320.7466.

Do not miss part two of this series with a list of 75 new business startup ideas!

- by Bruce Brown,
CEO of RHINO
Steel Building Systems, Inc

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