3 Keys To Starting A Small Business

Since the majority of startup small businesses fail, how can you succeed?

Before we answer this, who am I? I have set up and sold 4 small businesses over the last few years, all of which continue to be successful, so I know a few things about the subject.

Now, let’s get to the main points:

Planning

It is important to know what, when, why, where and how you are going to start your business. Unless you have clear focus, don’t even try, it will just be a waste of your time and energy.

In addition, you will want to do whatever courses are available that might help you achieve your goals. For instance, in my case, before starting my most recent venture, I completed a Certificate 3 in Business Studies, a Diploma in Digital Marketing, a Diploma in Sales, and, a Diploma in Project Management.

Practice

What I mean by practice is not to just dive straight in and learn on the job, no, what will really help you is to observe how SUCCESSFUL people have started the same kind of business that you are attempting to start. How can you do this? One effective way is by getting a job in the industry where you intend to work. Once you have done this, observe the process. If it truly is a successful business, they will have a highly organized and effective process.

Another possibility is actually starting the business. I know, I know, I said don’t do this, however, this suggestion has a little difference. Start the business with no expectations. Become the marketing director, accounts manager, sales director etc… do everything yourself. The problem with this approach is that it will take up huge amounts of time, amounts of time that will be saved, if you are able to work in a successful business that someone else has started. Yes, this suggestion is the harder of the two routes, however what it does do is go from theory to a complete practical knowledge of the industry, to become fully immersed in it.

Pursue

There is a reason why 4 out of 5 small business start ups fail, the rewards are hard to achieve and take inordinate amounts of time to achieve. How can you get over this obstacle?

The key is to Pursue. You need to be focused on your goal, and, never to look away or be distracted from this purpose. How long can you focus on your goal? Only you can answer that! However, realistically, it will take you some years to truly progress in your endeavor. If you are someone who gives up easily, you should really not try to start a business. Instead, look for a well paying job.

The Benefits

If it is all such hard work, why bother? The rewards can be huge. Consider just a few:

*Time – Have a flexible schedule, spend more time with your family or other priorities.
*Passive Income – Depending on the type of business you intend to start, it may keep paying you even when you are not working.
*Capital Gains – You have the possibility of achieving significant R.O.I on the outlay involved in starting your business.

Proper Compensation

To really get proper compensation that is worth it, you must make it worthwhile to the person you are rendering service to in every way possible and maybe a little better to deserve what you want and/or need. When I think of the word compensation, that is what I think of. I do not think of doing the bare minimum or “getting by” when I do something. I think of going all out. The best is the best and you cannot win over the best except to get imaginative and different, not so much better after the best has been done.

The most powerful compensation comes from “imaginative effort” in fact. That means finding new and better, more efficient ways of doing things, especially things you have a passion for. Combine that and doing something that needs to be done for pay, and you get genuinely and morally rich in so many ways.

When I think of compensation and doing the job right, I think of improving and bettering the way the job is done and not just doing it correctly. When you use your imagination to do a better job, you are not just selling widgets or working the shift anymore, you are a genuine professional making a job great. The weakest thing you can do, writing from experience, is to just do a job, then go home without making something better within the framework of the work in some way, or improving things. In fact, hating your job or just doing it for the money is the most horribly poor thing you can do. Boxer Ken Norton taught me that one involuntarily about three decades before this was written. Just getting by or making a living without emotion or imagination is the most horrible way to live anyway, and the most impoverished. In that way of life, a lot of reality and potential is being wasted up!

So, when I think of proper compensation, it is more than money. It is a genuine investment in every sense that counts, including emotionally and spiritually. Without that investment, it is just a job and you just get money or “enough to get by”, however.

With that warning, I end this article on this note: Reality, to genuinely be real to people must be worked with fully in the sense of a time, emotional and spiritual investment or it is nothing.

My name is Joshua Clayton, I am a freelance writer based in Inglewood, California. I also write under a few pen-names and aliases, but Joshua Clayton is my real name, and I write by that for the most part now. I am a philosophical writer and objective thinker and honest action taker. I also work at a senior center in Gardena, California as my day job, among other things, but primarily I am a writer.