Overcoming the 6 Biggest Fears of Business Ownership

  1. Sailing the Ship Alone

I’m sure you have seen the Honest cleaning products in recent commercials, but did you know Jessica Alba, famous actress, founded it? During the 2015 Forbes Women Summit Jessica commented on how people saw her as only being capable of acting or endorsing products, not creating them when she said, “It took three and a half years of condescending nods and pats on the back of ‘good luck,’ or ‘go back to endorsing things’ or ‘go do a perfume’.” Had she decided to rely on any fear-based assumptions that she wouldn’t be successful because of non-support, she probably wouldn’t now own a billion dollar company. What she did do was seek out business people and manufacturers that could help make her dream come true.

  1. Not Being At the Master Level

Whether you think you’re not good enough at your craft to start your business, or that your product or service isn’t at the professional level of others in your line of work undermines your goal of business ownership. Start small with your best item and improve upon it over time while continuing to introduce new items or services. All start-ups experience learning curves. Progression leads to perfection, most businesses don’t start at the top.

  1. Not Knowing Where to Start

There are so many people that want their own business but just don’t know where to start. They look at others successes and feel defeated before they begin. Instead, follow those you admire who are doing what it is you want to do. Read up on them. Research their beginnings or better yet, reach out directly via twitter, Facebook or see if they will do a Skype interview.

  1. Fear of Failing

We all fail, but the key is getting back up and dusting your self off. It took Thomas Edison 1,000 unsuccessful tries to invent the light bulb, but he pressed on and didn’t give up. He’s been quoted as saying, “I didn’t fail 1,000 times. The light bulb was an invention with 1,000 steps.” “Great success is built on failure, frustration, even catastrophe.” What tenacity, what great faith he possessed!

  1. Not Attracting Enough Loyal Customers

It’s common to think, “What if people don’t buy my product or value my service?” Being in business for your self is a risk, but seasoned business owners wouldn’t have it any other way. Keeping a job is a risk. Focus on delivering exactly what you are promising and overtime the customers will come.

  1. Not Having Enough, or Running Out of Money

I’m willing to bet that almost everyone would be a business owner if all it took were to walk into the bank and say, “Show me the money,” and the banker hands you a check for $100,000 and no terms for the payback. But, it doesn’t work like that and entrepreneurs oftentimes use their own savings or depend on friends and family members to finance their business ventures. Losing a close friend or family member’s money can be scarier than defaulting on a bank loan. If personal investment loss is stopping you from starting your business, consider alternative funding, like business credit cards. The application and qualification process is less stringent from traditional banking, and you can get a funding estimate within 24 hours of applying.

In Conclusion

Being an entrepreneur isn’t just for the courageous. It’s for those who are willing to embrace their fears and work through them. Knowing that obstacles lie up ahead, but victory, aka the sweet spot, is just a round the corner on the road to success.

Access the link below for further information on getting business credit:

https://mwcc.wufoo.com/forms/janine-herrera-prequalification-form/

 

Step Up Your Business Through Delegation

Have you ever thought that if it’s going to be done right, then you have to do it yourself? There is not enough time in the day to accomplish everything that needs to be done when taking your business to the next level.

Everything accomplished effectively in business is done through delegation. The act of delegating is entrusting a task or responsibility to another person, typically one who is less senior than oneself.

Delegation is a powerful activity because it removes the business owner from being responsible for the daily tasks and re-directs responsibility of the daily operations to highly skilled employees, while allowing the owner to focus on growing the business.

This in turn can build trusting relationships between the business owner and employees. People who feel trusted oftentimes perform at their best creating and producing high quality products or services, that deem you the business owner with a greater appeal of professionalism to your customers and colleagues alike, resulting in more business.

Delegating can be used as a tool to develop the gifts and skills of staff that will profit the business, as well as provide them the encouragement they need to continuously produce at a level expected of them.

In Order to Delegate Effectively:

Decide on the type of delegation you will use. Will it be one to one supervision? This is where you instruct your staff on what to do and they report to you once tasks are completed. The downfall to this approach is you are still spending your time involved in the day-to-day operations preventing you from focusing on leveraging your business.

Will you delegate by being an overseer? This is where you allow your employees the opportunity to select the procedures to be used to accomplish the desired results, but within boundaries set by you. With this method, you have to ensure everyone has clear understanding and that they are committed to obtaining those defined results.

What Should You Look For When Selecting Staff:

Select doers. These are people who are known to take action. They are more likely to produce higher quality results. Also, select people with suitable talent for each task needing to be accomplished. This way the moral of the company will remain positive and offer a pliable environment for growth of the business and of the staff. Finally, select people that exhibit initiative; they have the potential for leadership. You’ll gain a sense of confidence that they are handling your business with upmost care.

Delegating tasks not only frees up your, as the business owner’s time, but it allows you to focus your energy on next level pursuits. As Stephen Covey recognized, “Effectively delegating to others is perhaps the single most powerful high-leverage activity there is.”

Alternative funding to grow your business is available if you have a good credit score and a timely payment history. Apply for a business credit today at the link below and receive a funding estimate within 24 hours of application:

https://mwcc.wufoo.com/forms/janine-herrera-prequalification-form/

Exploring the Possibilities of being a Woman-Owned Business

There are approximately 11.3 million businesses in the United States owned by women generating over One trillion dollars annually. These businesses are credited for providing over 9 million jobs and make up 38% of the business population, yet on average, women start their business with half as much capital as men. Despite access to capital challenges, women do more with less.

In order to be a part of, and to help raise the success rate for women-owned businesses in the United States, it will take exploring the basics of what’s needed to achieve success, knowing the benefits of being in business for yourself, and discovering the type of business you should start.

3 Things Needed to Achieve Success in Business

  1. Attitude –

Successful business owners know how important it is to stay dedicated to their plan, and no matter how hard it gets they refuse to give up. They persist with tenacity.

  1. Networking –

Networking is crucial to connecting with potential clients and partners. No woman is an island. There are a vast array of online networks and social opportunities to meet people.

  1. Adaptability –

You may have done your due diligence and feel that you have all your ducks in a row, but take it from someone with more experience when being offered constructive criticism. It will help you avoid unforeseen problems up ahead.

3 Benefits of Being in Business for Yourself

  1. Expression –

When you own your own business, you have the chance to express your creative self while having more control over what you will be doing in your future.

  1. Prosperity –

Being in business for yourself comes with a greater risk of financial loss, but even with that, you still have greater control over your financial success.

  1. Pace –

Having your own business allow for you to stay engaged, productive and to effectively balance your work and personal life. You are the one calling the shots.

What Type of Business Should You Start

  1. Flexibility –

* How much time can you dedicate to your business?

* Will it be home-based, online, brick and mortar?

* Can the business model change with the times?

  1. Concept –

*What is your skill set, expertise or experience?

*What interests you and do you desire it as a line of work?

*Can you make use of existing technologies?

  1. Financing –

*Do you have access to capital to start this venture?

*Is the earning potential greater than the cost to start?

*Are you willing to seek out alternative financing options?

Most businesses are started when someone sees a need in the marketplace that they can fill, whether it is creating a new product or service or improving upon an existing one. Women are naturally more adept than their male counterparts at seeing a breach. This may very well be the time for you to seize the opportunity and be added to the statistics of success for being a woman-owned business.

Apply for business credit today and get a funding estimate tomorrow.

 

https://mwcc.wufoo.com/forms/janine-herrera-prequalification-form/

 

 

 

4 Resolutions for 4 Concerns of Business Owners in 2017

“The object of a new year is not that we should have a new year. It is that we should have a new soul.”
— G.K. Chesterton

Every business owner knows the joy of being in business for oneself, and every business owner knows the pain of being in business for oneself. Business owners give up much of their family and vacation time to operate their business. Most of their money is tied up into the business, and business owners often physically and mentally exhaust themselves by performing multiple job functions while they accept it as the norm.

There are four concerns that business owners can resolve to free up time and effort, which can eventually tip the scale toward experiencing more joy in being a business owner.

1. Cash Flow Problems
There are some businesses that depend entirely on a single client as their main source of revenue. Putting all your eggs in one basket can mean waiting extended periods of time for payments to come in, or what’s worse is if this client decides to shop elsewhere. Then there’s the unexpected emergencies or outstanding bills hanging over your head.

Resolutions-

  • Find several new clients by first asking your current clients what are their must-haves and what they think you could improve upon.
  • Establish good relationships with new clients and implement any changes or improve upon existing ones. And if one client is late or leaves you for someone else, you still have other cash flowing clients.
  • Put together a budget to handle emergencies and set up automatic bill pay.
  • For late or no paying clients, implement regular reminders of their obligation to pay.

2. Slow Sales
From time to time sales will be slow for many businesses. This could be due to what is going on in the economy, or it could be due to changing trends. As a business owner, you may not be keeping up with the times because you are too busy working on your business.

Resolutions-

  • Have a sale and offer your clients or customers an incentive to buy.
  • Take time and schedule blocks of time specifically for searching out industry trends.
  • Go out into the market place and see for yourself what your competitors are doing different than you.
  • Join a trade association to keep up on issues that your industry faces and aware of new changes.

3. Exhaustion
There’s 24 hours in a day and many small business owners still don’t think that amount of time is enough. As mention earlier, many of them give up precious personal time to handle the daily operations of the business. This can be due to limited staff, or it can be attributed to the owner feeling that things can only be done right if done by them. Whichever the case, it becomes exhausting for the business owner both mentally and physically and it can take a toll on the business.

Resolutions-

  • Get some rest.
  • Schedule regular personal time for exercise and family fun.
  • Outsource specialized functions like accounting.
  • Hire qualified and possibly more staff members.

4. Expenses
All that glitters is not gold. It may seem good on the surface, but when you look at it closely it isn’t, as with overheads. Business owners want to add value to their product or services, but some things just don’t fit the budget or the business model at the time being. Is it really necessary to lease office space starting out, or can you set up an office in the spare bedroom?

Resolutions-

  • Pay close attention to your company needs.
  • Analyze your business’s transactions and if you have reached the point that you need to expand your product line, services and operating space, maybe it’s time to apply for business credit.
  • Revolving business credit are credit cards that can be used to make purchases for all your business’s needs and most cards can be converted to cash.
  • The application process is simple and estimates are given within 24 hours of applying.

By employing prudence and determination, the concerns of businesses can be resolved. You as the business owner have already proven that you can do it, just by having invested your time, energy and money into your dream.

https://mwcc.wufoo.com/forms/janine-herrera-prequalification-form/