Small business owners are as varied as flowers in a garden. We all come to our business for a specific reason and with a specific vision of our business in mind. It’s critical to know why you are in business, because that why will sometimes fuel you past the discouraging times that all small business owners have. It will also impact your business decisions.
Often, I talk with a small business owner and find out that she opened her business because she wanted out of a bad situation at work, or had been laid off. These are not good reasons to open a business! To be successful at building your business to profit you have to know what you are moving toward, not just what you are running from.
Here are four reasons that might be the “why” of your business:
- You want a business for money to live on. When you no longer need the income, you’ll close the business.
- You want to build a business and leave it as a legacy for family members (perhaps you envision your children owning and running the business one day).
- You want to build your business specifically to sell it in the future.
- You want to create and sell this business, and then go on to create and sell a series of companies.
Being aware of the “why” in your business is critical because it will impact your business model and your long term planning. When we just “fall” into a business we tend not to see ourselves as business owners.
What is your why for starting your business? Where do you want it to be in three years? In five? How does your why impact your day-to-day decision making?
You can read more about being a leader for your business by clicking here.