What are the benefits of starting a business for you?
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. Otherwise, when the going gets tough (as it will when you own a business you’re serious about) your ‘why’ won’t sustain you.
Here are five reasons that might be the “why” of your business:
- You want a business for money to live on.
- You want to build a business and leave it as a legacy for family members.
- 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.
- You want your own business for better income and more flexibility than you currently have in your job.
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. We don’t wear a CEO hat. Our business isn’t serious, doesn’t take priority with us. Planning a business out and “falling” into business are two different things with two different results.
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?
Here are a few questions that can help you get clear on your business and your brand.
- Why are you in business? How does it benefit you? How does your business benefit your customers?
- Is your business your sole financial support? If so, how much money do you need to take to the bank from your business?
- What are your weak areas, things you need to learn in order to sustain your business?
- What are you good at, things that come easy for you?
- How many years do you see yourself in business?
After you think about these questions, you can also read more about being a leader for your business by clicking here.
Sue – I love this! I love that you’re really starting at the foundation of why we do what we do, why we have a business, why it is important to us … when we have that clarity, actions do become much easier!
Yes, our “why” fuels actions out of our comfort zone.
A critically important step in creating your business is to define your ‘why’. Fully agree.
Definitely something to think about. I know that I’ve had to think about what the future holds as my business is such a niche market that none of my children will ever want to take it over. And I’m okay with that. But it was interesting to follow your suggestion and think about what that looked like and what it meant.
Good questions to consider. I like Jessica’s comment about freedom! I also think leaving a legacy and/or making a difference are part of the picture for many people – it certainly is for me
Trudy
Great stuff, Sue! Figuring out the why behind your business is the #1 most important thing you can do because, as you stated, it is the fuel that will keep you going when times get tough–especially if it is a very strong “Why.” I have found that some why’s are more powerful than others.
Sue,
Examining the “WHY” is so important. AND sometimes it can be multi-layered.
What’s your big “WHY”?
Write on!~
Lisa
One word- FREEDOM! I love having the freedom that comes with having my own business!
Good points to think about Sue!
As always, great questions to get the internal wheels turning, Sue! <3
XO, Katherine.