How to Succeed at Running Your Own Business or Practice

Running your own business can certainly be hard work. I hear and read in newspapers and magazines how small businesses and self practitioners are going out of business everyday because large chain stores are driving them out. I’m not going to lie and say that running your own business and being the CEO isn’t tough. In fact it is downright grueling. However, with some key tips and advice, you can be on your way towards maximizing profits and watching the money come rolling in.

First, the key is location, location, location. You want to set up your store in an area that has a growing and large population. Ideally, the best place to look for is a store that has the potential for expansion while being located in a populated part of the town or city where people go to shop or buy goods on a daily basis. The next step is to think about the cost of rent and how much you want to pay. Price is an issue and even if the location is great, you can be deterred from setting up shop because the real estate prices are simply too high in that area. A good place to look for is one that is slightly falling apart and has some wear and tear but can be fixed with some manpower and effort. Landlords are hesitant to clean up their properties because they don’t want to put their own time and effort into it. As a result, they often sell these types of properties for lower rates.


The next step once you have agreed on a contract deal for rent for the store and the length of contract for the store is to hang an awning or banner with your store name. Even before you start banging away with a hammer and nail your store name should be in plain sight for people to see. People get excited when new stores come into a neighborhood and your sign should also contain hat type of business it is such as a bakery, appliance store, music store, etc.


Then you will have to hire a construction company to make repairs to the store and to decorate it accordingly. Make sure you have a front desk with a cashier for purchases and to meet with people depending on your business. You should also go to the local bank and try and hammer out a line of credit with the bank. Get the lowest possible rates that you can. Most small business owners take out loans to pay for the construction of the store which is a good idea. When you are having the workers install various items into your store, make sure that you carefully research the prices of tables, chairs, counters, glass windows etc. While you want to cut costs, at the same time you want quality items that will attract people to the store. Furniture that easily breaks will turn away customers which are bad for business.


When you first open shop you should hand a banner on all of the windows of the store that says “Grand Opening.” Make the sign in big capital letters with a bright color to attract people to the store. Also come up with a catchy title of your company or store. Offer discounts on certain days or times during the week. You should also take out a couple of ads in the local newspapers telling people about the opening of your store. Offer people rebates for bringing their friends to the stores and referring them.


As for employees, you could start with hiring family members to work at your store. I also recommend getting young people who are eager to work. Offer incentives for a certain amount of revenue sold so that they are eager to sell more of your company’s products. If an employee is simply making an hourly wage, then they know they will get paid the same amount no matter if they do a great job during their shift or a poor job.


Have your store open early in the morning and late at night. During the first couple of months for your store you will need to have long hours during the day to attract as many people as possible to the store because it is new to the neighborhood. Once your store is recognized and well known, then you can alter your work hours.


Having amenities at your business is also a great idea. If it is an office where your company is offering a service such as a law office or doctor’s office, have magazines and newspapers in the lounge area where the people wait to be called on. In addition, having vending machines is another great idea. You can generate some extra revenue as well.


Business cards can be very helpful as customers usually want to remember a store that they liked. You can print out flyers pretty cheaply and distribute them throughout the town to attract customers. Having a delivery service is not a bad idea but sometimes it is a luxury to have because it might not necessarily result in profits since you will have to pay for a delivery boy.


Finally, the best advice I can give is to watch out for your competition. Look at the prices that competing stores are offering for their goods or services. Look at which products that company is selling and try and offer different items to customers that they can’t find at that other store. Make sure that your competition does not drive you out of business. Raise and lower your own prices and offer specials and discounts frequently.


Remember, if you work hard and put a lot of effort into your business, you will be sure to succeed.