I've spoken to many small business owners over the years about what motivated them to take what is essentially an alternative route in life. Out of those who made the transition through choice, rather than circumstance, most admit to having found employment challenging. Many admit to believing that they are essentially ''unemployable'. So how do you score in the small business owner checklist, and do you agree with the personality traits that I've highlighted? If not, let me know in the comments section at the end of this blog!
- Hard working
- Ambitious
- Assertive
- Adaptable
- Organised (very!)
- Stubborn
- Able to think creatively
- A passionate for, and strong belief in, your business idea or product
Probably for me, the 3 most important are numbers 1, 5 and 8. Don't make the mistake of thinking that because you're working for yourself it's going to be a breeze. Most small business owners work far longer hours than the average employee, and many in the throws of setting up their business frequently work a 7 day week. You will probably have to forgo holidays and luxuries for the first few years, but if you're passionate about your business and believe in your idea, none of that will matter.
The All Important Business Idea
When I first made the break to become self employed I set myself up as a freelance writer/researcher. Among the several companies I worked for one was a text messaging service in which people paid £1 a text to ask 'experts' (such as me) questions. The most often asked question was 'I want to leave my job and work from home, what business can I set up?'. As writers we were encouraged to answer by telling the poor misguided souls that they should become freelance writers answering text messages like us because it was such a great job (it wasn't). I always wanted to scream when I received that question. Running a business, as I've said above, requires a huge amount of determination and passion. If you don't love what you do, you will fail. It's that simple. No one can give you a concept, it needs to come from you. For many people the idea stems from a frustration - not being able to easily source a particular product, not being able to find something that suits their particular tastes. For others, the ideal is turning a hobby into a business or capitalizing on certain strengths or gifts they already possess. Think about what excites you, what you're good at and where there might be a gap in the market.
USP
USP (Unique Selling Point) may sound like meaningless marketing speak, but when it comes to running a successful business it is your best friend. If there are hundreds of other people already doing something it doesn't necessarily mean that it's a good thing for you to do. There will be others out there who have been doing it longer, are more established and have more experience. How can you possibly compete? - And don't answer that by saying that you'll undercut their prices, it doesn't work!
What USP is all about is finding a slightly different angle, so that in doing so you set yourself apart. When I first started my furniture business 6 years ago I began by buying Victorian and Edwardian furniture, painting it and selling it on Ebay. For the first few years I did quite well, there weren't many other sellers competing with me and that made all the difference. Today on Ebay it's a different story. Either due to the credit crunch or the fact that it's an easy business model to replicate, I'm not sure, the number of shabby chic sellers on Ebay has exploded. These new sellers undercut me the point where neither they nor I could make a living. In order to survive I needed to change my business model and that's when I decided to start importing French furniture and to sell directly from a website. The beauty of this idea was that it was far less easy for my competitors to copy. My partner co-owned a property in France, I had contacts there already, and I had a background in building websites.
This really is where creative thinking and adaptability comes in. There is an element of Darwinism to small business ownership, if you are able to change and adapt and stay ahead of the pack rather than merely following, you'll survive and be successful.
Next Time: The first steps in making your business idea a reality, and financial security - when is the right time to leave paid employment?
WHO AM I?
My name is Ali Stokes and I am the owner of an online boutique called Dazzle Vintage Furniture. My website specialises in selling authentic French furniture and accessories which have been imported from France. I have been self employed for 10 years and aim through this blog to share some of the knowledge I have gained.
WEBSITE: http://www.dazzlevintagefurniture.co.uk
TWITTER: @DazzleVintage
FACEBOOK: Dazzle Vintage Furniture
