9 Tips To Rule Your World
9 rules for starting your own business
Hire the right peopleThis is fairly important because, when you are hiring people for your new business you need to make sure they are trustworthy, hard working, honest people. You want to hire people that will get a job done, this will help your business be more successful than hiring people that don’t want to be there. When I interviewed a man named Mr.Martinez who owns a small electrical company, and he said, “When I hire people I first look at the candidate's education to be sure that they are technically in line with the position. Second, I look at the person's professional experience and see if they have been applying the skills that they learned in school. Third, if available, I will examine any attendance records to see if they are punctual with limited absences. And finally, I analyze the person's character to be sure that it is in line with our company culture.”
Handle tough tasks
This is pretty important because, if your business ever runs into a hard time, you need to have an idea of what you are going to do and try and help out your business so that you are still being successful. While interviewing Mr. Martinez he said that ; “
I have had some very tough times with my business. Some of those were due to cash flow which is the timing that money comes to us from our customers compared to how quickly the money goes from us to our vendors. When cash slows down, I am always the last person to get a paycheck. Another issue related to tough times is the local and economic conditions. When the economy is experiencing tough times, so do small businesses. Economic conditions will impact our sales, our profit and also our cash flow.”
Get tasks done whether you have a deadline or notThis is important because, when working in your job, just like when you went to school you are going to have tasks/jobs that are going to need to get done. Whether its you or your employees you need to be able to have things done in a time period that it needs to be done in. This also ties in a little with having good time management, you need to set out what you need to get done everyday so that at the end of the week you have what you had to do finished. Mr.Martinez sets out his day like this; “Daily I find myself coordinating projects (Project Management), sales and marketing using direct means (face to face) as well as website development, and finally I work on managing financial issues such as accounts payable, accounts receivable, tax reporting and payroll.”
Work independentlyThis is needed in a business because, most of the time when you are working you will find that you are not going to have someone to tell you what to do all the time, you are going to have to figure most things out on your own. This is a quality that you need to have running your own business, because there is going to be no “boss” to tell you what to do because you will be the boss. You need to be able to get things done on your own and not have to go to someone for help because you don't know what you're doing. Most of the time in larger business you are paid based on how long you work or how well you work that week. Mr.Martinez’s business does not get paid like that however they paid like this; “Most of our employees are part of a labor union. The agreement that we have with the labor union is called a collective bargaining agreement and the wages (what we pay the employees) is decided as a part of that agreement.”
Have good organization skillsThis is important because, you need to be very organized at any job especially if you are the owner of the business. Especially if you are a business that makes different kinds of products and you are given papers with who is ordering from you and how much of that product they need, you need to be able to keep the papers in a place where they are not going to get lost and you will be able to look at again for any future references. You also need to keep people organized, make sure that everyone is on task and doing what they are being told to do. This is what Mr.Martinez has the people at his business do; “I employ people to perform many of the tasks that I perform such as project management, estimating, and office management. The largest task that I have others perform is that of direct installation labor. Our field technicians perform tasks such as installing electrical and plumbing appliances as well as repairing installed appliances.”
Have good time management
This is needed in a business because, if a company needs you to do something for them and you need to get it done by a certain time, you need to manage your time wisely so you can get that task done, and anything else you need to be doing. This is also important because depending on how many hours you are working every day you need to be able to get everything you need to get done in that amount of time. I interviewed a man named Mr.Martinez who owns his own business, and asked him about this topic he said; “ One of the pros of owning a business is the flexibility of my schedule. If I need to come in late or leave early, I can usually make that happen by completing tasks earlier in the week before they are actually due. Ironically, one of the cons of owning a business is the lack of flexibility of my schedule. If I have a deadline to meet with one of my customers or if an employee issue arises, I have to be sure that I take care of those items before I can think about my own personal schedules or goals.”
Communicate with othersThis is important because, If you don’t communicate with others especially your employee’s most of work is not going to get done. You should always communicate with everyone involved with your business, so they know what they are doing, and what they have to get done that day. If you communicate well with your business, you will most likely have a more efficient company, get tasks done faster and easier, and have a good relationship with your employee’s.
Be confident in your workThis is very important because, you need to have confidence in your work or it’s not going to turn out to the best of your ability. If you work hard on what you're doing, and are confident about it, it will show that you put a lot of work and effort into it. Mr.Martinez’s was confident with starting his own business and said; “I started my business by first learning my craft as an electrician and a master electrician. Once I proved that I had mastered my craft, I then began to market my services as a “sole proprietor”. After a few months as a sole proprietor, I then registered my company as an “incorporated” firm. Gradually I began to hire added staff to assist with the many tasks that were increasing in volume.”
Follow your passionThis is the most important because, if you don’t follow your passion there is no point in starting your own business if you don’t like what you are doing in the first place. If you're starting a business you need to make sure that you enjoy it and that you are doing something that you're not going to regret later and can do for a long time. Mr.Martinez said that he started his business because; “I started my business in an effort to grow my own personal net worth (long term). A second reason for starting my company was that I enjoy providing services to customers and seeing the look of satisfaction once a project or task has been completed.