It is one thing to talk about that designer cup cake business or pet grooming service you are going to open and quite another to put it into practice.
Part of making money is being good at what you do because that is how you will attract customers and keep them coming back for more services from you again and again. If you have no expertise in the business of your dreams then you need to get some training.
The fact is that no matter what type of business you think you are going to open there are many others just like yours in the area that will compete with you. You need to know what you are doing, even if you are just the owner and not in charge of the actual running of the business. It is just good sense to know every job and position that is in your business like the back of your hand so that you always know what is going on and you always have the ability to step into someone else’s shoes should your employee have a problem or a dilemma.
It is also important to understand every ebb and flow in the process of your business and how it works in the totality of your customer’s experience, from the minute they walk into your store until they have paid for everything and are saying good-bye.
A mark of inexperience is to operate out of their checking balance from month to month without knowing how much they are making or how much money they are burning through by writing check after check to suppliers and other creditors. It is almost as if business owners have some kind of superstitious belief that if they do look at the checks and balances in their accounts that the business will fail.
The problem is that if you are unwilling to look at your finances then you are more than likely be shocked or surprised when you run out of money to pay your bills one day. Inattentiveness to financial details is one way to pave the road to bankruptcy.
It is a really good idea to see if you can train, observe or be employed in a business very much like your own and actually learn it. If a similar business can’t hire you then offer a skill that you have as a trade in return for watching and learning and seeing how it all works. This is crucial because trying to run a business that you know nothing about and without understanding its each and every movement and working is a big mistake!