7 Key Steps in Transitioning to Business Ownership

The key question is why some businesses fail and others succeed. This is a debatable question and there are many opinions on this subject. However, I believe the core of the problem lies in the inability to develop good business habits from the onset of the transition into business ownership.

Too many people jump into business without fully understanding the level of involvement required to run a successful business. A common mistake, often made, is miscalculating the volume of effort needed and the resilience required to manage the ups and downs of business ownership. The bottom line is that those who are not mentally prepared for the journey of transition will have difficulties with business management and growth.

Here are 7 important steps to consider in transitioning to business ownership:

  1. Develop a business plan from the inception of the business all the way to the exit strategy. The best way to begin the process is to start with a vision which is often the big picture outlook. You can go about this by writing down everything you want to achieve. Consider this exercise the playground of ideas and exploration; a place where you have emptied all your toys to get a clear picture of what’s available in order to contemplate your next move.
  2. Take an inventory of your skills and abilities. Understand your strengths and weaknesses. This exercise will be helpful in the future as you come face-to-face with the daily management of the business. Don’t try to do it all. Don’t haggle with those things you are not strong in. Seek out the experts; it is well worth the investment.
  3. Know your industry thoroughly. Stay informed and be aware of the trends and how they can affect or impact your business. All the while, be ready to make necessary adjustments to your business strategies, such as implementing new approaches to old challenges based on what’s taking place in your industry.
  4. Set powerful goals and work towards achieving them because they are the lifeline of your business. Follow the SMART acronym for setting goals. Be sure they are Specific, Measurable, Attainable, Realistic and Timely. Select goals that reflect the different aspects of your life, such as spiritual, business, family, etc. Les Brown says: “Life takes on meaning when you become motivated, set goals and charge after them in an unstoppable manner”. Without goals we function aimlessly and have purposeless lives. Goals give direction to fulfilling one’s purpose.
  5. Integrate your marketing strategy into your business. Remember that the business plan is the guiding tool and is not an ornament for display. Follow the strategy and adjust as needed. Though the foundation will stand, but the implementation may vary. Get to know the pain points of your target market. Understanding their needs and challenges is critical in developing appropriate solutions to solve your clients’ problems.
  6. Build up a network of support. In addition to our own self motivation, much is said about external motivation and inspiration when interacting with other like-minded individuals. Take time to be inspired by the success of others and learn from their mistakes.
  7. Apply technology to streamline the business. Make deliberated efforts to keep up with technology as it relates to your business and apply it to improve business efficiencies and enhance management. Understand how technology can be useful and appropriate in your business.

There is no doubt business ownership helps to realize dreams. It also requires consistent, intentional, and deliberate actions to deal with industry changes and other economic factors that can adversely affect the business. At times we need additional direction and support to transcend to the next level. Don’t overlook the high returns you will achieve when you make the right investment. They can make the difference in running a successful business.

The Chronicles of Narnia: Discover To Be Enslaved To Business Ownership Vision Instead of Details

In The Chronicles of Narnia: The Voyage of the Dawn Treader, Prince Caspian and his sea-fairing crew members, found themselves on an island where slave traders took control of the island and its Narnian inhabitants. It appeared that the communities could have fought back; however, they somehow chose not to fight back because fear had set in and it made them weak.

Maybe they just didn’t have ample means and were too weak to rise victorious if they were to retaliate. Obviously, the inhabitants were “enslaved” by the fear the slave traders created in them. Retaliation didn’t happen at first. Partly, because they were frightened that their loved ones would be taken away by the evil, green mist as a “sacrifice-of-sorts.”

Green mist or not, the Narnian community needed courage to envision that they could be free from the slavery and destructive influence of the traders. Although, having the Prince and others helping lead the way, envisioning the idea of freedom was needed to guide their actions, not fear!

My Challenge For You Today

My challenge for you today is to become a “slave,” enslaved, to your Vision instead of being in bondage with the details of your business. Being legally blind, I find dealing with the “details” of my business to be most challenging. Therefore, I strive daily to take responsibility for my attitude, adapting, and actions.

So, what are some steps that will help you become enslaved to a powerful Vision instead of being a slave to details with business ownership?

Possess a Positive and Constructive Attitude

One step to discover your vision for business ownership is to Possess a Positive and Constructive Attitude. Keep an open mind to legit opportunities that may present themselves to you. A positive attitude will help you become more decisive and open to change. Realize that in business it’s 95% about attitude and 5% about details and a negative attitude can have an adverse affect on your success as an Entrepreneur and business owner.

While striving to keep a positive attitude, you’ll discover that obstacles will stand in your way, trying to enslave you to “details” and placing you in the bondage of fear. And with fear, the vision will perish. And without a vision, freedom for your future will perish!

Taking Personal Responsibility

Another step to discover your vision for business ownership is to Take Personal Responsibility for your choices and actions. Since your life is a sum of your choices and actions (for me, divine intervention plays a part), you can’t wait for someone else to “take charge” of your life. You have to make that choice and I have to make that choice. My choice was made at age 7.

Knowing Your Passion and Why

Another step to discover your vision for business ownership is to Know What Your Passion IS As Well As Your Why. What are you really passionate about? What drives you to wake up every morning to do what you do? Finding that passion and knowing why you are passionate can help save you a great deal of heartache.

Most business owners know “what” they do and “how” they do it. Yet, seldom do they know “why” they do what they do. It’s easier to place in a vision statement that you “provide solutions for marketing by offering turn-key systems and training,” then it is to state WHY you provide solutions and training. Once you discover your passion and know why you’re passionate, you’ll find that your vision solidifies and the “details” take less of affect on your life.

Properly Develop Vision

Probably the most vital step discover your vision for business ownership is to have a Properly Developed Vision that…

  • Attracts People of the Same Mindset and Goals
  • Builds Respect and Loyalty for Cultivating Positive Relationships
  • Calculates the Risks Involved
  • Communicates Your WHY and Purpose
  • Defines What It Means To Become Successful
  • Emphasizes the Importance of Giving
  • Identifies Your Passion(s) Based on Your Gifts and Talents

Secret Discovered

I find that possessing a positive and constructive attitude is taking responsibility for my own decisions and actions because I know my WHY and I have developed a unique vision that’s right for me, my business, and for my life.

Business ownership and becoming an Entrepreneur doesn’t have to be a difficult decision, just a well-thought out, wise decision that’s been established by facts, due diligence, and integrity. Nonetheless, business ownership does need to be a decision that’s right for you.

My decision to become an Entrepreneur and vision is to Inspire Abundant Awareness so people can experience true freedom for their lives. Like the communities in The Chronicles of Narnia: The Voyage of the Dawn Treader, you don’t have to be afraid. Just make the choice!

Hair Salon Business Ownership: Online Marketing That Draws Traffic

Online salon marketing can be used for hair salon business ownerships, nail salon business ownership as well as any beauty business ownership. One of the keys to staying in business is making sure you are using proven marketing strategies.

YouTube is a great low to no cost marketing strategy that can help any business get placed on the map and draw more traffic to their physical location as well as virtual location – website.

Cross Promoting and Collaborating with others in your industry can be beneficial. Check out below different ways you can cross promote your hair salon business.

1. Video Guest Promotions: You can use your skills and education as a hair salon business owner and cross promote using videos with a hair stylist. He or she could be featured in your online salon marketing video. Simply take clips or ask the creator to send you a video of them answering a specific question, showing a new technique or giving some good advice.

2. Video Teasers: You can use clips from a fellow collaborator highlighting whatever you all decide. This can work both ways. You can send them a clip of something or some topic you would like to promote as a teaser to get viewers interested and clicking for you.

3. Video Shout Outs: Owning a hair salon business involves more than just you operating the day-to-day of the salon. Being a hair salon business owner you have a responsibility to the hair and beauty community to stay on top of the latest trends and ideas. By researching prospective collaborators or cross promoting you can give a shout out to other YouTube channels and creators in your salon marketing videos. This builds goodwill, gives the audience more information and it helps to distinguish you as an expert in the industry – It lets people know that if you don’t have the answer, you know someone who does.

4. Tip: Remember you can use annotations and links in your description of the video. Make sure you place the link to your fellow collaborators channel in your description.

5. Click Like: Something as small as clicking like on others YouTube channel is a form of cross promotion. Your subscribers will be able to see your activity and see whose channel you like. You can also use this same concept by leaving a comment and marking the video as a favorite.

6. Subscriber Sharing: Using your hair salon business ownership status as influence when you subscribe to a fellow YouTubers channel that subscription is broadcast to your own subscribers or anyone visiting your channel page. This allows your viewing audience to indirectly see who you are promoting. This is a great way to help other salon owners, hair stylists, nail salons and beauty experts.

7. TIP: When you subscribe to someones channel send them a message asking them to subscribe to salon channel. Let them know that you would like to promote them and their business and you would appreciate the same. When they subscribe to you then you will show up and be indirectly promoted to their existing subscribers.