The 6 "Be's" of Owning your Own Business

Choosing a business, and eventually owning your own business is very complex, and often times can be substantially more than we thought. We all watched Cheers, right, so we can operate a successful bar?

Some things we have learned along the way can be summarized in the 6 Be’s below. When you start thinking about opening or buying a business that you will operate, and that will (hopefully) be your primary source of income, it’s important to fully understand the things that come into play. Here are some tips that may help you to succeed.

The 6 “Be’s” for people who want to franchise, or own and operate their own business:

1. Be a Great Operator. Focus on execution of whatever you pick. Whether you are in food service, retailing, lawn maintenance, manufacturing or another category; do it better than others do it. Performance counts with your customers.
2. Be Passionate. Pick a category that speaks to you. Going into an area because you think you can make a lot of money is fine. But the best made plans don’t always work as we hoped. If you are in a business you love, the times when you struggle are much more tolerable. If you hate what you do, and you aren’t making money at it, you will likely lose everything.
3. Be People Centered. If you are in a business where you have team members (not employees; nobody wants to be an employee, but most everyone wants to be part of a team), treat them like they matter. They are your face, eyes and ears with your customers. If you have people that are representing your brand (you), make sure you treat them with respect. Our success has primarily been due to our deep core value that our people are what matters most in our organization. Without our team, we are lost.
4. Be Humble. Ego and pride are poor qualities. Nobody wants to work with or for someone that tells everyone how great they are. If you are great, let somebody else say that about you. And thank them with warm humility for their kind words. Great ideas come from all areas, so don’t be afraid to hear constructive ideas from your team or your customers. The reason they offer ideas is that they usually care about you and your brand.
5. Be Present. One way to show that you care is to be around, and thank your team for their contribution. Yes, they get a paycheck, but a warm and sincere thank you goes a long way. You don’t have to be a work-a-holic. But it’s important for you to be available and present to show that you care.
6. Be Balanced. If you are #5 in spades, and live at your business, it’s a tough thing. There is joy in many things outside work and your business; family, community, church, recreational activities, reading, music. Pick something that you enjoy. The time in your business will be much more effective if you balance work with other things.