There are multiple elements for small business viability, and while every entrepreneur is unique, there are necessary ingredients that produce the ultimate recipe for prosperity. While perhaps there is no perfect formula for small business growth, every small business owner should understand that without these five crucial key elements, growth might be more difficult to obtain:
- Passion. Without it, we have no motivation, no drive. We have no inspiration in those exhaustive moments when we just want to give up. Passion is an entrepreneur’s fuel. Passion is what keeps the brand, its promise, and image alive. Without passion an entrepreneur’s dream is simply that; a dream, an idea. Find out what you’re most passionate about, partner with the right franchise concept and build a business doing what you love.
- Willing to take risks. You don’t need to be the ultimate dare devil to be an accomplished small business owner, but you do need to exercise wise judgment for when it’s appropriate and smart to take the right risks. When determining whether or not to take a risk, always weigh out the pros and cons, and be sure to think ahead to how the risk will affect the business in the long run. Also, keep in mind that with great risk comes great reward. Starting, owning, and operating a small business is one big gamble, in and of itself. You must be willing to gamble in order to prosper in the long run.
- Goal-oriented. One can argue that goals are a necessity for an entrepreneur. Goals are how achievements are accomplished and what empower passion. Set goals, stick to them, strive for them, accomplish them, even strive to not only accomplish them but to go above and beyond in meeting them, and you will find prosperity. Remember when setting goals to be realistic. Don’t set goals that are unattainable for your current phase of business ownership. Set realistic goals that will challenge you and your business to grow and develop, but not goals that are unreachable. The point of a goal is to challenge yourself and to grow.
- Stay innovative. It’s important for any business, no matter its size, to stay on top of industry trends, issues, as well as target audiences’ needs and wants. As a small business owner, it’s absolutely necessary to be innovative, but it’s an extreme advantage to be creative. Creativity helps you stay innovative, exercise unique problem-solving skills, and even produces opportunities to become the leader in your market. Being innovative involves another element previously mentioned; taking risks. Some creative ideas can seem nearly impossible or just too “out there.” Don’t dismiss those ideas right away. Consider all options, ideas, and suggestions. Analyze and dissect certain creative ideas to figure out the best ways they can work for your brand. Don’t be afraid of change and don’t be afraid to be unique.
- Be a leader. For some owners, this element comes naturally. For others, being a leader is the hardest and scariest part of business ownership. Start by becoming your own leader; your own boss. Remember that your employees play a tremendous role in your business’ growth. They need a leader to depend on for problem solving, to help them grow and develop their own skills, and someone to look to as a strong example. Being a leader involves all of the previous key elements we’ve discussed. You must have passion and be highly motivated, goal-oriented, unafraid to take risks, creative, organized, and willing to work hard.
It’s one thing to own a small business; it’s another to own a thriving small business. Ownership is an incredible responsibility and being prosperous doesn’t happen overnight. It takes time, energy, effort, creativity, and an immense amount of hard work and sweat. It’s not an easy challenge, but as long as you’re able to work hard, become a strong leader, keep the creative juices flowing, set and achieve goals, have a deep passion for your work, and are willing to take smart risks, you will be able to rise to the occasion and own a thriving, prosperous, small business.
Do you have a passion for helping others? Have you considered owning a small business in the booming homecare industry? FirstLight Home Care is looking for franchise owners! View our territory map and see what is available in your marketing, check out our franchise information site to receive more information about ownership, or hear what other FirstLight Home Care franchise owners have to say about owning their own franchise or simply give us a call:1.866.985.5348. We’re always available to answer any questions!