Whether you’re from Orlando or anywhere else, it’s a rare working adult who doesn’t dream, at one time or another, about being his or her own boss. Sometimes these thoughts are just workplace fancies. Sometimes, though, they are the beginning of a grand and successful business venture. If you are one of the restless souls out there, contemplating striking out on your own as an independent entrepreneur, there are many things to consider before you begin the process of actually starting your own business or company.

But before you take the plunge, it might be useful to mull over the relative advantages and disadvantages of becoming your own boss. Then, with the firm knowledge that it’s something you definitely want to attempt, you must consider both the personal attributes you will likely need to embody, and some concrete steps you will need to take in order to be successful.

The Advantages and Disadvantages of Being Your Own Boss

The first thing that comes to the minds of many when they think about being their own boss is the notion that they will be able to “work in their pajamas.” Wardrobe questions, aside, this concept does go to the heart of the matter, i.e. that when you work for yourself, you have a created a certain kind of “freedom” in your life. You are free to do what you love and, potentially, work with people you really want to work with. You don’t have to take orders from anyone, and, compared to a conventionally employed individual, you have a lot more latitude to balance your work and the rest of your life.

You have more control over where and when and how you work. You have the freedom to use many of your skills because you are not a one-dimensional cog in someone else’s wheel. You have the possibility of making a lot more money when you work for yourself because there is no ceiling on income. And, of course, you can never be fired.

Now, all of that sounds pretty darn good, and if that were all there was to consider, you’d probably want to rush out right now and register your new business with your local chamber of commerce. But not so fast. Here are some of the disadvantages of being your own boss:

Number one: the buck – both figurative and literal – stops with you

You can’t shirk the ultimate responsibility for your business’ success. And that burden will usually require you to work many more hours than you might like. During the early stages of your new enterprise, you could easily work nights and weekends, in addition to a 40+ hour work week. And forget about taking a two-week vacation for at least a couple of years.

Number two: your income is likely to be inconsistent

In fact, there may be no income at all, from time to time. As a self-employed worker, it can take months, or even years, to build up a salary that is commensurate to what you might be making as a full-time employee, elsewhere.

Number three: no matter what your business is, you’re going to have to sell it

That means developing strong sales and communication skills, in addition to whatever particular skill set you bring to the actual business, itself. Without the ability to market yourself, your service, or your product, no one will ever know what a great idea you had that compelled you to launch your own commercial endeavor in the first place. So, if you are uncomfortable with managing client and customer relationships, you may not want to place yourself in a position where it is absolutely necessary that you do so.

Finally: you may fail. Knowing that failure is a possibility means that you will need to prepare yourself for stress and disappointment. Can you whether all the emotional and psychological ups and downs of being your own boss?

Your Personal Attributes

The previous question is not rhetorical. You need to answer it and several more like it because you can’t be successful as your own boss unless you are sure that you have the drive and the personal discipline to withstand the pressures of entrepreneurship.

You also need to be perfectly honest with yourself about your work habits.

Can you meet deadlines?

Can you stay organized?

Can you delegate responsibility?

Can you give orders?

Do you trust your own instincts and intuition?

Are you patient? Do you have the conviction to see things through?

Do you really like challenges?

Can you maintain enthusiasm when things don’t go as well or quickly as you imagined?

You can’t afford to be dishonest with yourself when going through a personal checklist of your strengths and weaknesses. Being your own boss is simply not a role you should take on unless you can be absolutely certain that you have the right character and personality for the job.

Steps to Take

Once you have decided to take the plunge, the first step to becoming your own successful boss is figuring out all the money issues. You will have to know how much capital you will require to get started, where it’s coming from, how much you will need to keep operating, and how long you can survive before the profits start rolling in. That means you need a precise, actionable, business plan. What are you building? Who are your clients or customers? How will you reach them? Spend a great deal of time and thought answering these questions and many more like them.

Once your business plan is sketched out, you need to prepare your move. How are you going to start becoming your own boss? Will you begin part-time while staying in your current job, or are you ready to dive in the deep end? What about your support system at the beginning stages of your new venture? Who is going to help you make the transition – friends, family, business associates?

Now that you’ve got a plan and a time frame, you need to give your business a legal structure. This isn’t the Wild West. You can’t just put out a shingle. You need to have a lawful entity in place for taxes, banking, insurance, etc. Will your new business be a sole proprietorship or a small corporation? Get the best legal and financial advice available and make sure that all your paperwork is complete and correct.

The rest is up to you. You’ve made a commitment to your new business and to yourself as your own boss. Now you need to get to work, cultivating a network of customers, clients, colleagues, vendors and anyone else that will help make your business a success. In time, with a lot of hard work and more than a little luck, you might be able, someday, to actually work in your pajamas.

Go ahead and Google the word, “success.” I did, and I got 1,060,000,000 results in 0.26 seconds. Here’s the dictionary definition of the word from the first link on the first page:

The favorable or prosperous termination of attempts or endeavors; the accomplishment of one’s goals.

Okay. That seemed straightforward enough, so I didn’t feel it necessary to explore the next 1,059,999,999 entries. Saved a lot of time, there.

Then I Googled the words, “success quotes,” and I got an additional 141,000,000 results in 0.24 seconds. So I began reading some quotes about success that were uttered or written down by a lot of different people from many different cultures and different periods of time – from Confucius to Abraham Lincoln to Bill Gates. I found them all interesting, but not nearly as straightforward as the dictionary definition.

After awhile, it hit me. The fact is, I could spend the rest of my life reading about how other people define success and would probably never “succeed” at finding common ground. It seems that, regardless of what the dictionary says, the notion of what makes a person successful is pretty much subjective, and everybody seems to have his or her own idea about success, based upon his or her own life experiences.

And yet, I wondered, is it possible that there are some universal traits that every successful person embodies and exhibits; some qualities of temperament or ways of doing things that are more likely to ensure “success” than promote failure? Especially in the realm of business, are there common characteristics of belief or behavior that, if not every, at least most, successful professionals exemplify? I’m not sure, but, based on my research, the following list is probably worth considering. (Only, don’t quote me.)

General Attributes of Successful Business Professionals

Let’s begin with some general attributes before going into specifics about how to succeed in business. According to a broad consensus, the following characteristics tend to be shared by many “successful” people, regardless of their role in life.

Successful people and professionals:

Have a dream

Successful people generally believe in something passionately. They have an abiding desire to accomplish some specific goal and that desire, at some point, takes over their mental and emotional lives. Nothing is as important to them as pursuing their dream and making it a reality.

Have a plan (and be follow through)

Successful people think long and hard about how they are going to follow their dream. They seek out the necessary knowledge and skills they will need to get where they want to go. They are methodical and persistent.

Be willing to work hard

Successful people have an ambition that drives them to their goal and they are not afraid of the hard work it will take to get there. They will burn the midnight oil night after night, if necessary.

Have a winning attitude

Successful people don’t allow themselves to be disheartened. They may fail over and over again, but they will always come up with a new way to achieve their dream and they are not daunted by setbacks or obstacles.

Don’t follow. Lead.

Successful people are not bound by what has been done before. They are willing to experiment, stick their necks out, if necessary, and they are not deterred by the gainsaying or negative criticism of others.

How to Succeed in Business (By Really Trying)

Now, let’s assume that, as a business professional, you share most, if not all, of the above characteristics. That suggests that you’re already on the path to success. But being successful in business is somewhat different than being successful, say, in sports, or the arts, or even as a parent or spouse. Yes, you have to have vision and drive; you need to have knowledge and training; and you need to work hard. Is there anything else? Try this list on for size:

Enjoy what you do

You’re not likely to succeed in business if you hate what you are doing. There’s no way to continually mask dislike for your chosen field of endeavor from your colleagues, customers or clients. You need to be enthusiastic and optimistic so that others pick up on your positive attitude. If you don’t really love your business, get out and find something else to do with your life.

Be serious

While enjoying your business, you also need to take it seriously. You’re in it not just to make money and pass the time of day. You need to convey to everyone around you that what you’re doing is important, that you are honest and dependable, and that you will be in it for the long haul. In other words, you must always project a positive business image in all your professional dealings.

Understand finances

It doesn’t matter what business you’re in. If you can’t manage your money you’ll be out of business well before it succeeds. You will need to understand how to reconcile your income with your expenses from day one, and every day after that. And even if you’re not directly responsible for a business’ budget, you need to understand that you are still accountable for adding value to your organization rather than being a drain on its resources.

Your customers come first

Unless you put your customers and/or clients first, you won’t have any for long. They are ones who will ultimately decide whether or not you are successful in your chosen field. A business that is not consumer-centric will fail.

Surround yourself with success-oriented people

The best way for a business professional to ensure his or her success is to be part of a successful team. Very few, if any, successful business men or women have done it alone. While they may have been the leaders and driving force of their businesses, they have always had to rely on like-minded people who shared their goals and were willing to work hard to achieve them.

Master inter-personal skills

It’s axiomatic: people like to do business with people they like. You don’t have to take on a false personality in order to be successful. But you do have to master your communication skills. Learning to be an empathetic listener; being open-minded to the needs and ideas of others; being accessible to your colleagues and customers will all go a long in guaranteeing your success.

Be responsible and decisive

Successful business professionals take responsibility for their actions and are not afraid to make decisions. They don’t blame others for failure and they’re not risk-averse. Successful professionals take the initiative and when things go awry, they take the responsibility and move on.

The bottom line is this: there are infinite ways in which to define success in the professional and business world. The above list is merely the beginning. So, let me just end with one particular quote that I found worth repeating here. It comes from Arnold H. Glasgow, an American author, born in Fond-du-lac, Wisconsin in 1905: “Success is simple. Do what’s right, the right way, at the right time.” Got it? Good. Now go out and succeed.

Let’s say you have a small business in Orlando with a good product or service that people want and need. You know that you can compete in the marketplace because you offer your customers quality merchandise at a fair price. The question is: how are you going to attract the clientele you need so that your business can prosper and grow?

Well, you can always advertise. Most businesses do. But advertising is a hit or miss affair. It’s sort of like shooting buckshot into the air in order to bring down a moving target. Your aim is wide, and only if you’re lucky, will you hit something. Also, advertising is expensive and the truth is, your competitors are advertising, as well, so you don’t necessarily have an advantage over them in that arena.

What you need is a good rifle that lets you aim at a more precise target. Well, the fact is, you actually have that sort of firearm at your disposal. It’s called a referral. In fact, a referral is actually the best weapon you can have to help you grow your business. An effective referral system, if implemented well, is consistently the lowest cost form of marketing any business can employ to increase sales, boost opportunities and augment profits.And that puts you way ahead of your competition.

The Power of Referrals

Why are referrals so powerful? Because they come from a credible third party who knows you, and has experienced, first-hand, the benefits of doing business with you. And, by the way, referrals are different from word-of-mouth advertising. Word-of-mouth happens when one of your customers or friends mentions your business in the course of a casual conversation. It’s helpful, but it’s not intentional and it’s not planned. So, while it’s lucky when it does happen, word-of-mouth is not something that you can rely on over the long haul.

A referral system, on the other hand, is a process that you proactively put in place to capture qualified leads and prospects through your association with other people. Who are those people? They’re your clients, your colleagues, your business associates, your networking group(s), your friends and your family. And because you understand that it is a disciplined, rather than a scattershot approach, if followed methodically, a good referral system will produce predictable and measurable results.

Putting Your System in Place

Once you have decided to put your referral system in place, you need to make it a major component of your marketing program and an integral part of your sales routine. Here are some tips to get you on your way:

• Create a Referral Target Market List – First, make a list of the companies and people you think can be motivated to refer potential clients your way. This will always include your past and current clients and customers, as well as your closest professional associates. Then identify your ideal referral clients and concentrate on them, knowing that some people are just more likely to give out referrals than others. You will need to cull them from your broader universe of contacts, so that you’re not out there begging everyone you meet for referrals.
• Work on Your Referral Message – Just as you likely have crafted a 30 second “elevator speech,” you need to create a referral message. What is a referral message? It’s a precise explanation that lets your preferred associates know exactly what your company has to offer anyone whom they might recommend you contact. It’s a way to educate your referral sources by pinpointing the type of customers you are seeking. Doing so will help to increase both the number and quality of the referrals they give you.
• Create a Referral Conversion Strategy – Map out how you intend to convert your referral leads into new clients. If you are slipshod in marketing to the leads you get from your referral sources, the word will get back to them, and your sources may dry up. So make sure that your sales process meets the high expectations that you, your leads, and your sources expect.
• Keep Your Referral Sources Motivated – Keeping your referral sources motivated is important if you want to keep the pipeline open. Always communicate with them about any contacts you have made with a referral and let them know that you appreciate their support of your business. But the best way to keep your sources motivated is to return the favor often. When you help another businessperson build his or her business, you’re cultivating a long-term relationship with someone who’s particularly motivated to re-return the favor by bringing business back to you.

When to Ask for a Referral

When asking for a referral from a customer, the best time to do so is usually right when that customer is buying from you. You’ve just closed a deal. Presumably, your customer is happy with you and what you are offering, or he or she would not have consummated the contract. This would certainly be a good time to ask if that customer knows a few other people who might be interested in hearing from you.

In fact, any time one of your clients says anything positive about your business is a good time to ask for a referral. That’s because they are psychologically primed to spread the good feeling they are experiencing to others. Don’t let those moments slip by.

And by the way, it’s even worthwhile to ask for a referral from someone who has just turned you down. It’s true. The fact is, you’ve got nothing to lose and most people actually feel bad when they have declined an offer from a personable business professional. Giving you a referral is a way in which they can soften the blow and make up for feeling a little guilty about not doing business with you. You’d be surprised how often you can get a referral from someone you might never speak with again.

You should also have a way in which to systematically ask for referrals from your networking group(s), each time it meets. The people in your group(s) are the business colleagues that know you best, and most of the time, they will be your most reliable and important referral sources. But in order to keep them thinking of you, you need to show up at meetings and be prepared to offer as many referrals as you can, in return.

It’s Good to Be Nice, but it’s Better to Be Reliable

Every business, especially a small, entrepreneurial or professional one, needs a powerful referral network and a working referral system in order to grow sales and increase business opportunities. That means you need to be visible in your community, proactive in your business affairs, and generous with your time and expertise.

You also need to develop the necessary skills, such as the ones outlined above, and be consistent about putting them into practice. Being a nice person is a good start, but it’s not enough. The people whom you rely on to give you referrals want to make sure that there is a valid business reason to do so. Once you involve other individuals, you are now responsible for their reputations, as well as your own. So following through with your systematic approach is an essential obligation. Be reliable and professional at all times, and your powerful referral network will grow and prosper along with your business.

The purpose of a lead exchange group is to assist business owners by making strategic connections that will help grow their businesses and expand their potential client base. It is a prime example of the power of networking. But to be a strong lead exchange group, its members need to stick to a few basic rules, or the group may quickly devolve into a coffee klatch – fun for the gossip and socializing, but barely worth the time in terms of generating solid leads – or worse, it may simply fall apart because it is not achieving its main goal – the exchange of those same solid leads.

Meetings Are in the Mornings

Whenever possible, a lead exchange group should schedule its meetings in the mornings, before everyone goes to their respective offices. It’s much more difficult to schedule meetings during the work day, as most business owners simply have a hard time getting away. Also, make sure to schedule meetings regularly. Everyone in the group should know, for example, that the lead exchange group meets every third Wednesday of the month at 8:00 AM. That way, the calendar is set in stone and members are more likely to show up.

Meetings are at the Same Place

Meet at the same place every time. Habits are easier to maintain and even though it might be appealing to change venues, it’s always better to book the same room, club, or restaurant for your meetings. Meeting at a regular place tends to increase the comfort level of the group while generating a sense of group ownership among its members.

Attendance is Consistent

People who come and go, for whatever reason, are displaying a lack of motivation. That’s why meeting at the same place, at the same time is helpful. It limits the possibility of dilettante members making up excuses for their absences. Members who don’t show up consistently should be politely dismissed from the group. They are taking up space and usually can’t be counted upon to support the group’s goals.

Has a Good Organizational Plan

Lead exchange groups work best when they are well-organized and the business parts of the meeting move swiftly. Start and finish on time. Keep careful attendance records. Choose leaders who are good at maintaining order and sticking to the agenda. While the atmosphere of good fellowship is important, a lead exchange group is still a business meeting. Make sure that everyone gets an opportunity to give his or her “elevator” speech (approximately 30 seconds), and each meeting should feature at least one member who can give a lengthier presentation.

Competition is Limited

A lead exchange group may quickly become rancorous if there are too many members in the same line of business. For example, if several members are accountants, there may be trouble deciding who would get the lead from a member who brought in information that a good friend was in need of some tax advice. It’s far better to have members who have a broad range of business interests. That way, the competition for leads doesn’t generate bad feelings.

Guests Are Made to Feel Welcome

Members should always be encouraged to bring guests along who may become new members, in time. A spirit of openness and hospitality will entice those guests to consider the potential upsides of joining the group. Try to refrain from cliquish behavior or “in” joking around. Remember: every prospective new member is another possible addition to your network.

Members Bring Leads

Every member should be required to bring a certain number of leads to each meeting, based upon an agreed-upon quota. It might be a minimum of two leads per meeting, or three leads every two meetings, or whatever the group decides is reasonable. Encourage lead bringing by rewarding the person who brings in the most leads over a specified period of time. The group might give anything of value – theater tickets, a free meal at a local restaurant, a small gift, etc. This type of incentive is actually healthy for the group, as it tends to foster friendly competition, and, over the long run, produce more leads.

Members Required to Follow Up Leads

Make sure that each member follows up each and every lead he or she receives. It is simply common courtesy, when receiving a lead, not to file it away or leave it in your pocket or purse. Someone in your group has gone to the trouble to get you the lead, and undoubtedly will know, sooner or later, if you made the call, or not. Not following up creates mistrust and negativity within the group psyche. Your lead may not pan out, but you are responsible, nonetheless, to check it out with a seriousness of purpose.

Lead Flow is Monitored

Naturally, some members of the group will wind up either giving or receiving more leads than some other members; there is no way to make things come out completely equal, and some businesses may simply be harder to connect with than others. For example, someone in your group might be in the lawn and garden business and get several leads each meeting. Someone else may be an architect and, most likely, will get fewer leads over time. However, try, as much as possible, to ensure that there is a process in place that helps even things out.

The Group is Fun

Even though a lead exchange group exists to help businesses grow, it doesn’t have to be solemn and serious affair all of the time. It won’t hurt to lighten the mood once in awhile with some sort of friendly competition, or group game. It’s also a good idea for the members to get together socially, perhaps with their employees or spouses, once or twice a year for some sort of party or special event. Business people need to bond and relax just as much as they need to take care of business and members of your lead exchange group may become your very good friends.

Get started…

Find a local lead exchange group in your area. Contact the group to find out when the meetings are held and plan to attend a meetings to determine  if the group is a good fit for you.

Let us know how it works out!

And if you’re located in the Orlando area, come check out one of our bi-monthly breakfast meetings or frequent social events.

You’ve heard the old expression: “It’s not what you know, it’s who you know.”

Well, there is some truth to the notion, but like all shibboleths, the wisdom behind the antique words sometimes bumps up against current reality. In the business world, what you know has always been, and still is, greatly important. You cannot maintain a successful and thriving enterprise, if you don’t know what you are doing. And, surely, who you know has always been an important ingredient in all human relations, especially in the realm of commerce. But in the modern, competitive marketplace, it might be wise to consider a slight alteration of the well-worn phrase, so it reads something like this: “It’s not who you know, it’s who knows you.”

Make yourself known

Today, everyone is trying to get known. Our answering machines and inboxes are filled to overflowing with information from businesses attempting to get their product or service to the head of the line and the top of our list. We’re inundated, daily, with advertising notices, email blasts, social media updates, discount offers, sales pitches, etc., etc., etc. And at some point our brains are so saturated with the noise and clutter that we just can’t separate the wheat from the chaff, so we end up deleting the whole pile of requests, offers and proposals with one quick swipe of the delete button.

Build meaningful relationships

And yet, as business people, we still need to get our products and services in front of potential customers or our companies will surely go the way of the do-do bird and carrier pigeon. The question is then, what is the best way to make sure that we have an active and open thoroughfare to those who can help us keep our businesses afloat? The answer, as any successful executive or salesperson will tell you, is networking.

Because another old expression – one that has proven consistently true over generations is: “People do business with people they like and trust,” and networking provides the most productive, efficient and enduring method to build the kind of relationships that sustain businesses over the long haul.

Help others

Here’s another phrase to remember: “You scratch my back, I’ll scratch yours!” Networking is often a natural reciprocal arrangement. Smart networking builds strong relationships that can potentially become a win-win for both sides. It’s not selfish to help somebody with the expectation that you will be helped in return. It doesn’t always have to be that way. But often times that fact is, in the business world it’s the very expectation that favors granted will be remembered and returned some day that keeps the gears moving and trade flowing. People remember those that have helped them in the past. You’re looking for contacts, leads and referrals, and so are the other people in your networking group. It’s no secret that everyone is hoping to grow their businesses, so the back scratching is always understood as mutual.

Establish trust, build professional credibility

But networking is not just a way to make new friends and gain new clients from within your networking group, itself. There are many other benefits to be accrued when you actively begin to seek out new relationships in your business community. For example, not everyone you meet in your network will have a need for your product or service, but everyone you do meet knows many other people, some of whom might well be looking for just what it is you have to offer. These referrals are actually the warmest of leads, since, in most cases, the person supplying them to you will already have built a trusting relationship with these potential clients, and will likely recommend you to them when next they talk or meet.

Open new doors of opportunity

Another benefit of networking is that it has a built-in exponential dynamic. That means that heretofore unknown opportunities abound because the synergy of a networking group is always greater than the mere sum of its individual parts. Joint ventures, new partnerships, speaking and writing engagements are all possible outcomes when business people get together to share ideas and trade their combined knowledge of the local community. And the more you participate in these sharing sessions, the more people get to know your areas of business expertise and acumen.

Increase your interpersonal confidence

Networking is also a great way to boost your confidence and your ability to consistently seek out new connections. Your group members, just like you, are working hard to increase their visibility and grow their businesses. So they are striving to be positive and uplifting. This cannot help but rub off on you. When you surround yourself with proactive, like-minded people, your own sense of self-worth is bound to increase. And if you have been a bit of a social misfit in the past, networking gives you the chance to develop your communication skills, upgrade your sales presentation proficiency, and find more comfort in making relationships with people you don’t know.

Build lasting friendships

And don’t forget: networking is not all about taking from the other members in your group. Many business professionals will tell you that one of the greatest benefits from being a longtime networker have been those times when they were able to help others with their business problems. As human beings, we are so much more than our professional identities. We still are hardwired to be helpful to, and supportive of, other people. Great satisfaction is available to the networker who can solve an issue that has plagued a fellow group member and many strong and lasting friendships have grown between members who, initially, were strangers to one another.

Become a resource

Since the days when friendly tribes roamed the land, informing one another about where to find pure water, or where to spot fresh game, humans have been networking. What’s changed in the 21st century is the technology that allows us to network virtually. Online forums and social media now give business people the opportunity to connect over the internet, and while it can never truly replace face to face contact, the web can still be an additional place to trade information, seek out new leads, and stay in touch with business contacts. In addition, social networking allows you to connect with businesses and people far from home, and for those who can write with comfort and alacrity, the internet is a good way in which to get the word out about new products or developments in your business.

Understand the needs of others, first

But let’s get back to the first quotation – the one about getting people to know you. Networking will fail you if you spend all your time touting your own business, pigeon-holing others for leads and referrals and forgetting to understand that the point of networking is that it’s a two-way street. Unless you are genuinely interested in your group members’ dealings and have the time and capacity to listen to and help them, you will get known, all right, but not in a good way. So, learn about your contacts by probing them for their interests and their needs. Then, when it’s your turn to benefit from the help of others, they will be more than happy to throw some business your way because you will be well-known as a business person worth dealing with – someone who is reliable, respectful and responsive.

Get started…

Find a local business networking group in your area. Plan to attend a couple of meetings to find out if the group is a good fit for you. And you’ll be on your way….

Let us know how it works out!

And if you’re located in the Orlando area, come check out one of our bi-monthly breakfast meetings or frequent social events.