Small Business Owners: Essential Tips For Getting Into The Right Business

How do you know if you have started the right type of business for you and that you will remain committed to it in the long-term?

It’s kind of like choosing a donut. If all you really want to eat is a simple glazed donut, would you be happy with a frosted donut covered with sprinkles? Sometimes, the simpler the better.

Many people start businesses not because they are passionate about it, but because they fall into it. It may have been inherited from their family, or an opportunity to purchase an existing business was just too good to pass up. All too often, business owners are NOT passionate about these businesses, and merely fall into them.

A good example of this type of business owner is a donut shop owner, who thinks that cooking is easy and everyone loves donut, because everyone has to eat breakfast. But the business owner may have little to no experience with owning and running a restaurant, and becomes quickly overwhelmed by the pressures of selling more than just donuts, baking donuts at 3:00 am every morning, paying suppliers, and managing staff.

Before you jump into any business venture, make certain:

  • Does it match your education?
  • That you have the psychology of a small business owner

The Order Fulfillment is the predictable personality. The Order Acquisition is the person who are extroverts and want to hunt for new business. They don’t necessarily have the mindset to maintain the business.

Then there are the general managerial people, like me, who come from a corporate background and who tend to be more in the order fulfillment, but have predictable models. I have people in my firm that can complete the work while I am meeting with potential clients.

It is extremely important to leverage your innate talents, rather than trying to overcome your weaknesses. When it comes to small business accounting, the field is so complex that it is extremely challenge for an order fulfillment person to keep up with the changes.

Tom Dunn, CPA, founder and CEO of St. Louis-based Tom Dunn, CPA Firm, is an accountant, business advisor and CFO who serves small business owners and their families. As a serial entrepreneur, Tom understands the challenges that business owners face each day. After launching several successful businesses, Tom decided to focus on his passion of accounting and helping entrepreneurs nearly 15 years ago when he opened his firm. Tom and his team manage the business and personal financial, accounting and tax needs of their business owner clients by partnering with them so they have life changing results and peace of mind. To learn more, please visit, https://tomdunncpa.com.

 

 

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