5 Ways to Learn How to Run a Small Business
You’ve always dreamed of being your own boss and running your own business. Maybe you even have the seed of an idea blooming in your head. But do you actually know how to run a business? Don’t be discouraged! You can learn how to run a small business through observation, education, networking, and some hands-on experience. Find out how you can take the first steps toward running your own business.
1. Lean Into Your Passion to Build a Small Business
If you want to have a successful business, you need to know a lot about the products you sell or services you offer. Whether your passion is baking, bookkeeping, or servicing HVAC systems, the more you know about what you do the better. Learn as much about your industry as you can by listening to podcasts, subscribing to relevant newsletters, and following it on the news.
Are you already working in the same field as the business you hope to run? A great way to learn how to run your own business is by climbing the ladder and taking on more responsibilities on the job. You can learn the ins and outs of the exact business you want and learn how to run the business even better than your boss.
2. Pay Attention to Other Businesses
Look around your community and check out the small businesses you patronize. What do you like about them? What are they doing well and how could you copy them? Maybe it’s the local gas station whose attendants still pump gas or the general store manager who keeps his shelves stocked with the products his customers like most. Or maybe your plumber provides excellent service at a moment’s notice. Emulate what others have done to achieve success.
3. Get a Business Education
To run your business, you need to know some fundamentals. Attend workshops, take classes, and consider enrolling in a business administration program. You can learn about all aspects of business, including business law and ethics, finance and accounting, people and resource management, marketing, leadership, customer service, and even how technology can help you run your business efficiently. If you’re not ready to commit to a four-year degree, check out certificate and associate degree programs and build on your knowledge.
4. Conduct Due Diligence
Before you start any business, find out if what you’re doing makes sense. Whether you’re selling a craft or building a service, you need to know who your customers and competitors will be. Check out other businesses and entrepreneurs. Look at what they’ve done and the mistakes they’ve made so you don’t make the same ones. Pay attention to industry news specific to your products. Get informed and stay informed.
5. Connect with People Who Run Small Businesses
Another great way to learn what business management is all about is from other business owners. Create a LinkedIn account and connect with other small business owners and entrepreneurs. Look for business owner meetings in your area or attend events hosted by your city’s Chamber of Commerce. The more you network, the more you’ll be able to learn. You also may find potential partners, vendors, and customers.
And on your networking journey, be on the lookout for a mentor. A business mentor can give you advice, brainstorm ideas, guide you through the process of running a business, and help you set goals and follow through to achieve them. You may stumble upon one, but don’t be afraid to be proactive in your community or on LinkedIn. There are lots of people out there who would love to share their knowledge with you. Just ask!
Are you ready to learn more about managing a business? Start with your education. Charter College offers online programs in business that can teach you what you need to know to run a small business or contribute to a large one. Call 888-200-9942 or fill out the form for more information on our business programs.