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Turn Your Trade Into A Successful Business
Author : Mark Jenner
Most businesses are set up because their owners are frustrated working for others. This can be hard to do, but rewarding when it works out. Some people want to keep on developing, expanding their business continually.
Every global conglomerate or multinational organisation was once a small business. Usually this involved somebody with a trade deciding to go it alone. The same can be said as much for Gates before Microsoft was established as it is for an accountant leaving PWC to set up a local firm.
As a skilled person, whether it be in accountancy, plumbing or information technology, when you want to work for yourself you must be happy that you can win jobs and look after the administration of the business. This can be very challenging, but there are some who realise that they are much better at running the business than they are at doing the work! By hiring administrative staff and others with technical capabilities they see more profits by allowing them to concentrate on bringing in new customers and overseeing the business.
Taking the accountant as an example the reasons behind this development can be seen. The successful, dynamic and entrepreneurial person will no doubt have reached a reasonably senior position within the accounting profession by the time he or she feels that working for others is too constraining. A good quality lifestyle will be expected and they will know the sorts of fees that need to be charged to achieve this working for themselves.
They will soon realise that their time is too valuable to be spent undertaking administrative work. They are better employed charging the clients the high hourly rate. Therefore there is very quickly an incentive to employ a secretary. At the same time a lot of the repetitive work could easily be done by someone with less experience and the need for assistants seen. As the enthusiastic business owner builds up the business even further he may begin to realise that more efficiency could be gained if additional staff spent time sharing his duties of winning work and supervising junior staff.
Eventually he will have recruited at more senior levels and even invited junior partners to join him in owning the business. It will not be long before the entrepreneur ceases doing any accounting whatsoever and spends all of the time on strategic management such as negotiating mergers and acquisitions of other accounting firms and thus growing the business even more!
Author's Resource Box
Mark Jenner is a Fellow of the Institute of Chartered Accountants in England and Wales, a Certified Fraud Examiner and has a Masters Degree in Fraud Management. He advises on franchise business opportunities and profitable home business leads.
Article Source:
Articlebliss
Tags: business opportunity, business opportunities, growing the business
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Submitted : 2010-02-08 Word Count : 1 Popularity: 92