Is Being a Business Owner Right For You?

Starting your own business can be an exciting and gratifying experience. It can offer numerous advantages such as being your own boss, setting your own schedule and making a living doing something that you love. But, becoming a successful salon owner comes with its own set of requirements like thorough planning, creativity, and hard work. Here, Mary Ericsson (whom you may remember from “5 Essential Tips for A Successful Booth Rental Salon”) asks the hard-hitting questions to determine whether or not being a business owner is right for you.

Are You a Risk-Taker?

Want to be an owner? Get ready to get really comfortable with taking risks. Being your own boss also means you’re the one making the tough decisions. From which space is right for you and your business, to hiring the right staff and bringing in the right amount/types of product and determining pricing— there are no guarantees on what will work and what won’t for your business and as an owner, there is no one to tell you what to choose. Being an owner involves a lot of uncertainty and taking calculated risks.

Are You Independent?

Business owners  have to make a lot of decisions on their own. If you find you can trust your instincts — and you’re not afraid of rejection or failure every now and then— you could be on your way to being a business owner. While it is possible to have a business partner that you share the responsibilities with, it is still important to have a strong sense of self and decisiveness. Each partner has to be capable of running the business themselves, in case the other is unable to for some unforeseen reason.

Are You Creative?

Are you able to think of new ideas? Can you imagine new ways to solve problems? Salon owners must be able to think creatively. The ability to spot a new opportunity and take advantage of it is an essential quality of being a business owner. Then there is problem-solving. It is likely that more often than there are opportunities to take advantage of, there will be problems that you will have to solve. Quickly, effectively and—you guessed it—creatively.

business owner quote

Are You Persuasive?

You may have the greatest idea in the world, but if you cannot persuade potential clients, staff and yes—investors, you may find being an owner to be challenging. Clients will rely on your guidance to make decisions and purchases, staff will sometimes need convincing to see/do things your way—it’s not being manipulative, it’s a fact. As an owner, you are by default, a leader. Persuasive attributes and activities like public speaking, engaging with new people and making compelling arguments grounded in facts, all come part and parcel with the title of “Owner”.

Can You Negotiate?

As a  business owner, you will need to negotiate everything from leases to contract terms to rates. Good negotiation skills will help you save money and keep your business running smoothly. While this skill is a close relative of being persuasive, it’s not exactly the same. Being a good negotiator means being able to draw strict boundaries and knowing your limits. Expect to do that a lot as an owner.

Can You Ask for Help?

Are you able to ask for help? Asking for help is a strength of a business owner. Ask for advice when faced with an issue you are struggling with. You never know, the answer may come from a friend, relative, another business owner etc. Before you start a business, it’s important to have a strong support system in place. You’ll be forced to make many important decisions, especially in the first months of opening your business. I found a business mentor who was experienced, successful and willing to provide advice and guidance.

To read Mary’s 5 Essential Tips for A Successful Booth Rental Salon article, click HERE.