11 Skills You Need to Run a Successful Home-based and Small Business

11 Skills You Need To Run A Successful Small Business

It is not easy to be your own boss. Many people feel it may be easier than having to work for someone, but the truth is that running a successful home-based or road warrior worthy small business is not easy.

There are many skills that will help you to be successful in running your own business as 1) risk-taking 2) problem solving, 3) financial and accounting skills, 4) networking, 5) marketing 6) sales 7) customer service 8) organization and planning, 8) self-discipline, 9) hard work and 10) determination.

Here are the reasons why each of these business skills is essential for you to run a successful small business.

Risk Taking

I put risk-taking as number one since any business is risky. You can succeed yes, but you can also fail and fail hard. You have probably heard the statistics that most small businesses fail within the first year or second year and many a few years after that.

If you are averse to any kind of risk-taking it will hard for you to start up any kind of business. Starting up your own business is a huge risk. Taking on employees that you need to pay each month is also a huge risk. All kinds of businesses come with some kind of risk.

Problem Solving

Problem-solving is the next area you need as no matter what business you are in there will be problems. You as a business owner will need to look at ways that you can solve problems.

To make it simple there are three basic kinds of problems you usually encounter:

  • Problems that Just Happen – These are problems that just happen. You did not do anything wrong but it happened. I would put something like COVID 19 in this category. COVID 19 was something that happened and it affected everyone and caused a lot of companies problems with sales and their very business survival. This is an unexpected problem but one that still has to be dealt with.
  • Mistakes Others Make – There are can mistakes that other people to companies make and some of these can cost you not just time but money. They are also problems you have to deal with.
  • Mistakes You Make – Then there are the mistakes that you make which can cause problems. I find these are always the most painful as usually, they are mistakes that you should not have made.

No matter where or how the problems come from, it is still a problem and something you need to deal with and find a way through. If problems paralyze you, as they do for some people, this will affect your ability to run your own business.

Financial and Accounting Skills

Financial and accounting skills are important skills for any business owner to have. For a small business owner having these skills are not optional but they are essential.

We have written a blog about why we feel these skills are so essential for any home-based or road warrior business. You can read our blog 8 Accounting Tips for Your Home-based or Road Warrior Business by clicking here.

Networking

Networking or the ability to network is a very important skill that can determine your business success. You are going to need other people to help you to be successful. This is just the way that things work in this world.

One way you can do this is to join a local business organization or other groups where you can meet people who are running a similar kind of business or can be potential clients. I love the Meetup app and have used it to attend some very informative WordPress Meetup groups. It was great to go to these groups to hear what other people were doing with their WordPress sites.

Marketing

Marketing is essential for any small business owner. Marketing is about you being able to show your potential clients why they need to buy your product or service.

Marketing is all about your ability to promote your product or service in a way that will lead to a successful sale. To do that it means that you must have proper branding, marketing materials, and other things in place so that people will want to buy your product or service. Marketing is also an area of business that continues to change in how people react to your marketing and what marketing tools actually work.

Social media continues to be an important way that many companies reach their audience. To find out more about social media and business you can read our blog on 6 Top Social Media Platforms for Road Warriors or Home-based Business by clicking here.

Sales

Sales is the about turning your product or service into profit and cash for your company to continue running. Without sales your company will die and cease to exist.

To use the analogy of a car, your company is the car but your sales are the gas that allows the car to keep running. Just like a car needs gas to run, a company also needs sales to keep ongoing.

Customer Service

Customer service is a very important part of any kind of sale. To continue to get sales you must have satisfied customers. This is why customer service is a very important skill that you must have to run any kind of successful business. It is at the core of how successful your sales will be.

Organization and Planning

To run a successful home-based or road warrior business you must also have some skills in organization and planning. Organization and planning are essential skills that can make a huge difference between your ultimate success or failure.

If you are working from your home or even if you are working while on the road you will need to have a plan of when and how you will get your work done. This can be especially challenging if you do not have the skills set to plan or organize yourself to get your work completed.

Self Discipline

Working on your own or by yourself takes a lot of self-discipline. If you do not have the self-discipline to actually get the work done you will not be successful.

Many people have this attitude that if you work for yourself you do not have to adhere to any kind of schedule. You can set your own schedule that is true, but you also usually need to be able to stick to that schedule if you hope to be successful.

Hard work

No matter what business you choose, hard work will be essential. No matter what size your business is, to really be successful will take a lot of hard work.’

Many people have this vision that if they have their own company they can lie around all day and have other people do the work. That is a myth. Every successful business owner I have seen is also a very hard worker as they know it is hard work that will drive their success.

Determination

Determination is a very important quality to have when you are running your own business. There will be trials, and heartache along the way that you will need to deal with. But, if you have the determination to really succeed I have found that you will do all the things you need to do to really work to succeed.

Conclusion

Running your own business, even your home-based or road-warrior business is not easy. But if you actively work to sharpen a lot of these skills you need to succeed this will help determine your overall success.

Related Questions

Should I Brand My Small Business?

Branding is an area that many small businesses struggle with, yet it is a very important part of any business. Branding helps your business look and feel professional. To properly brand your business you need to have a business name, logo, and tagline.

To find out more about why you should brand your business you can read our blog on Guide To Branding Your Home-Based Business, What You Need To Know by clicking here.

What Is The Difference Between Working From Home and A Home-based Business?

Working from home is when your employer may have you work from your home for a period of time. This is similar but not the same as telecommuting or remote working. On the other hand, a home-based business is where you are an entrepreneur. You own, run, and operate your own small business using your home as your base for your business operations.

You can read more by reading our blog Working From Home and Home-based Businesses, What You Need To Know by clicking here.

Anita L Hummel

Hi, I live in Hanoi, Vietnam but spend time traveling the region. I love to share with you things I see and learn through my travels.

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