Posted May 11, 2018 05:22:19Small businesses are often overlooked when it comes to how to earn a living.
Asking about their business, however, can shed light on how to start and keep a small-business-like career.
“As you grow, you’ll start to recognize how important it is to be a good business owner,” said Michelle Williams, a certified financial planner and co-founder of The Money Project.
“In order to make it to the top, you have to do what’s necessary to earn the business,” she said.
“If you don’t understand the fundamentals of small business, you won’t make it,” said Williams.
Small business owners have to be aware of how much work is required to start a business.
And, it’s important to understand how much the business will cost to operate, said Williams, who also serves as a partner in the business development firm McKinsey & Co. “We want our clients to understand that a small company doesn’t have to cost a fortune to operate,” she added.
Williams, who works as a financial planner for a family business, believes that many small businesses will fail.
“The first thing you’ll have to understand is how much you have invested in your business,” Williams said.
“If it’s just $1 million, that’s not a problem.
If it’s $50 million, you’re probably going to have a difficult time making that money.”
Williams, Williams and others recommend that small businesses spend $5,000 on a small office space and $15,000 for office supplies.
“Once you have that, you can get a little more comfortable about having your own staff,” Williams added.
She also suggests getting some experience at the small business level.
“There’s a lot of people who are successful in their own right, but not successful at running a small operation,” Williams noted.
“You need to have some experience.
You need to know the ropes of running a business.”
To start a small venture, Williams suggests starting with an idea.
“What do you have in mind that would make your business special?
I would definitely start with that idea,” Williams advised.
“I would go back to basics and go through the basics and then move to something that I can see myself doing for a long time,” she explained.
“Small businesses need to be flexible and be willing to take chances,” she continued.
“Some people like to be big, and then they go in with a dream of going to the next level and then not making it.
They just quit.”
Williams recommends learning the business and then creating a small team to get started.
“Your goal is to get your foot in the door,” she stressed.
“Be a little bit of a novice.”
Williams and her husband, Chris, have been successful entrepreneurs in their respective fields.
“Chris and I have been doing this for almost 20 years, and we have two young daughters and they are in college,” she noted.
For Williams, it was easy to start out as a full-time business owner.
“It took a lot less than 10 years to get up and running,” she remembered.
Williams and her family are now enjoying a successful career, and are starting to take their business seriously.
“I am so happy that we started our own small business,” said Chris Williams.
“My wife is also happy, she started her own business after a decade of being a full time mom.
We have a nice little home that we love, and I’m very grateful for that.”
For more information about business and small business in the Greater Phoenix area, visit The Money Program.