Running your own shop

How to prepare for an entrepreneurial career running your own shop

Your dream is to someday make a living as an independent entrepreneur running your own shop. It’s a valiant dream and one that shouldn’t be taken lightly.

However, there’s way more to running your own successful shop than you could possibly know right now. The details are immense and you don’t want to learn them on the fly once the shop is open.

Here you’ll learn how to prepare yourself for a career as a shop-owning entrepreneur.

Get a solid business education

How much do you know about the details of accounting and taxes? What about current marketing techniques that actually work? Do you know how to hire the best people for the most reasonable rates? What about inventory management?

While it’s not to be said that you absolutely require a marketing degree to be an entrepreneur, it will help your chances for success by taking some local or online business courses before you start your shop. You’ll be surprised by what you learn.

Learn the business by working for someone else

There’s no better way to learn the business you want to run than by getting paid to become an expert. If you’re looking to open a bicycle shop in a year or two and want to know all the ins and outs, including point of sale systems, get a job in a bicycle shop.

If you know you want to start a cozy coffee shop and bookstore, find one near you and apply. Even if you only work part-time on the side, you’ll learn things you could never learn in a book.

Save every last penny

As you probably know, only about half of small businesses survive the five-year point. The question is why?

In most cases, it’s because the owner didn’t come into the business with enough capital to survive on while building the business from the ground up.

There’s a high probability you won’t make a profit in your first year. There’s an even higher chance you won’t turn a profit in your first month.

Before starting a shop, make sure you have enough money in the bank to live off for at least a year. This will free you up to make better long-term decisions for the success of your business.

If you’re serious about owning your own shop, start today with these three steps. They’ll pay off in the future.

How did you make your career work running your own shop? Tweet us your tips over at @CareerCamel.

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