A business (also known as enterprise or firm) is an organization engaged in the trade of goods, services, or both to consumers. Businesses are predominant in capitalist economies, where most of them are privately owned and administered to earn profit to increase the wealth of their owners. Businesses may also be not-for-profit or state-owned. A business owned by multiple individuals may be referred to as a company, although that term also has a more precise meaning.
Some people feel comfortable running their own businesses, some people just want to do what they want to do and figure the business will run itself, and others find themselves self-employed without having planned it.
To be self-employed - even in a small, home-run business - you need to understand business basics.
1. First and foremost, business is about money. You can be wonderful at what you do, but if you can't make money at it, you won't be able to pay your bills and you won't have a business
2. Always get everything in writing. Always discuss and confirm all financial agreements BEFORE you start work. Never assume your client knows how much your services or products cost - or what their value is. Keep full records for tax, legal and reference purposes.
3. If you can get things organized on computer, you will find handling your business will be much easier. There are many good financial software programs available that will help make you into a good business person.
4. Being a good business person also means being responsible and reliable. Don't try to impress anyone by offering more than you can deliver. Your reputation is dependent on being trustworthy, capable and organized.
5. Be realistic and honest. And if anything starts to get out of hand, be professional enough to communicate what is going on with your client. Making sure you are clear with your communications and your client's wishes are clear to you are vital to being a good business person.
6. In summary, get yourself and your business organized financially and operationally, and make sure communications are clear and written. These are the critical basics to being a good business person.
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