Learning to Recognize a Great Business Opportunity

By QuickBooks

1 min read

For many aspiring small business owners, turning a great idea into your daily grind can often be daunting. Knowing the kind of business you want to own is one thing, but actually setting it up and running it day-to-day is another affair altogether, especially for those without a business degree. Instead of learning the finer points of payroll, structuring or paying business taxes in a classroom, most would-be entrepreneurs are left to their own abilities, oftentimes with little direction. If this describes you, that’s OK. One of the best methods of researching what it takes to own your own business is to work somewhere similar to what you want to run.

That’s what Sara Falugo did. She’s the owner of Yoga Nest Venice, located in the vibrant heart of Los Angeles’ Venice Beach. But before she became the studio’s owner, she started out as a client, having no idea that she would one day run her own studio. Over a period of many months as a client, she fell in love with the studio, its patrons and its operators. She started working for the previous owners, and decided she would learn as much from them as possible. In fact, Sara began to treat her work there as if she was already the owner, a mindset she encourages other aspiring small business owners to adopt.

Working in a business that is similar to the one you want to own can teach you the ins and outs of its operations and financial management. Perhaps just as importantly, this experience will help inform every future decision you make pertaining to how you want to run your own business. What would you do differently? What can be improved upon? As Sara shows, dedication may be important for any business to succeed, but a passion to learn from the inside out is absolutely essential.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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