Managing your own business is not easy to do, it needs a lot of strategies, tips on how to be competitive in the world of market and how will you going to manage your business to become the best in business, profitable and successful not just in a short Period of time but in a long run. owning and managing your own business has more advantage and benefits rather than being employed.


 If you own a business, you are the one who has the control, the rules and the regulation, no one will tell you what to do, when to do, why, how to do and where to do. You have the power to command your own employees and you better than anybody else have the best choice to make the right decision for your business. If your business was established firmly, you have the freedom and independence to control it. and don't miss every moment of of opportunity that you think good for your business.

Inc.com Provided the top 10  reasons to run your own business.

top10reasonstorunyourownbusiness

I pick this top 10 over others because it list down what i really called the benefits of owning your business. this helps me a lot, and this will help you too.

1. You Control Your Own Destiny
2. You Can Find Your Own Work/Life Balance
3. You Choose the People You Work With
4. You Take on the Risk – And Reap the Rewards
5. You Can Challenge Yourself
6. You Can Follow Your Passion 
7. You Can Get Things Done – Faster 
8. You Can Connect With Your Clients
9. You Can Give Back to Your Community
10. You Feel Pride in Building Something of Your Own

                                                                      documentarybenefitsofhavingyourownbusiness

You must be thinking that having your own business is hard because you need a big big capital to start with, a good knowledge about the business you are entering, etch. Well, for your convenience, here are ways to overcome 7 common entrepreneurial problems from compas.ups.com. 

howtoovercomebusinessproblems

Problem: Failed product line.

Solution: Learn and move on. 

WhenMyCubanStore.com looked to expand into the medical scrubs market with a Guayabera-inspired line, its color choices were too wild for many conservative hospital settings, says Alexis Martin, store president. So the store discounted the line and corrected colors for the next run.

Try adopting new product lines gradually rather than all at once, suggests Jonathan Fields, serial entrepreneur and author of two books, including Uncertainty: Turning Fear and Doubt into Fuel for Brilliance. "Do it piecemeal or do a first order on consignment," something smaller vendors are often willing to do. "One of the biggest mistakes business owners make is not asking for different terms. It's amazing the number of people who will work with you."

Problem: Shady suppliers or customers.

Solution: Take precautions. Some online retailers have seen an uptick in fraudulent orders. When something just doesn't feel right, dig deeper. Check out the IP address and search for the name.

Equally important: Vet potential suppliers. MyCubanStore.com quickly dumped an early distributor that misrepresented its inventory availability.

Problem: Too much paperwork.

Solution: Outsource and use effective technology. "The moment I have money to pay somebody to handle core administrative functions or pay someone in-house to do it, I do. It [paperwork] takes me five times longer, and it's not fun," says Fields. Many common office and industry-specific business management applications are now available by subscription.

Problem: Outmoded business model.

Solution: Listen to the market. Other Internet retailers cut into VUTT Sunglasses' sales, so owner Paul Lucca began optician training to provide a special service. Now, VUTT can offer prescription sunglasses to its worldwide clientele.

Problem: Doing what you love … but no one wants to buy.

Solution: Research. It's easy to mistake your own enthusiasm for market opportunity, as in, "If I love it, many others will too," Fields says. "Researching to make sure there are eager buyers at the right price is easier than ever."

Fields sensed an opportunity when one of his blog posts – ranting about a business problem – garnered a huge response. So he developed tribalauthor.com, which offers training for authors in smarter ways to market books. Also, try floating an idea through social media or checking out similar businesses to see what they do right and wrong. Start your research with a list of questions that will help validate your idea or highlight where changes are needed. Check out secondary research available from industry associations, web searches, periodicals, and federal and state agencies. You'll also need primary research – testing your idea specifically – such as customer interviews, surveys or focus groups, on your own or with the help of a professional.

Problem: Financing.

Solution: Have something real – an actual product or service demonstration, not just a poster or presentation – to show potential investors. Journey Gym, a maker of portable gyms, won a competition for startups this way. "Make sure investors feel like the opportunity is now to get involved," suggests John Friess, Journey Gym's co-founder and CEO.

Consider alternative sources such as kickstarter.com or microventures.com, where small businesses can attract individual investors, thanks to the recently signed JOBS Act. That made it legal for companies to raise as much as $1 million a year without having to do a public offering, which is a costly, tedious process requiring state-by-state registrations.

Problem: Too many competitors, not enough differentiation.

Solution: Find a niche. It was trendy prescription sunglasses for VUTT, and Cuban-inspired apparel for MyCubanStore.com. Customers flock to businesses that offer deep product knowledge and a broad selection of the item they're seeking.

And remember, entrepreneurs don't have to go it alone. Joining a support group like Oregon's starveups.comor a business incubator program that provides services and sometimes even office space to nurture new businesses can deliver much-needed resources and advice. Also look into the new Startup America Partnership, which offers guidance and connects new businesses with local startup ecosystems.

A person who owned business should have a lot of 
knowledge how to make it profitable. In this I had provided 

10 Ways to Improve Profitability

Implement these tactics for cutting costs and boosting your bottom line.

http://www.entrepreneur.com/article/184240

Here are 10 ways to cut costs and improve your bottom line.

1. Reimburse employees for mileage rather than providing a company car. It will save you on insurance, maintenance and multiple other costs.
2. Use virtual communication in your business to minimize office space rent. If it makes sense to take advantage of telecommuting, then do it. Your employee will thank you and so will your bottom line.
3. Drop ship products straight from your vendor to customers so you don't have to worry about storage costs, including rent and insurance. These costs eat up your profits, so minimize time and costs by shipping direct.
4. Provide insurance allowances to your employees instead of offering group health insurance. Small businesses often can't afford to offer health insurance, but you can still provide a benefit to your employees by putting some money toward their insurance costs. It will save you money and still provide a benefit to your employees.
5. Do more networking and less paid advertising. The cost will be less and the return will be greater. People buy from people they know. So get out and network with potential clients and referral partners.
6. Buy a building with extra room that you can lease out. Your tenants' rent will help cover the costs of your space. And you'll be building equity in your business assets.
7. Use subcontractors if you only need part-time help. You only have to pay for labor that you need versus having unbillable bench time. It will also save you money on payroll taxes and insurance.
8. Use technology like GoToMeeting.com instead of actually traveling to minimize costs. Travel costs and time can add up quickly.
9. Develop payment agreements with your customers to minimize collection costs and uncollectible accounts. It doesn't matter how much you sell if you don't collect. The goal is to have a proactive agreement so that payment terms are very clear and you collect the money owed to you in a timely manner.
10. Shop around for your business insurance coverage. It's a high-dollar cost and shopping around will help you save money. The key is to understand the different offerings available from your insurance providers and to conduct a thorough cost-benefit analysis.                                   

it could help everybody to Improve their BUSINESS PROFIT.