Starting
a Business
So you are thinking of
going into business. This can have advantages and disadvantages. Running a
business of your own will bring a sense of independence, and a sense of
achievement. You will be the owner, and you can't be fired, though there may
be days when you would welcome it.
Its not difficult to
establish a business but the challenge is to keep it going, which is why
people clearly need to put a lot of purpose and effort into their
businesses.
Every year thousands of people go into business with high hopes and
enthusiasm they establish their own business. Some thrive but unfortunately
many fail and it is often because they were not well prepared and did not
know what they basically needed to know.
Finding an Idea
Often people want to go
into business but are not sure of what they would like to do and "what is
your idea" is what most people will be asked when they mention that they
hope to go into business.
If you want to be your own boss and would love the idea of running your own
business, their are ways of finding a great idea without spending a lot of
time thinking about it or it coming to you in a flash in the middle of the
night.
Very few businesses are based on a completely new idea that no one has
thought of before. Most are built on an adaptation of an older idea and a
new more creative and new way to approach it is implemented.
Ideas often come from an existing career related to the skills and knowledge
you have built up over the years while working for someone else or it may be
based on a interest or hobby.
When you look at a new idea it is essential you consider
what you are good at and what you like doing as this will effect your
approach to the tasks that you will be doing in the operation of your
business.
If you can do the same thing better and cheaper than anyone else, provide a
product or service that has never been thought of before or provide a
product or service to a market that is not currently well catered for or a
combination of any of these, your business has a much better chance of
success.
Identify Reason
- Freedom from 9-5 daily work routine
- Having a product or service you feel
there is a demand
- Doing what you want and when you want to
do it.
- Being you own boss
Are you ready
- Are you a self starter
- Are you good at making decisions
- How well do you plan and organize
- How will your business effect your
family. Do you have their support
- Industry experience. - Is yours
sufficient.
- Are you prepared for the long hours,
effort and commitment.
The success of a business is very much
dependent on your commitment but the benefits can be a level of
satisfaction, pride and hopefully an improvement in your standard of living
that can be achieved though the operation of a successful business.
There is no way to eliminate all the risks associated with starting a
business. However you can improve you chances of success with good planning
and preparation. A good starting place is to evaluate your strengths and
weaknesses as the owner and manager of a small business
Do you possess the essential skills and personal traits to make the plan
work. How good are you at making decisions. Small business owners are
required to make decisions constantly, often quickly, under pressure.
You will need to work incredibly hard each and every day to make the
business successful.
We are not talking about the odd extra
few hours or late nights as those extra long working hours could become a
regular thing and you will need to also get a good balance between work and
family commitments.
Your commitment is linked closely to your motivation and this is not where
someone else asks you to do something, this where you have become focused
and self disciplined into getting the job done.
This is difficult, when things are going well imagine what its like when
things get tough as we sometimes tend to avoid doing the hard jobs which we
think we will fix it up tomorrow or if we leave it long enough it will fix
itself.
Even the most determined business people go through stages when they are no
longer sure of what direction to take or even if they do know they cannot be
bothered taking it.
Being in business can also be very lonely, so you need to develop a circle
of colleagues that you communicate with in much the same way as you did when
you were employed except that it may now be over the phone, via email ,or
face to face, but now once a month rather than every day.
Getting Started
So how do you actually get started.
Firstly you need to have thought carefully about the product or service you
are going to provide.
You need to make sure the target market you have decided on is large enough
and will purchase on a regular basis to make your business viable.
You also need to ensure that the funds you have available are sufficient to
cover your startup costs.
When you are starting out in business you wonder what should I do first and
when you progress a little further you often find you seem to be going
around in circles, so it is essential that the first step is to build a
business plan so that you can progress through one step at a time.
Starting a business need not be difficult
because today there is a lot of assistance to guide you through the startup
phase and then onto the building stage. When you have been in business six
months and employ less than 25 staff there is the business mentoring scheme
which is free and you will find the mentors of great benefit.
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