What you need to consider when starting your own business. No 9
December 19, 2020 Published by Thomas Cullen
Can you make money while you are asleep?
You either decide to break free or are forced to break away from paid employment making money for others. Is it time to escape the rigors of being an employee and start your own business?
Being your own boss is an incredible experience of freedom and of taking control of your own destiny when you can find your full potential. It gives you the opportunity of creating your own legacy. https://sherpha.com/training/
Sounds great but you must be strategic when creating your own future otherwise you will waste the most precious resource you have TIME. You will also waste other resources such as your money
You have two opportunities when starting a business either fail or succeed so the quote “Fail to prepare or prepare to fail” Benjamin Franklin is pertinent here from research Bloomberg claims that 80% of small businesses fail within their first 18 months.
Some reasons why
- Feasibility of you as an entrepreneur and your business idea
- Failing to write a realistic business plan based on robust market research?
- Underestimating the investment required to turn cash flow positive?
- Allow for at least 20% extra finance to cover the unexpected?
- Not appreciating how to “package” your goods or service?
- Anticipate it will take twice as long to establish your business?
- Do you have reserves of resources, resilience, and resolve?
- You need to be multiskilled and the ability to be flexible?
Now consider if any of the following applies to you? https://sherpha.com/mentoring-program/
- Location in the “new normal” post COVIP19 is cyberspace, the market is everywhere and global! (Start small but think and big)
- You must identify your target market to perfection so you can pitch in an extremely focused manner.
- You never stop researching the market and be aware of the fluctuating dynamics in the global economic forces and advances in information technology
- Track all customer profile data to help refine your marketing activities in terms of spend and reach
- Always work with the minimum viable products or services stay focused and become synonymous in the market as the solution provider to those with specific pain, need, or problem.
- Do not be afraid to sell you are always looking to close a sale, sell your solution emphasizing your value proposition
- Always get testimonials from satisfied customers, word of mouth has and will always bring you, new customers
- Never undersell yourself because you will end up being the scrapings of the barrel.
- It is essential that you sell your skills, knowledge, and ability (S.K.A.’s) in multiple ways both active and passive.
- You must explore the different ways you can monitories business offering.
- Always have a disaster recovery strategy and plan
- It is essential you remain flexible and lean so you can pivot at easy as you face challenges
Thomas Cullen Founder and C.E.O, www.sherpha.com
Ireland and U.K.
Looking forward to hearing from you, book a free introductory online mentoring session
Copyright June 2020
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