If your dream is to be your own boss, that’s good but not every business is destined for success.
To start your own business you are well-advised to write a business plan which sets out the critical elements of how you will achieve your business goals.
Most people considering starting their own business make a list of things they need to do but maybe more importantly you should consider what not to do. With a bad start, you are unlikely to recover and just become another negative statistic
Learn for the mistakes of others must be a top priority, there are too many casualties on the road to success. https://sherpha.com/maps/
It is good to consider things like:
- What business structure will you consider self-employment or incorporation?
- How are you going to fund the project, and do you have enough cash available as needed?
- Building a team of professional advisors
- You must be willing to take a risk with the money you fund the project with. Do not risk what you cannot afford to lose. You must plan for each of the following three phases.
- Prepare a pre-start cost list, how will it be funded?
- Prepare a start-up cost list again how will you fund it? Do not anticipate sales unless you can absolutely validate them.
- How much working capital will you need to keep going for a fixed period? At what stage/time will your business become cash positive? See https://sherpha.com/training/
- Be willing to work hard and long hours in the beginning. Be prepared to work as much as 50+ hours a week including weekends and public holidays. Vacations will be few, far between and short, but you must plan downtime and breaks. The hours you work will be irregular and you have to be willing to sacrifice personal and family time to meet customer needs.
- Anticipate that you will only earn income from 50% of your time the other 50% will be in supporting the business e.g. Marketing, Research, etc.
- Do not try to do everything yourself, allow others to help you, and outsource expertise, you must value your own time do what you do best yourself after that seek expert help and guidance whether voluntary or paid.
- Take you responsibilities as an employer seriously.
- Do not mistake your enthusiasm for success you must listen to your customers and stick with your market research if done thoroughly
- Learn to say “No”. You must have a very clear vision and mission for the business and unless what you are being asked does not add value to the business say “No”
- Make the transition from being an employee to an employer/chief executive. Move away from working in the business to working on the business.
- Do not over-invest or borrow more than you need as if you have it you may be tempted to spend it without considering the return on investment. Spending on non-essentials is a folly.
- Start simple as self-employed and graduate under advise to incorporation. Remember the driving force is not just sales and profit but TAX
Some side tips:
- Do not give up the day job until you have sales and profit success.
- Be very clear as to what the “problem, pain or need” someone else has that they are willing to pay for your “solution” at a price that gives you a profit after all costs.
- Seek advise from a sector or industry experts.
- It can take twice as long and cost you twice as much as anticipated unless you plan.
- Secure your first 10 paying customers within a fixed time frame.
Thomas Cullen Founder and C.E.O, https://sherpha.com/
Ireland and U.K.
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Copyright May 2020 2019
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This post was written by Thomas Cullen