Setting up a new business..
am I made of the right stuff?
If starting your own business is both exciting and scary, welcome to the world of being an entrepreneur. While logic says that it isn't easy, like anything else in life, if you genuinely want it to work, and you are prepared to work at it, then you will succeed.
Below are some basic suggestions, things to consider.. however more than anything else, only your faith in your own ability and hard (and I mean hard) work will see you celebrating success!
How do I set up my new business?
Perhaps the best and most simple way to look at how to start-up is like this:
YOU (self confidence + discipline) + BUSINESS IDEA + BUSINESS PLAN + RESOURCES + SYSTEMS / PROCEDURES + CUSTOMERS = BUSINESS!
The following paragraphs are merely the tip of the iceberg.. and very 'broad brush'. One size does not fit all, so everything here is yours to be adapted as you see fit. I haven't covered all the aspects of the equation above, such as systems and procedures for example; hopefully though this gives you a beginning point which can help you order your thoughts and perhaps, move you a little closer to launching your business.
Of course, if what is written here makes sense to you, and you want to explore the possibilities for your business, new or established, I am available to help. Contact me anytime.
Now read on...
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You
- Are you confident?
- Are you 'full of beans', highly energised?
- Do you see opportunities in everything?
- Do you see the glass as half full?
- Are you easily bored and always itching to 'do' things?
- Are you single minded?
- Do you enjoy meeting and helping other people?
The above list is only the beginning, but at least you get the idea.. if you answer 'Yes' to these and similar questions, then perhaps being self-employed is the way to go.
Remember these four things above all..
- You MUST be prepared to work extremely hard
- You MUST be extremely self-motivated and self-disciplined
- You MUST be passionate about your business
- You MUST have a clear direction - A PLAN!
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Your Business Plan - Your Goal
BORING! Yep, this is possibly the one thing that a lot of entrepreneurs feel least excited about. However, it can be exciting if you want it to.. after all, you are creating the life you want, you are controlling your own destiny!
A business plan does not have to be a million pages long.. if you want, it can be as short as one page... or as detailed as you want it to be. The most important things to remember are:
- Know precisely what it is you are offering
- Know who you are delivering 'it' to
- Know how you are going to deliver 'it'
- Know what you want to achieve
- Know what resources you need
- Know what the obstacles are
- Know your competitors
- Know every step required
- Know how long it will take you to achieve each step
- Know that it will not be easy, BUT you ARE going to succeed
Again, this is an extremely simplistic way of looking at a business plan.. however, if you cover these at the least, then you will have a reasonable foundation to start from.
Perhaps though, more important than all the above are these questions..
"Do I want to be a one-person operator, or grow my business into something larger - and how long do I want to do 'it'?"
...and...
"Once I have achieved 'it', what then? "
Often, people get into business not really knowing what they are hoping to achieve for themselves personally. Your business venture might be something you want to do for your whole life, to take you through to retirement; or alternatively, it might be that you want to set up, get it thriving and sell it as a successful enterprise. Perhaps what you want to do with it is completely different - whatever it is, KNOW it - with this end-goal in mind, your direction will be crystal clear.
One last thing about your plan.. it does not have have to be set in concrete. In fact, the best plans are flexible and open to adjustment. As time goes on, your own priorities might change, and this means that you business may need to be adapted to suit.
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Customers... telling them you exist!
Of course, your business is the best; the services and / or products are second to none - but how on earth do you find the customers?
In a nutshell.. marketing, promotion and sales.
- Oh no!
- But I'm not a salesperson!
- I know nothing about marketing or promotion!
Ah yes, well.. you might be thinking all the above (and other negative thoughts)... but I disagree. If indeed you are confident, and passionate, and disciplined etc etc etc... you are a perfectly qualified marketing and sales professional.
Let's look at sales..
- Do you know your industry / product / service, and can you explain it simply to someone else?
- Are you enthusiastic about your industry / product / service?
- Are you genuinely interested in helping other people find / achieve what they want?
If you can answer 'yes' to these and similar questions.. congratulations! You ARE a salesperson.
Now what about marketing..
Strictly speaking, marketing begins with research aimed at identifying the potential demand for your services / products, demographics, etc. Now if you had squillions of dollars at your disposal, then your research could be extremely detailed; you would be able to break down (or segment) your desired market into various demographics such as age and preferences - as well as identify market trends etc.
For most of us, pouring that kind of money and other resources into compiling such detailed research this is not very realistic. However, all is not lost! If you keep an eye on the popular media, remain 'in-the-know' about your industry (by way of email and publication subscriptions, industry contacts etc) and generally have an interest in the world around you, then you ARE a marketing manager.
...and promotion?
When all is said and done, your enterprise might be the best in the world, however, if no-one knows it's there and is given a clear reason why they should give you their business, how are you going to survive?
For many people, it's hard enough running the day-to-day operations of their business, without throwing promotion into the mix. BUT, unless you consider marketing and promotion as an essential business operation, you will struggle to succeed.
The marketing and promotion of your business does not need to be complicated or overly time-consuming. As long as you dedicate a little time to this every week (daily would be nice, but is not always practical), then you will reap the rewards.
There are several marketing elements and activities which you need to consider when you are developing your marketing mix. Such activities might include:
- Brand (your business image)
- Advertising
- Printing
- Website
- Direct marketing (sms, email and / or 'snail-mail')
- In-store promotions
This list if not exhaustive, and you certainly don't need to use all of these - I must say though, you may find it hard to distinguish yourself in the market without a clearly defined brand - corporate image. Also, whatever you do, it always best to utilise several activities, don't simply rely on one thing. The better the mix, the greater the chance your potential customer will remember you - and that is the key. If they remember you, then when the time is right (and if your message is persuasive enough) they will make contact.
When they do, your job is to convert that enquiry into a sale!
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Perhaps you might be interested in this related article; Marketing and promotion in tough times.
