Let’s be real right from the outset — going into business for
yourself isn’t always easy. If it were an easy thing to do then everyone
would be doing it. As business owners, we find ourselves, particularly
in the early stages of a business, having to be a master juggler in that
we are managing a whole host of different tasks at seemingly the same
time.
Not only are you consumed with the “doing part” of providing your
products and services, but you find that there is a myriad of other
things you need to be concerned with such as marketing, managing staff,
being on top of the numbers, staying updated on the ever-changing
legislation landscape and ensuring that you are on top of any red-tape
burden that is imposed on your business. The list doesn’t end there, but
you get the idea.
Being passionate about what you do or good at what you do isn’t
enough to build a successful and profitable business. Anyone can have a
good idea but it takes someone very special to build a successful
business. So to avoid becoming part of the nasty statistic that shows
that over 80% of businesses ultimately fail in the UK, with a higher
mortality rate for start-ups, it is really important that you embark on
your journey with a solid foundation in place. The three key ingredients
— or 3Ps — are:
1. Passion
Being passionate about what you do is so important because during the
more challenging periods, which you will most certainly face when
establishing your new business, it is this passion that will carry you
and propel you to overcome whatever obstacles you face. Being passionate
about what you do is not enough by itself but is a vital ingredient in
any successful business.
2. Preparation
Preparation is all about making sure you have a viable business model
before you begin. It is about being clear on what your proposition is
and who your target market is. A business plan is a vital document that
must be prepared. In a nutshell a business plan is the road map of your
business. It shows the destination you are seeking and details the path
you will follow and the resources needed for you to get there. Financial
projections form a major part of a business plan. You must know your
numbers. Remember a business that fails to plan, plans to fail!
3. Persistence
Provided you are passionate about what you do and have done the
necessary preparation then you must have the drive, motivation and
determination to see it through and not give up at the first hurdle.
But provided you have all of the three attributes, then there is
absolutely nothing to fear about going into business for yourself. There
will be obstacles and challenges but there is also no greater feeling
and sense of achievement than being the master of your own destiny and
building your own successful business. Good luck!
0 Comments: