What to think about before setting up in business
Setting up in business is easy, but to begin with you must have an idea and the drive to follow it through. All great businesses start with the simplest ideas, it’s putting that idea into action that make them a success. You may not have the initial start-up capital but this should not be a deterrent as there’s funding available. What you need to set up a business is a plan, and the tenacity to move it forward.
Before dropping everything and running head first into the business, work out your game plan. Begin by jotting your ideas on the back of an envelope; no need for serious business plans initially. Write down your goals and define your vision; what do you want to achieve and how will you get there. What is your mission? Define why your company exists, the need for it and the type of customer it could satisfy.
Articulate your ideas to others, don’t be afraid you’re giving the game away but rather think of it as expanding your knowledge pool. Others may input something you had not thought of, or point out possible weaknesses which you overlooked. Brainstorming with others is the best way to get your idea off the back of the envelope and into action.
Once you have the basic plan written, pause and consider if you really have the mental and physical energy to drive it forward. Being self-employed is exhausting. You may think you’re escaping the drag of a nine to five, but be prepared as you’re stepping into round the clock, non-stop working hours instead.
Running your own business, especially in the startup stage, means never being off; there’s always work to finish. Things will go wrong, customers will be slow to come and you will feel like throwing in the towel and going back to that full time security more often than not. However, by having that solid plan and consistent motivation, you will realise your vision.
Once you have formulated this vision into a well-thought out plan, the next step is to approach the Enterprise Board and other relevant bodies who can assist with advice and funding. In the next post, we will discuss taking this idea to the next level. If you’re in need of advice on how to set up your own business, contact us in The Business Clinic to make an appointment with our executive coach.