SO you have decided to branch out and start your own
business, to be the entrepreneur, take the bold step…
congratulations. We see people from all walks of life starting
businesses, any go onto be a success and a pillar of the
community, but for some it was the biggest mistake they ever
Essex Business Coach Scott Whitehead has been helping start-up and established business owners to get their ventures successful and stay on track.
His six universal tips will help you decide what the right thing is for you; review them and if you are confident it’s the right decision, then go for it!
1) Ask yourself why you want to do this. Don’t kid
yourself that you are going into business to fill a
gap in the market, there must be a personal
reason as to why you must be the one to fill
that gap. There has to be a drive that keeps you
determined to do what you do, or it will be
hard to keep going when the going gets tough.
2) Evaluating yourself. Everybody has strengths,
and everybody has weaknesses, key skills to
look at might include time management, cash
management, selling skills, your network, where
you are based or looking to set up, ability to
learn, your technical skills or qualifications.
Evaluating your abilities helps you to plan for
the next step.
3) Evaluating your competition. Naturally you
want to focus on giving the best customer
service; but all your competition want to do
that too! What can you offer that gives you a
unique perceived benefit, something your
customers really appreciate? How does it
compare to the competition’s offering?
4) Find out what do you need to get started, and
to keep going. Make sure your cash flow
projections include paying yourself, your taxes,
and if you are borrowing, paying back the bank.
And don’t listen to anyone who tells you the
banks are not lending; yes they are! They just
want to understand your business so they can
decide if they want to invest in it. And to help
the understand it…
5) Prepare a business plan. Business owners who
have a business plan are 70% more likely to
succeed, and really having a plan is the only way
to benchmark what you want to do. Dream
about what the business will look when its
finished, including what you want to do with it –
gift to the kids, sell to a competitor; whatever
the plan – begin with that end in mind. It should
be something you want to and will read with
pride, a document of focus.
6) Invite help where you need it. When you read
the biographies and interviews with
entrepreneurs and business owners who made
it, although they are always described as “going
it alone”, they are quick to recognise they
needed key people to get them to where they
want to be. Get advice from people who will
challenge you and push you to get to what you
want get to.
For more details contact Scott on 0751 304 5792
or email [email protected]