Did you read our last post, asking whether you love your job? In it, we revealed that around 80% of people don’t.
Some are happy enough to continue on as normal, with the prospect of a pay packet at the end of the month enough of a motivation.
Others have nursed a lifelong dream to open their own shop, run their own café, or begin an online business…. For some, the dream is simply to be their own boss.
If you answered a resounding yes to the questions we asked in our last post, then this week’s post is for you. Read on to take the first step on the road to running your own business.
- Write a business plan. The point of a business plan is to make your vision clear and give you direction. It also serves to:
Clarify your business idea
Spot potential problems
Set out your goals
Detail how you will measure your progress
It will also list the costs you expect to incur launching your business, as well as the return you expect to make and, crucially, when you expect to make that return. If you need to secure investment or a loan for your business then you will need a detailed business plan to even be considered.
- Get some advice. Everyone has a friend who has a friend who knows something about what you need to know. There are many Business Advisors/Consultants who can give expert advice, or there may even be government-led free business guidance on offer. There is a wealth of information online too.
- Do you know if there is a demand for your service or product? Who is your target audience? Where are they? What do they do? Once you understand this, you can come up with an explicit marketing plan. You could be the next big thing, but no marketing could mean no sales because nobody knows about you!
- Think about how you can fit your new business into your current lifestyle and commitments. You might be able to ditch your gym membership for a while, but you can’t do that with the school run. Get organised at home or hire a room/shop to create your business space/office and invest in a computer/laptop, phone etc and make sure you have a large desk diary to keep track of appointments.
- Are you financially secure enough to wait for your first salary? I suggest if money is a concern, start small, phase in and then grow. Keep your overheads to a minimum if you can.
- Self prophesy; where do you want to be in 1, 3, 5 years time? Setting goals is half way to achieving them. Write them down, make them SMART and follow the plan.
- Perhaps one of the best investment decisions you can make is to get a business coach. They can help you to change unhelpful habits, and prevent the business from consuming your life and mind to the detriment of your personal life. They can also help with brainstorming ideas and getting a clear sense of direction. Having a coach could be the difference between starting off on the wrong foot, and hitting the ground running.
Still not sure if you want to make the plunge? We’re experts in Small Business Coaching. Call us on +44 (0) 203 002 8895 to find out how we can help.