Times are tough but there is no better time than now to start your own business. Succeed at this moment and you will be ideally placed to build a great business when market conditions improve. But, don’t think it will be easy!
2010 has shown the highest increase in new businesses for many years, but history shows that up to 50% of these businesses are likely to fail in their first year, with over 80% not reaching their fifth anniversary.
So, what can be done to improve the chances of success?
First, and foremost, get used to the idea that it doesn’t matter what type of business you want to run, that it is in fact a sales and marketing company. Because, unless you can market your company, and its product, and make sales, you will at some point run out of money.
Second, get advice before you do anything. Too many people start a business and only ask for help once they are already in trouble, and often then it is too late to save them. Speak to a bank and a good accountant; better still, find an experienced mentor that you can work with.
Third, know that it is going to be very hard work. You will need to work like you have never worked before and you shouldn't spend any money that is not totally necessary. Save all you can because you will need it.
Fourth, have a clear plan. Even something very simple is better than nothing. It might be the number of clients you want to secure or sales you make in the first year. You wouldn’t drive five hundred miles to a destination without planning your route and having a map. But, many new businesses are run without any kind of plan.
Fifth, make it fun. Don’t let your business become a chore, because you will have hard times, very hard times, and unless you are enjoying your business the odds are that you will quit!
I have been running my own business for over thirty years and trust me it can be lots of fun. But please don’t think it’s easy. Follow my five suggestions here in 2011 and they will help ensure that you reach your sixth birthday.
And, you can find another fifteen free business tips on the 7 Training web site at: www.7training.co.uk
Member since: 21st December 2010
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