Business Start Ups
Biz start ups, Video transcript:
Good afternoon, Alan Crockert. Today’s chat is around new business start-ups. I was thinking the other day about just how many talented people are out there and how many wonderful business opportunities there are.
So, how come that the business failure rate for start-up businesses is incredibly high?
This is something I feel passionate about. I have been involved in five business start-ups, either whole or partial start-ups with other people, so I understand and sympathise and empathise with the challenges and the opportunities that go along with that.
Perhaps we need to start looking at matching people’s expectations against certain business sectors, together with your experience of course, and really analyse it a little bit more as to your own suitability for the sector you are in or indeed to support you more through that process. More than happy to meet for a coffee, speak to you soon. || end
I suspect that there are 2 categories on this subject;
The first is that you are thinking about starting a business and whilst full of drive and enthusiasm, you naturally can’t avoid thinking about the challenges ahead, and I list a few examples below;
When is the right time of year to start?
Where do I work from? Home or office? What are the pros and cons?
When will I make enough money to pay myself, therefore how much do I need to start with?
Will clients actually come with me (if leaving employment to start up in same sector)?
How will I attract clients?
Who can help me with invoices, credit control, marketing, sales etc?
So I hear you…what are the answers then Mr Smarty pants?
Well there may be many different answers to all of the above questions as the solutions need to be applied on an individual basis, however I don’t know about you, but very little of the really good stuff I have ever achieved has come easily, so please read up on the uplifting LinkedIn and Facebook business stories on a regular basis, however owning a business isn’t easy and the better prepared you are the more likely you are to survive the tricky trip to the waterhole and back again.
The second category is the one where you have been running for a shortish period, perhaps 3/6 months and have fully realised the number of hats you need to wear when running a business, and I could argue at this stage that the biggest hurdle for many is trying to juggle running the business whilst just keeping the business going, and growing it further. How do keep all the plates spinning?
Positivity and opportunity
Yes they exist and it’s not all hard going!
I reckon around 50% of business owners I meet have no clear final destination/goal/target which is a real pity as everything you do on a day to day basis surely must be for a clear reason and purpose somewhere down the road, however everyone is different and because of this I ask the same first question to just about every business owner who I engage with. Why, why, why???
Why are you thinking about setting up?
Why did you set up?
Why are you taking the direction you are?
The answers are many and varied, and of course you are allowed to change them as you travel along the journey, but please have one as a point of focus.
A general misconception I come across is that a Lifestyle business means that the owner(s) can often be found shopping or on the golf course, and of course it can mean that in some cases, but they are the lucky ones. For the rest it can mean simply working hard and reaping the rewards that come their way without a real desire to build a strong balance sheet and always be so organised to ensure they sail through due diligence in the event of a sale.
The benefits of running a business of your own which makes money are many and varied, and I for one, wouldn’t change it for the world.