Do you have what it takes to run your own business?
Not everyone who thinks about starting their own business will open one and statistically those who do, nearly 70% will fail in the first twelve months. Are you one of the 30% who will make a success of it?
What will it take? It can be stressful, requires extreme focus, dedication and it takes a tremendous amount of sacrifice. If you make it a success, then it can be very fulfilling both emotionally and financially. Not everyone has the determination and tenacity to make it work.
I have personally set up my own businesses in the past and can speak from experience.
The first step is to take an honest look at yourself. Being good at what you do now does not mean you will be a successful business owner as this involves a different set of skills. Do you have the motivation and leadership skills to build a team and motivate them?
The best mechanic does not make the best garage owner. You have to have the leadership and organizational skills to run the business.
How will your business be different from the other businesses out there already? What will be unique about your business that clients will want to do business with you? This can be about a product or service. If its service, such as Real Estate, why will your company be different? This can be a focus on an area perhaps, or a particular segment of the market.
Do you have the money to make it work? There are set up costs, working capital requirements. Most businesses fail because they run out of cash. You need a properly worked out business plan. Do not start a business without enough cash. Make sure you have enough to live and pay your bills. If you don’t have enough cash, then start to save and reduce unnecessary spending to get the money together.
Think about how you will build your company profile. Marketing and networking are not just about selling but also getting yourself known as an expert in your field. This can be through educational content through digital platforms. A good profile will attract good people who will want to work for you.
You have to have the systems in place to understand the science behind your business. Statistically, you need to know how your business is performing and where you make and lose money. What happens to the leads your business generates, how much do they cost and how much do you make from them. Who are the best and worst performers in your business and where do you need to support and train them to improve them?
Finally, you have to keep learning and make time for this, to read and research for new ideas that can help you grow you and your business. You can only coast downhill and you move your business you need to keep pushing and keep moving out of your comfort zone. Your leadership skills will be the key to your success.
Please feel free to contact me, I am always happy to help anyone who wants to start their own business.