Although there is a great deal of good quality information about starting a business, individually but it can be a struggle to apply all that theory.
have been working recently with individuals facing redundancy and considering self employment or owners in their first few months of business. In talking to the owners it is clear that although they have access to a great deal of good quality information about starting a business, individually they struggle to apply all that theory to themselves and the unique situation they find themselves in.
Starting a business can be both exciting and scary -that early enthusiasm can sometimes blind you to the risks "that wont ever happen to us".
Further down the self employment journey it is not uncommon to talk to owners who have had to survive some very expensive mistakes. Mostly made through lack of knowledge or because when cash becomes tight they are vulnerable to all kinds of promises about quick fixes.
We do remember lessons learned the hard way, however there are much better ways of spending the resources you have available during your early months and years in business. The ideal position is to get it right first time!
So what do you have to consider?
-Do you have what it takes to cope with the highs and lows of self employment?
-What skills and experience do you have to transfer to your new life?
-What personal qualities do you have? Self belief, resilience, persistence, patience and commitment?
-How much risk are you prepared to take, do you have other responsibilities, family commitments – if so, do you have the support of your family. It is necessary to have a network around you who wont back off when the going gets tough.
-What exactly are you going to sell, who to and why will they buy from you? Thats just the beginning!
There is a great deal to think about when considering self employment, it is easy to make assumptions – one of the best tips I offer is to research and plan your initial steps thoroughly. Think big picture about why you want to be self-employed and what you hope to achieve. What will your business look like when everything you want is in place.
On first meeting, many of my clients say " I would like to achieve XYZ but that will never happen", my role then is to help them understand the things they have to get right, most importantly what they need to know to be able to make informed decisions and then the right steps needed to put the best foundations in place.
What support would you have valued when you were starting out?