So You Think You Can Run Your Own Business
So You Think You Can Run Your Own Business
So you think you can run your own business?
Running your own business will probably be one of the toughest things you ever do. Over 20% of all new businesses will fail in the first 12 months. That is an astonishing number of failures. Too many people wander into self-employment without the first idea of exactly what they are letting themselves in for.
Seeing someone else be successful is absolutely no guarantee you will be able to make the grade. Many things need to happen to give you any chance. The very first and most important thing is the person behind the business. This is most likely you.
Are you prepared to be a business failure?
Unless you have a number of essentials in place the possibility of this happening will be extremely high. If you are not fully prepared then three months may be optimistic. Running your own business is NOT for everyone.
Failure is not not something anyone thinks about or considers. Everyone thinks their path will lead to success. Many will be wrong.
Get rich quick schemes.
If it sounds too good to be true. It is. If someone has the secret to riches why would they share it with anyone? The real truth is that you should always and without exception avoid any such 'business opportunity'.
Where do you start?
Now we have addressed a couple of home truths, lets look at where to start.
Most businessmen who start out on their entrepreneurial careers will be working for another Company as an employee and one of two things will usually happen:-
You will feel undervalued working with a Company and you reach the stage where you want to work, probably in the same line of business as the Company you work for.
You'll come across an idea or see an opportunity, a gap in the market and think that it is something you cannot miss out on.
Research.
To jump in with both feet without undertaking any research into your business idea will massively increase the chance of your business failing. Look at the competition, find out who they are, try and find out their pricing structures. How big is the potential market for your business product, idea or service?
The business plan.
Side by side with your research you need to put together a business plan. A what, some may ask? A business plan, in simple terms, is your best guess at how you expect your business to start and progress over a period of time.
You need to factor in your wages, office costs, wages, loans, telephones, computers. You need to work out the frequency of income, NI (if you are employing people), possible VAT registration and the income likely from the sales of your goods and services.
Now, providing your work so far is sound, the next daunting task is selling your idea and the business plan to a bank. Many new businesses will need financial support to start trading. Convincing a bank manager your idea is worth his risk (lending you the money) is the next big hurdle.
If this all seems a bit much, well this is only the beginning. As of yet you have not started trading at all!
Part 2. Starting out, to follow.
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