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Starting your own business? J21 Business and Career Coaching offer you some useful Do’s and Don’ts
Congratulations on joining the many start-up businesses that are doing well due to professional guidance and directions. It can be exciting and daunting at the same time, leaving a steady job with a regular income but these emotions are normal. FEEL THE FEAR and do it or you’ll never get started.
- DO a feasibility study, and don’t forget to fully research your product or service to ensure your business idea is feasible and will be profitable.
- DO write up a business plan, include your goals, sales objectives and financials. Two pages will suffice at the start. It’s organic so you can make changes and review at any time. You might want to include a marketing plan to help with your Google ranking and visibililty. Consider it your road map, without it you may struggle.
- DO be patient, it really can take time to establish a new business. Tenacity is essential.
- DO find yourself an affordable local accountant/bookkeeper it will keep your finances in order and will set the stage for when your balance sheet and cashflow starts to grow. Look into any business start-up grants that are available and keep control of cash flow as it is the life of the business.
- DO prepare to use your own savings, banks are usually sceptical about lending to start-ups – approximately 60% of businesses in the UK fold within the first 3 years.
- DO put in the hours and invest in an affordable website, business cards and leaflets if needed. And network, join local business forums/committees and support other businesses to help each other gain more traction and exposure.
- DO invest in a Business Coach. They’ll do the necessary hand holding, direct you and your vision, increase confidence, establish price points, goals planning and securing clients.
- DO keep an eye on your competition and retain your focus and drive when doubts set in.
- DON’T let anyone put you off establishing your business if it feels right just do it!
- DON’T expect instant success or ignore feedback, good or bad. The latter will contribute towards growth and improvements.
- DON’T underestimate the hard work involved in establishing a new business; you really do need to be prepared to fully commit and sacrifice time and money.
- DON’T get sucked into those professionals wanting to meet up for coffee! A coffee on the phone is a much cheaper option.
- DON’T rely on someone else writing your business plan; it’s far better that you initially outline the content, then you can get an expert if needed to oversee it and ensure it’s a professionally reviewed document.
- DON’T be the best kept secret! Be visible and be ready to attract customers.
- DON’T assume that there is demand for your product or service; essential market research will need to be undertaken first.
- DON’T leave contingency planning until it’s too late, preparation is king.
Contact Jackie Now
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