START-UP NEW BUSINESSES…. NOW MORE IMPORTANT THAN EVER TO PLAN IF YOU WANT TO SUCCEED…
Before the current conditions, many people were looking for ways to make extra cash, alongside a job, to make ‘ends meet’. Others were looking for ways to make the equivalent of a ‘full time’ income. Unfortunately, a high percentage of both categories were just ‘thinking about it’: or had actually started something, but without serious planning and commitment. Hence why the failure rates were so high. Ideas did not actually get turned into businesses, and business that started did not really make any money and eventually failed completely. (unfortunately, many of the start-up ideas were totally unrealistic, both with the idea and the expectation of getting funding).
The current business situation will act as a wake-up call for many, to find short and long term solutions to making money (both part time and full time ). But the problem is, who do they turn to for early advice. There is lots and lots of information available for enquiring ‘start-ups’. Some free and some from paid courses. There are Franchises, offering at considerable cost, large earnings from apparently ‘proven business systems’. And there lots of people and businesses offering general business advice, when they are in fact just trying to sell a service or services. There are those who run courses on setting up a business. Maybe 3 full days sitting in a classroom, or in one case 10 days sitting in a room, hearing about all the aspects of setting up and running a business. Many of these ‘advisors’ have never actually run a business.
But then the potential entrepreneur comes back to the real world and tries to apply some of the teaching and / or advice to his or her circumstances…. And does not even know where to start. Or gets to an area such as marketing, and tries to apply the ideas, within a budget…
There are possibly 12**** separate areas (****see below) to be addressed when starting up a business and everyone has to be addressed at some time. And failure to address one key one adequately, may prove to be terminal for the business.
The solution for a Startup is to find a person (mentor) who has proven business experience, in the small business sector (not someone who has worked for a large corporation), or an experienced Start-up support organisation, either of which can give advice backed by experience. The danger for the new business person or company, is that the advice given may not what the person or company hopes or wants to hear.
A high percentage of the businesses or people seeking advice, information or funding are just not realistic. Some people identify a product or service, and say that this is going to form the basis of a business. Without any market research, marketing advice, idea of the cost of setting up and running a business, or particular skills needed. That skill may be awareness of a certain product or trade, or may be the personal qualities to take on a project, address unknown business areas, learn marketing and funding options, etc etc.
Look for advice from 2 or 3 experienced people, (not just one !!!) and if you don’t know such people, again just ask… there are many experienced business people willing to offer advice based on their experience.
And when you put together a plan to start a business, whether just to make some extra cash, or to start a business that will replace a fulltime income, give it 100% of your effort. An experienced business advisor will recognise this commitment and will respond positively to help you.
Give your project or business the right level of attention and commitment … it may take some time, and you will meet challenges along the way, but the rewards and the satisfaction will be worthwhile…