Starting and Growing a Business
Starting your venture is a very significant undertaking, even when you have business skills, experience, expertise and a good working knowledge of the industry you intend starting in.
You must have the financial capacity to ensure you have both sufficient working capital and reserves to fund your business development.
If you are starting out without these three essential elements and the financial resources necessary, you are going to need some excellent business advice, business support and ongoing mentoring to give yourself the best possible chance of surviving.
Why Start a Business?
The very first question you have to ask yourself is why do you want to be in business and why do you wish to start one?
‘Why’ needs to be asked many times over.
Renowned speaker Simon Sinek has created a whole strategy to inspire people to do what inspires them www.startwithwhy.com
- Why are you going into business?
- Why do you want to start a business?
- Why this business opportunity?
- Why this industry?
- Why at this time?
- Why this business model?
All good sound questions to ensure you are starting out with a higher probability of success.
The golden rule when you have decided to start a business is to take advice before you start. This investment will save you a fortune plus a significant amount of time and energy.
Any project that is well thought out and planned well before any activity commences has already given itself a substantially greater chance of survival.
Planning Before You Start
Before starting a business of any description, there is lots of preparation and prior learning to be undertaken.
Fortunately, this a wealth of information and support readily available, much of it free, to get you started on the right pathway.
As an example, these twenty ‘How to Guides’ for Starting a Successful Business make excellent reading for first-timers.
Of the all of the options available to you, starting a from scratch is the most challenging as it can take a considerable time before the business flourishes.
However, if finances are limited, it may be the only option available. But remember less start-up capital often = less income.
Do not be taken in by the promises of a lifestyle to which you would like to become accustomed.
Success in business and a new lifestyle do not come before hard work and doing the hard yards required!
The five essential elements
These are the five key elements required at the outset of your startup journey.
A genuine opportunity exists where you can attract sufficient sales – the lifeblood of any business
The financial capacity to support the business start-up phase. You must know how much capital is going to be required before you start
The required skill set to create, lead and manage a business plus the technical expertise for your chosen industry
A business advisor, accountant or mentor who genuinely knows and understands small business – absolutely priceless and will save you a fortune and possibly your house
A Business Plan and Cash Flow Budgets in place
To commence without these five essential elements in place would be foolhardy in the extreme.
You would not set off on a flight to any destination without a sufficient fuel in the tank, a map or GPS and an experienced licensed pilot?
Sadly, many new owners do, and the results are well-known – more than 60% do not complete the journey.
Does it sound like you may need some sound advice?
To get started, you will require practical assistance to get your new venture off the ground, to set up the best structure, register your business name, develop a business plan, sort out your finances, manage your taxation obligations, obtain accounting advice and accounting services.
Typically professional advice should challenge you to ensure you are bringing the right thoughts, ideas, goals and commitment to make starting a business a realistic opportunity.
The process should include why you are even contemplating starting a business, what your ideas are about the business opportunity to be pursued and how is it possible to build the business with the financial resources that are available.
To start a new venture is not for everyone and in reality is a suitable option for maybe 25% of those that consider this starting. Many are better suited to being an employee.
The role of a business owner is vastly different to that of being an employee. The personal aspects are every bit as important as the business opportunity.
Expert advice and management services are available to assist new owners with the proper implementation of the essential functions of running a successful business.
Every business requires sound systems and procedures to operate efficiently.
These functions should include administration, financial management, HR management, Sales and Marketing, and product/ service delivery management.
A business plan is vital to the success of your business. The process of preparing a plan will provoke you to consider many aspects essential to your success that you may otherwise not have given proper consideration.
Business Plan Templates are a thing of the past, and there are now some excellent online business planning applications to use as a better option.
Choosing the Right Business Structure
Choosing an appropriate structure is one of the biggest and most important decisions you’ll make when starting a business.
Setting up the correct structure is so vital you should seek proper advice from an experienced advisor.
Support and Assistance
Success in business is always a team project, and important outcomes will not result from going it alone.
You are going to need others to provide support, encourage and challenge you as well as providing more capacity to get things done.
Do you have your support network in place?
Assistance and support will help business owners to increase cash flow and profits and maximise performance.
Whether you need help with a particular accounting or financial issue or you simply want to take your business to a higher level, expert advice will make a real difference.