Latest Chatterbox Article – Start Ups
During the recession I’ve seen lots of new start up businesses. Mircobusiness-entrepreneurs are certainly on the increase as people seek out opportunities. Of course I started Jeeves Services in January of this year and so know all too well the highs and lows.
I’ve loved experiencing the different aspects of the SME (small-medium enterprise) that I ran for a good few years compared to a new start up.
I do believe that you have to be slightly crazy to want to start a business – but if you are then welcome to the club!
Starting a business is very much like having a baby. The process of considering it before you’re up and running is rather like the 9 months before baby arrives. You’ll need to take it seriously and do some preparation – such as where you will work, what time you can commit, finances etc – but then just like when a child arrives it will still take you by surprise.
New business are exciting and full of hopes and dreams, again like having an addition to the family, but then the hard work really begins.
I believe strongly in research and preparation. Having a good idea is one thing, having a business that will be successful is a whole different matter. Ask friends and family that will be honest with you – we’ve all seen Dragons Den and how someone thinks that their idea is the best but haven’t thought about whether anyone would actually buy the product or use the service.
“A good idea and a good business are two different things”
Have a plan. What’s your product or offering? How will it be produced? At what cost? Are there any competitors or threats? How will you promote it and let the market know about you and your products/services? Where will you be based? What help will you have? Are you working to your strengths and what will you need support with?
Cash is key to any business; it’s the life line so plan well to take care of this. How will you manage your finances and how will you know for sure if you can make money. Never be a busy fool.
What is the vision? Understand what your business is about and ensure that there’s a unique selling point (USP).
Understand what resources are required. Resources for any business are critical but especially for start ups. Money, time, passion, belief and energy are all vital and can’t be compromised.
You have to be completely committed to the business – again just as if it was a young child. Nurture it. There will be times where your love for it will dip so be ready to grit your teeth if you want to succeed. It’s harder work that you would imagine. It can be a very lonely place especially if it’s just you and a home based office.
Even with a full commitment you will need support. Surround yourself with inspiration, support and expertise. Ensure that you have support from your family. You must be able to trust those close to the business and instinct is imperative. As the business grows you need to stay flexible to all positive development and consider non-executive directors. I firmly feel that my trusted network of colleagues and business associates allow me to understand the world around me in a far better way as well as being able to bounce ideas around – they’re always happy to give an honest opinion which is very valuable.
When you think you understand what you’re getting into and what can happen – do it anyway! Ultimately it is a leap of faith and a certain amount of bravery and madness is essential but it should be worthwhile. As I said, very much like having children – extremely hard work but very rewarding when you get it right!
As a last piece of advice and something I have always stood by, have a “what if” plan… what if it all goes wrong. If the alternative isn’t too bad you have nothing to lose.
[...] This post was mentioned on Twitter by Jeeves Services UK, Dani Saveker. Dani Saveker said: A few thoughts for new start up businesses… http://ow.ly/2yoGR [...]