Successful Business Start-Ups
Despite the ongoing recession there are still many taking the plunge and setting up in business and I’m pleased to say I have a number of clients who have successfully established their businesses in the last couple of years. It doesn’t matter that there are already many other competitors in the same field or that economic times are tough, it can be done!
So what, in a nutshell, can you do to ensure you succeed?
- Goals. Think forward to where you would like to end up in business. Would you like to sell your business? Pass it onto your children? Keep it going part-time in your retirement? Knowing what you want to achieve will put you in the best possible position to progress your business to where you want to be in life.
- Planning. Remember the 7 P’s rule – “Proper preparation and planning prevent pretty poor performance”. Even if you don’t have formal business plan, think it all through beforehand.
- Systems. Setting up your systems BEFORE you start in business (or at least before you get busy) will mean you save bucket-loads of time later on when it’s vital to do things quickly and efficiently.
- Working Capital. Never underestimate the working capital required in a small business and always prepare cash flow forecasts.
- Marketing. Getting to grips with marketing is essential and no matter how good you are at your chosen trade or profession if you can’t market your business you won’t succeed!
Need help with your business start-up? Why not join the A+BAC community on Facebook? This is the one place where business captains get instant, real-life answers to their queries and share their expertise. You can also contact Nick by phone on 0800 ASK NICK or by email.