STARTING A BUSINESS
Starting a business is a process, not an event. There’s no magic formula and a quick-fix approach to business planning won’t work – Your business idea is unique to you and cannot be planned by a “one fits all” approach.
The only route to a successful start-up is through you having full insight to yourself, your skills and gaining as much information as you can about the market you intend to enter. It’s a lot of hard work but you will be the beneficiary.
“The Idea Will Never Work”
No-one’s opinion or judgement about the business idea is valid. The only people whose opinions matter are those within the target market population. Not even high-profile “experts” have a right to judge. The market will be the judge.
Remember that contemptuous remarks are not valid and cannot be based on market evidence that you will uncover through research within your target market.
“Those who have knowledge, don’t predict. Those who predict, don’t have knowledge.” – Lao-tzu
“The Business Plan is For Investors/The Bank”
No – The Business Plan is for YOU. Ask yourself what value a Business Plan has if not to give you awareness of the viability of your business idea. It demonstrates the relationship between you and your business and empowers you to believe in yourself and your ideas.
“I Need an Accountant”
No you don’t. Financial Management is very simple in the planning and early stages of a business’s life. It’s all about simple arithmetic – don’t be put off by professional gobbledegook. Importantly, trust yourself to be able to both understand and implement the essentials of business finance.
“I Don’t Understand Tax”
You can obtain free information on Tax and VAT from HMRC and they hold free workshops about how to manage your business’s tax affairs. This is what a client said recently: “…..Thank you for your help on Tuesday. I rang the Tax Office on Wednesday morning and am now registered as self-employed and have a monthly payment in place for my national insurance. This feels fantastic. I have been so worried about it and after your reassurance I had the courage to ring up, so the biggest thank you possible. They were very lovely and incredibly helpful….”
“I Must Spend Money on Promotion – Now”
You can only promote your business if you know what the market wants to hear from you -and you can only choose words that are going to work by knowing what will motivate your intended customers to buy from you and from where. The answers lie in your Market Research.
“I’ll Have to Learn all that Business Terminology”
No – Keep it simple – Business Language is, as quoted by the Plain English Campaign, designed to make things sound more important than they really are. What on Earth, for instance, does this mean?
“It’s time to revamp and reboot our interactive strategic time-phases”.
“Start Your Business in a Day”
There are no shortcuts – Time taken to really understand your market, your finances and how you can make a difference in the market place is essential.