Starting in Business - Part 2
If you're about to start your own business, take a word of advice from someone who has been there. Peter Turner is Managing Director of Network Age Ltd, a Sheffield based IT Consultancy.
1. Start your business while you are working
If you have a good idea, try and begin it before you give up work. You can often test it before you have to go full time.
This means that you will less pressured when you start and will have a buffer from your job to keep going.
If it works then jack the job in and enjoy it!!
2. Cash flow is key
I still run the majority of my business from home. Especially if your business is service run you can generally run your business from home, this will save you survival money each month to keep you going. Offices can often take away the profits that should be going in your pocket each month
3. Speculate to accumulate
Many people I have met are unwilling to spend money on an opportunity that could be life changing. If you are to become wealthy through business you need to learn to invest into opportunities in order to see them flourish. If you are always afraid of spending money on an opportunity you will never enjoy the benefits of reaping. If you sow you will benefit in 2 ways:
i). You will learn something that you only have the opportunity of learning if you do something even if you fail.
ii). You may succeed and become wealthier
4. Have a good plan
Most people don’t plan the business properly, make sure you set clear targets to achieve and make the most of each day. Failing to plan, is planning to fail.
5. Develop a good network
The majority of businesses revolve around people. If you can get enough people interested in your product and services then you will succeed. Make time to get out and meet people at business events such as chamber or bni or other networking meeting.
My business runs on a givers gain mentality, if I can find business for other people, then they will want to find business for me, remember what goes around, comes around!
6. Choose a business that suits your lifestyle
Make sure you are smart about when you want to work. For example if you value your weekends I wouldn’t recommend a business as a photographer. You will spend most of your business time take wedding shots on a Saturday. Be careful to choose a business that fits with your family and lifestyle.
7. Be careful about partnerships
Lawyers love partnerships, you can bet that if you go into a partnership with someone, they will work less at the business than you. Even if they work harder than you they will still resent that you don’t work as hard.
Limited company has worked well for me as well as benefiting from tax breaks it helps you look bigger than you are and negates the need to rely on anyone
8. Do something you love
If you enjoy working in the area you have chosen then you have much more chance of succeeding. Most businesses take a lot of hard work to run and to have to work in something you don’t enjoy will kill you
9. Don’t burn the cargo
Your family are the most important asset you have, one of the main reasons people work for themselves is to have more time with family. Make sure you prioritise them as you plan your business and don’t forget that no one said on their death bed they wish they had spent more time at the office!!
10. Ask for help
There are loads of people around who can help you when you setup. The business link paid for my marketing material and my website, later my business plan. There are a number of people at Megacentre who are businessmen and women, don’t do it on your own.
Article Author: Peter Turner is Managing Director ot Network Age Ltd, an ICT Consultancy.