Archive - 2017

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1
Recharge and Relax!
2
How To Find A Good Adviser Or Consultant
3
What Plans Do I Need?
4
Your Business Model
5
Barriers To Entry For Your Startup

Recharge and Relax!

Just like everyone else, I am taking some time off to relax and recharge!

It is important as entrepreneurs that we look after ourselves as much as our businesses.

The teikoh.com blog will be off the air until the first week of January.

I hope that you will take this time off to relax and recharge your batteries, and while you may think about your business, use this down time to think about things like your vision and your goals – not any day to day things on your to-do list. Come back ready to roar ahead in your business and be the success you deserve to be!

So let me take this opportunity to wish you a Merry Christmas, a Happy New Year, Happy Holidays, and a relaxed time to think creatively!

How To Find A Good Adviser Or Consultant

When you are starting your own business, it is so important to have a circle of advisers around you.

While you may be a subject-matter expert in your services or product, there are so many aspects of running a new business where you need experts, or at the very least people who are experienced enough to lead you to the right experts.

From time to time, you will need a good accountant, a good lawyer, perhaps an IT guy or a marketing expert, someone who knows about hiring staff, maybe even a good leasing agent or a finance broker.

But how do you find them – and even more importantly, how do you find a good one?

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What Plans Do I Need?

It’s an old saying but oh, so true!

Business startups don’t plan to fail, they just fail to plan.

About 80% of startup businesses fail within the first three years. Yet, of the startups that had a plan, and stuck to it, less than 10% failed in the first 5 year period.

So clearly, you stack the odds on your side if you take the time to map out your business strategies before you start your business.

But what plans should you be formulating?

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Your Business Model

All businesses work through a flow of activities that connects the different parts of the business into a whole.

For most businesses, this connectivity or “business model” evolves over time. When they open their doors, they might be concentrating on producing their product or services to create a value proposition, and then they go to market and suddenly have to think about customers. As they interact with customers, they realise there are flaws in the distribution channels, which cause customer relationship issues.

In time, a hodge-podge of “how things work” and “how things work together” get boiler-plated together. No wonder some businesses look and feel inefficient and the various components of their business betray their publicised “brand.”

Let me give you an example.

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Barriers To Entry For Your Startup

When you start a business, you may have to face some “barriers to entry.”

What are “barriers to entry”?

These are in-built barriers existing in some industries and market sectors that face newcomers, making it difficult for them to start a business in that industry.

It is important as a startup to recognise and identify barriers to entry, and even more important to look at ways you can get around them – or your business may be stillborn. Let’s first look at what they are.

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