One of the most often asked question I get is “I have a great passion and I want to start a business – what do I need to do?”
I see more and more people every day who want to start their own business. Sometimes, they think they have invented a better mousetrap, or at other times they use their skill and experience at a job and think that they can do better in their own business.
However, I suspect that most of the time, the person who asked me that question thinks I’ll give them a list of registrations that they need to do.
Well, there’s more to it than that, and we have to take a couple of steps back.
While I applaud you if you have a great business idea or a passion to do well for yourself, my strong advice is to take a step back from incorporating or registering a business and consider a few things first.
You are about to start potentially the biggest move in your economic career, possibly investing a significant portion of your savings (and certainly your time), in one of the decisions that is rated as one of the most stressful and up there with divorce and moving residence. Don’t you think you should take a moment to make sure that you are really prepared?
Being prepared is not the same as being pessimistic – far from it. Take these four steps and you will be setting yourself up for a long term success right from the first day. The free downloadable eBook will give you everything you need to think about, and the video below will take you through these 4 steps.
Here are the 4 steps again:
- Make sure that you have examined yourself to make sure that you are personally ready to start a business. Consider your ability to provide the ancillary skills that a business will need – keeping the books, managing staff, and so on. Be realistic about the time it will take from you – at least initially – and make sure that your family are aware of the early sacrifices.
- Consider the feasibility of your business idea. Does the industry have room and what’s the competition like? What are the barriers to entry and can you get around them? Is there enough demand for your product and what makes you stand out? What about your Business Model, have you thought through how each part of your business from marketing to customer relations, from channels to production will work together?
- Have you made clear plans? Do you have a strategic plan that sets out your direction over the next several years? What about a business plan to step out your necessary actions over the shorter period. Do you have a marketing plan or are you going to hope for the best?
- Finally consider the most appropriate structure for tax and legal reasons, then look at all the registrations and legislation your business will need to comply with.
If you prepare yourself at the beginning of your exciting journey, you will be prepared for those hiccups and side-tracks that invariably happen. You will be able to deal with them within your organised approach and you will be ready for anything.
So as you can see – starting a business is not simply about getting a company and opening the doors!
If you are thinking of starting a business, and you want to deep-dive into all the steps and what you have to do, I have an online training course called How To Start Your Own Business. It takes you step by step through 5 training modules where you can download worksheets and implement your ideas. You can either go to my website teikoh.com and click on Products, or you can go directly to read about the course here.