A world of opportunities lies ahead
You’ll no doubt recognise this scenario. You have a brilliant idea. Everyone says it’s great. ‘You should go into business.’ ‘It will be a massive hit!’
OK. Now it’s time to look at this seriously – after all it’s not their mortgage on the line if it goes wrong! I know. I’ve been there.
It’s widely accepted that outside of the US, the UK is unrivalled as a place to start up a business, being truly a nation of entrepreneurs. In 2016, 660,000 companies were started, with many being sole traders, across a wide range of products and services, representing the hopes and dreams of each of their founders.
Starting up your own business is an amazing experience, but it takes a lot of hard work, and there will be times when you wonder whether it’s worth it, especially in the wee small hours when you are yet to make a sale. However you will have a much better chance of success if you have someone on your side who has been there before. That’s where I can help.
The sad reality is (according to Small Business Trends, May 2018) that just over 50% of small businesses fail in the first year. The good news though is if you make it through the first 12 months, the failure rate drops away significantly so all that hard work can really be worth it.
With the leading causes of small business failure identified as incompetence (46%), lack of managerial or relevant managerial experience (30%), neglect, fraud, and disaster (13%), and lack of experience in the chosen line of goods or services (11%), there are some obvious ways to stack the odds in your favour from the start using experienced specialists.
The big message is get spend the time before you launch to really research your market, consumers, understand your product or service offer and how it is different to your competitors. It’s easy to get carried away with the big dreams so make sure you have a business plan that demonstrates how your cash flow is going to be sufficient to carry you through the lean early months. It can take a while to get going – even when your idea is amazing!
Good luck with your adventure and let me know if I can help you get started.