3 Factors To Consider When You're Starting A Business

If you are in the process of planning or even thinking about starting your own business, the internet can be both an ally and a foe. Everywhere you look you can find all kinds of experts talking about how to run an amazingly successful company and how if you follow their blueprint to success, you too will be able to achieve untold wealth and fortune. The fact is that each person's path to success will be very personal to them although there are some ever present themes which should be considered by any and everyone thinking of fulfilling their entrepreneurial ambitions.

The internet is home to a plethora of dedicated websites, blogging sites and suchlike all committed to advising Joe Public how they too can become a success in business. There are sites which are great resources and tools which contain really brilliant and insightful tips and guidance. However, there are also sites and businesses which offer advice in order to sell an item, product or service, so just be careful when deciding which of these are actually beneficial to you and whose advice seems to be genuine and relevant. 

This process of deciphering the good advice from the bad can be difficult, but there are simple ways of finding out which websites have good reviews by searching online for reviews of the company in question. There is a plethora of good and free advice from a range of sources and it would be advisory for any budding business minded people to take their time and to carry out thorough research. Again I reiterate the point, do not pay for advice, there are so many free sources of advice. 

'Fail to prepare, prepare to fail'.

A good place to start is by creating a detailed plan, and contingency plans for when things inevitably do not go according to the original script. This is a crucial stage in the setting up phase of a business. Things to consider when in the planning stage could be any opportunities or niches which you have identified as a potential opening for your business to operate within. You should detail step by step plans daily, monthly and yearly, by setting clearly defined and achievable goals which will help you to keep focused on the task at hand. In my view it is important to have the big dreams and the big aspirations too, but if this is all you have, you will inevitably lose heart over time if you suffer any setbacks. You have to have measurable and attainable goals, as each goal attained will re-enthuse you and help to maintain discipline and commitment in your quest to succeed in the business sphere.

You should put in the time to think about all aspects of your proposed business and seek advice from people with experience in such matters, you can even take a written business plan into your bank (you'll have to make an appointment) and discuss it with them. Research the market you intend to operate within and learn about your potential competitors and rivals. A business plan and planning in general is crucial. By formulating a good plan you can think about all of the tiny seemingly innocuous elements of the business which might go wrong, such as; what happens when a delivery arrives an hour late? Or when an item sold arrives damaged etc. It is always best to try and think of every eventuality that could possibly happen in advance, so that if things go wrong or slightly off track (and at some stage this likely), you will not be caught off guard, instead you will have a clear idea of the steps and processes you need to take and to implement in order to overcome any such difficulties.

Network And Put Yourself 'Out There.'

Another key element of starting up in business is that of putting yourself out there in the public domain, networking and really doing what you can in order to advertise your brand and business until it is established. You are the spokesperson as well as the representative of the business and by networking and putting yourself in positions whereby you are interacting with people in your field, you will be able to create links and contacts with all kinds of people and businesses. All of this is crucial in learning from others especially in helping to learn from the mistakes made by others. I find that truly smart people learn from other peoples mistakes as well as from their own.

One of the reasons I mention this point is due to the fact that so many people have the notion that once they run their own business they will be able to sit in a quiet room somewhere, sending emails and communicating with clients or customers via emails and social media without really having to interact with people face to face. But it must be noted that by being able to openly speak to people, whether at public business function or events, or to small business owners in your local town, there is no better opportunity to sell your ideas and your business than when you have like minded individuals in front of you, in the flesh. There's an old saying; 'It's not what you know, it's who you know', so please bear this in mind and while planning your plan of attack, be sure to include how you will market your business and network. You will be your business' advertiser, marketing executive, salesman and general “word of mouth” generator, be enthusiastic and let people see the passion you have shine through.

Do Not Overthink Nor Over-Analyse.

One of the biggest reasons for people failing to capitalise on following their dreams or aspirations is that they defeat themselves mentally. With so many businesses starting up every year and with most of those businesses failing within the first 12 months of existence it can most definitely be a daunting prospect. I am a big advocate of hugely successful entrepreneur Dan Pena's line on the issue of over-thinking and over-analysing issues, he articulates the point very succinctly in just three words; 'Get it done'. There's a lot to be said for just getting stuck into a project and often by being so proactive you will create and stumble across numerous opportunities which might have been beyond the realm of your imaginings during the planning stage. There is no reason why anyone with a reasonable level of intelligence and a willingness to learn and to work hard cannot become a success, there is no reason at all. We are fortunate enough to live in a society whereby we can have the freedom to set up in business but those who do over think will often be the first ones to fail, their own fears can easily permeate other aspects of the business and brand in general and ends up stifling the capability of the business to operate as it should.

You may encounter setbacks and failures along the way, which is normal, do not take such instances as a sign that you are doomed to fail or that on some level you are not capable of running a business. There are much less smart people than you who are running successful operations all over the world. Again, this is not specific to business but is applicable to life in general, you will need to have a thick skin, to be resilient in the face of things not going your way, take each setback as lesson, learn from it, deal with it and move on.

Stay tuned for more business related posts.

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1 comment

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