You might be shocked to read that title, but having a fantastic new idea for a business is not the same as having a fantastic new business…
Many new business owners think they have everything it takes to succeed. You’re qualified with years of experience, in fact, you are much “better” than your old boss or your competitors, (everyone says so), you have spent ages setting up a fantastic website, if you have premises then they are all ready to go, staff are hired, and you also have a load of contacts who said they are happy to support you in your new business or who will put you in touch with clients. When you researched your business idea everyone was hugely enthusiastic and said they would be interested in working with you.
But how does all this good stuff actually equate into realising a profit in months 1 / 3 / 6 or even the first year? Who has already signed contracts or at least, paid deposits? What is the projected minimal income for the first 6 months? Potential minimum outgoings? What is your strategy and plan for success?
On the other hand, I meet lots of new business owners who are very nervous about striking out on their own and are worried sick about being self-employed and having to make finances balance at the end of each of the first few months.
And if you are worried already, do you think your confidence levels will increase or decrease over the first few months? Who is going to support and understand you, motivate and pick you up when things aren’t positive?
So, what is it that will guarantee you a successful business?
That’s easy to answer – there is no guarantee. I CAN tell you that you will probably work far harder than you ever thought you would have to though…
Be prepared – or plan to fail
Let’s start with a look at your business plan. I assume there is one? That you spent long hours finalising all the details of what you are going to do, where, when and who with. Your avatar is defined and you have a marketing strategy (online and offline) planned out. Your branding is on point and ready to run alongside any advertising and promotional work. PR campaigns have been provisionally planned or booked. You have analysed potential, projected and guaranteed incomes, cash flow is secured and all possible expenditures are noted and your salary earmarked, as well as a separate pot for taxes and contingency planning – all for at least 3 months to compensate for that perhaps, you might not meet your breakeven point at least?
If the above is true for you, then you are quite possibly on the way to being a successful business owner and ending your first year with “real” wages! If you continue as you started, then the future looks good – unless you start to procrastinate too often and your motivation and productivity lessen – and the clients drop off for no apparent reason and you can’t think of anything to do to replace them…. But that’s another chapter in the “Life of a Business Owner” story we write …
It appears I need help!
So what happens if most of the business plan information detailed above is er, “missing” from your “strategy”? It’s time to get serious and decide if you have a chance at succeeding in your business or if you are just playing at owning a business! Is it a hobby that you enjoy where wages are a bonus – or do you want and need this business and its’ income? If it’s the latter, take action NOW!
Look at what you need most to run your business efficiently with profit – where are your knowledge blocks? Perhaps you could look at getting yourself a business mentor or investing in a business course?
I’d love to help you turn procrastination into profitability and confusion into clarity!
You are great at what you “do” but do you have the know-how to run a business? Need an accountability buddy to encourage, motivate and maybe firmly ensure you are able to get critical things done this week? Do you want a sounding board with many years of experience in running businesses – who can tell you what to do and what not to do, saving you time and money?
I offer bespoke 1-2-1 mentoring packages that are designed to get you to where you want to be, without overwhelm and as quickly as possible. I have been self-employed for 15 years and started several businesses from scratch so, with a wealth of experience, I can troubleshoot and help you solve any current or potential issues. I know what to spend on and what not to. I’m pretty good at brainstorming ways to get you clients and to make you stand out from the crowd with your brand and marketing, and ensure that you have a clear message throughout. I’ll support and encourage you, motivate you to keep on track, supplying you with fresh new ideas that work.
You will be held accountable and you WILL get things done and increase your productivity and profit! And I’ll ensure you take care of yourself too, there is no burnout on my watch, just time for self-care – after all, how can you serve your clients when your own pot is empty? Price for 6 month package with ongoing support as needed in business hours, is £2999 (installments available). More info available here