Let’s be real right from the outset — going into business for yourself isn’t always easy. If it were an easy thing to do then everyone would be doing it. As business owners, we find ourselves, particularly in the early stages of a business, having to be a master juggler in that we are managing a whole host of different tasks at seemingly the same time.
Not only are you consumed with the “doing part” of providing your products and services, but you find that there is a myriad of other things you need to be concerned with such as marketing, managing staff, being on top of the numbers, staying updated on the ever-changing legislation landscape and ensuring that you are on top of any red-tape burden that is imposed on your business. The list doesn’t end there, but you get the idea.
Being passionate about what you do or good at what you do isn’t enough to build a successful and profitable business. Anyone can have a good idea but it takes someone very special to build a successful business. So to avoid becoming part of the nasty statistic that shows that over 80% of businesses ultimately fail in the UK, with a higher mortality rate for start-ups, it is really important that you embark on your journey with a solid foundation in place. The three key ingredients — or 3Ps — are:
Being passionate about what you do is so important because during the more challenging periods, which you will most certainly face when establishing your new business, it is this passion that will carry you and propel you to overcome whatever obstacles you face. Being passionate about what you do is not enough by itself but is a vital ingredient in any successful business.
Preparation is all about making sure you have a viable business model before you begin. It is about being clear on what your proposition is and who your target market is. A business plan is a vital document that must be prepared. In a nutshell a business plan is the road map of your business. It shows the destination you are seeking and details the path you will follow and the resources needed for you to get there. Financial projections form a major part of a business plan. You must know your numbers. Remember a business that fails to plan, plans to fail!
Provided you are passionate about what you do and have done the necessary preparation then you must have the drive, motivation and determination to see it through and not give up at the first hurdle.
But provided you have all of the three attributes, then there is absolutely nothing to fear about going into business for yourself. There will be obstacles and challenges but there is also no greater feeling and sense of achievement than being the master of your own destiny and building your own successful business. Good luck!