Starting from Scratch
Comments and advice :
Starting a business from scratch can be the most rewarding
method of business start-up.
Unlike Franchising, Referral
Marketing and Buying a business-
you are 100% on your own. Before you dive in at the deep end,
there are plenty of things you can do to increase your chances
of success e.g.. getting to know your market and competition,
creating a realistic business plan, constantly motivating yourself
and your staff.
There will be plenty of problems to deal with and many things
to learn. Nothing is impossible, but things can get very difficult.
When facing problems it is important to maintain a positive
attitude, but be realistic. Imagine the scenario: two identical
businesses face the same problem- one fails and the other succeeds.
It goes to show that it ain't the problem but the way that the
problem is dealt with that differentiates between success and
failure. Deal with problems head-on, if you 'bury your head
in the sand' the problem will get worse and the only person
you can blame is yourself! Most successful entrepreneurs have
found themselves in exceedingly hairy situations- taken the
correct course of action- and survived.
There's a lot of money to be made in this big-wide-world.
You just need to perfect a system that enables you to:
- Understand & feed the desires of a group of people.
- Have as much money as possible going in to your bank account.
- Have as little money as possible coming out of your bank
account.
- Have fun and enjoy yourself.
The Pros:
- Initial investment level is decided by yourself or your
ability to attract investment.
- Many organisations offer support / subsidies / funding.
- You have the ability to explore new business concepts /
formulae.
- All post-tax profits are your own.
- No restrictions on your business methods.
- Control expansion to suit.
- Ability to adapt quickly to changing economic circumstances.
- Potential to sell, franchise or float on stock market once
business has stabilised.
- Great sense of achievement and ability to say 'I told you
so',
The Cons:
- Comparatively little 'hands-on' help and advice than other
methods.
- Steep learning curve.
- May fall in love with the business and forget the point
e.g. to make profit.
- Most business start-ups fail in their first year.
- Ability for your friends to say 'I told you so'.
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