Simple Advice When Starting a Business from Scratch
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 isn’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 is 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 into your bank account.
- Have as little money as possible coming out of your bank account.
- Have fun and enjoy yourself.
- Initial investment level is decided by yourself or your ability to attract investment.
- Many organisations offer support/subsidies/funding.
- You can 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 the business has stabilised.
- Great sense of achievement and ability to say ‘I told you so’,
- 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 a profit.
- Most business start-ups fail in their first year.
- The ability for your friends to say, ‘I told you so’.