There are many questions that you face when you start in business, perhaps the first would be;
How to get your business idea off the ground?
In my book, there are specific comments on the characteristics of being an entrepreneur, together with up-to-date, practical and useful management tools and techniques for entrepreneurs. In my last few blogs, I have shared with you a couple of these tools, as a sample of what you can find in my new book. I hope these were helpful for many of you, existing and aspiring entrepreneurs!
However, the style of the book is to self-question, so perhaps this question is extremely relevant.
• You have the idea.
• You have the funds that are required to start.
• What next?
Not many wannabe entrepreneurs even start their business. It is actually like writing a book. We can all write 3 chapters but to finish it, make it coherent and to continually draw the reader in, is a definite art and so is starting your business and then making it a sustainable, profitable and worthwhile enterprise.
You have the idea; Perhaps the best piece of advice when you have the idea is to make sure it is as uncomplicated as it can be. Understand exactly what the customer wants to buy. Alongside that, research what price/cost or fee the customer may be willing to pay. There is little point starting a business when each piece of service, item or product is costing you more to provide than the customer can pay or is willing to pay.
It may be that you also need to educate the customer in the benefits that they will receive when they purchase your products or services. This is known as marketing and unless it is undertaken in depth or obvious you will find that the customers will not arrive at your door.
So -indulge your first customer. Go that extra mile so that they are advocates and a referral site for you. Your next customer won’t believe you but will believe them. Show the financial benefit of buying your product or service if you can, everyone likes to save money.
You have the funds that are required to start; This is easy. Do not spend them at the outset. Budget to keep 40% back for any unforeseen eventualities. Be careful with the funds. Also, make sure you have a buffer and a further buffer if need be. It is not unreasonable to borrow funds so that you keep your focus and hunger.
What next; • Keep working at the idea, streamline it and make sure it is delivering everything you say. • Don’t go too big too soon • Don’t be side-tracked • Make sure everything you do works towards the aim of making your business sustainable and profitable. • Re-invest wisely
I explain a lot more in my section 1.3 on entrepreneurial behaviour in my new book. Buy a copy to explore this fascinating subject further. Available here.
If you have any questions, please let me know - I look forward to hearing from you. Follow me on Twitter: @entrepreneuruk1