Starting up your own business is an exciting prospect but it can also be a daunting one and many people never fulfill a deep-rooted desire to become their own boss for fear of failure and often spend many years in a job or career they find totally unfulfiling, remaining employed because it is seen a ‘safer’ option.
It is not enough to simply have a good idea and hope to make a living out of it. There are approximately 4 million businesses operating in the UK but sadly 83% of all new start up businesses fail within the first year and 80% of all new start-ups fail within the first 3-5 years. (Ref: Small Business Association).
However, do not be disheartened as it’s not all doom and gloom for the world of small business owners. Just as success in business doesn’t happen by chance and you will need to be prepared to work hard and expect some unforseen knocks along the way, the rewards of being a self-employed business owner CAN undoubtedly be very rewarding, both personally and financially.
Consider for a moment anything you have had to work hard for in the past: maybe a qualification you gained at college, university or work. It may have been tough going at times but remember how you felt when you achieved your goals.
Setting up a business is no different and, as with anything in life, a certain attitude and approach can go a very long way to achieving all you set out to achieve when running your own business.
Top entrepreneur of Dragon’s Den fame has some tips for making a business a success:
- Have vision-otherwise you won’t know where you are heading
- Market yourself-through business connections and networking events
- Confidence- believe in yourself and your idea
- Commitment-to a common goal
- Aim for results-planning is the key
- Take action-to get from where you are now to where you want to be
- Timing-anticipating the changing market is crucial
- Perserverance- successful entrepreneurs battle against the odds
- Be caring-relationships with others are important
- Intuition-use it to make the right decisions
Smallsteps coaching also suggests the following PRODUCE model as being essential components to consider when setting up a small business:-
U-(YOU are the key to success!)
The above blog is an extract from my book:- ‘From Dream To Reality-7 steps to setting up a small business,’ available from Amazon & www.smallstepscoaching.co.uk at £9.99.
Further extracts to follow in future blogs!