Today, more and more people are becoming unfulfilled in their current jobs as they dream of becoming their own boss and managing their own projects. Never has passion been so fuelled than when we work for ourselves. But how do we set our business on the right track so as it doesn't come back and hit us where it hurts... in our pockets.
For those who are lead by their ambitions, the thought of starting a business is an idea they toil with every day.
When intuition is pulling at you to go it alone and your boss is asking you to meet a deadline which is going to make eating and sleeping a thing of the past, it is easy to feel undervalued and disillusioned. In these present economic times, leaving behind the security of a job to face the unknown could be classed as a 'foolish move' by many.
This paves the way for other excuses related to why it would not be a good idea to branch out alone. Money is a good one, well let's face it...no-one is going to hand you over a wad of cash to help you hit the ground running when companies are folding every day.
Setting up in business, requires a lot more than sheer dedication and a fantastic idea. But dealt with properly, there is no reason why being self-employed should not be the best decision you ever made.
Here are some tips to set you off in good stead.
1. Knowledge is power.
The biggest mistakes are made by people who set up in business without any prior experience of how a company is managed or how it becomes successful, unsuccessful etc. A sound business mind will equip you with the knowledge you need to face the challenges which are likely to come your way.
Make sure that the business you set up is something you have extensive knowledge in. There seems little point in setting up an antiques firm, if you do not know an original masterpiece from a reproduction. You will also need some starting capital before you put plans into operation. So before you watch that money disappear faster than a bunny from a magician's hat, ensure that the company you set up is something you are well versed in and want to see do well.
2. Make the figures balance
A business management course will teach you the major aspects of business finance. Even if you feel your work experience has given you a good grounding in finance, you will certainly pick up a few tips which will be of immense benefit. Consulting firms gives plenty of advice to people who are interested in starting their own business. They look at your plans objectively and ascertain the chances of it business doing well or folding.
3. Group hug
Although you may want to set up on your own, it is vital that you have people you can lean on for support or help in making your dream come true. It is at the start of a business venture when you are most likely to make mistakes, lose heart or feel out of your depth. You may want to consider hiring people who have skills in different areas to you. For example, a financial advisor could help to keep you afloat and advise you of the best way to utilize your capital. A computer technician could create that 'all important' website your business badly needs.
4. Read all about it
This cannot be stressed enough. Burn some megabytes with your pc as you get your head down and research as many websites and forums related to starting your own business as possible. Speak to fellow business starters and learn from their mistakes. This sort of information is free and has been learnt by trial and error. People love to share their successes and failures. So take advantage of these resources which are readily available to you.
5. Writing a business plan
The most important step you will ever need to master. Starting a business needs a sold plan of action. You need to know what you are going to do or need every step of the way. It is no good having a set of ideas floating around in your head. Plans need to be set down in writing, so as you can look at financial matters, find somewhere to set up your business or purchase stock etc. A business plan will give you an indicator as to the outcome of your business.
If things look a bit hit and miss, at least you will have discovered this before any financial outlay. A business plan is also vital if you want to win the bank manager over and gain that much needed cash injection to put your plans into action. Make sure that your plan is carefully structured and well thought out. There are many websites online which will help you to do this. Look for the ones which cover your speciality. These websites help to ignite that creative spark to turn that dream into reality.
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"Claire obviously had lots of experience which was fantastic and really owned the material. I’d love to see some very practical suggestions of tools to use (ie software) to help manage the vast information that a PM has to grab and share.
Some thoughts went to how we could use Claire’s knowledge to facilitate a really relevant half day or day helping us to put the theory into our own/current projects so that we can drive best practice and keep the learning alive.
It’s difficult to involve everyone but I wonder what more could be done to engage every individual, get them to contribute more. Feedback I’ll give to my team is they shouldn’t have had to be encouraged to answer questions!
Suggestions on how I could ‘test’ in some way that they have absorbed what we learned would be really useful. I was thinking about mini- project groups, on-training to the rest of our team, and of course them putting it into practice. What follow-up can you recommend to help me to ensure we don’t lose sight of the core principles and best practice?
