Starting a business – from thought to Action!
Statistics show that the numbers of new businesses starting up continues to be high and the growth in the numbers of self-employed continued in 2018. Record numbers of people are deciding to go it alone. The reasons people start their own business vary from it being a lifelong dream, to them having a great idea that they believe in, to following a passion. When people start their business also varies – it may have been planned for some time or it may be prompted by circumstance (like having been made redundant or having a change in a family situation or a change of location).
For all, starting a business is a time of great learning – learning about yourself, learning new skills, learning how to be a business owner as opposed to an employee. Do not expect yourself to have all of these skills at the start. They can be acquired and this is part of your challenge. To quote one of the greats in business education Jim Rohn, “work harder on yourself that you do on your job” and “never wish life was easier, wish that you were better” so look on this as a learning challenge and seek all the help you can get.
From working with entrepreneurs there are a few bits of advice that I offer to anyone starting up a business:
- Books are a great source of knowledge. For starters read The E Myth by Michael E Gerber – a must-read for new entrepreneurs.
- Seek the help and support of others – those who are in the same position as you, those who have done it before, experts in the fields you need to get to know. Most people are happy to help and to give some of their time. Join networks to have these connections and this support community.
- Build the skills of resilience and persistence – they will be required and tested. Most likely you are about to embark on a bit of a roller coaster ride with good days and bad days, successes and disappointments. Only look backwards to recognise your successes and to learn. Let everything else go.
- Identify your Why – why do you want to build this business? Just to clarify, the real Why is not the having of more money – that is a result and an enabler. The Why is your underlying emotional driver and will differ for everyone. It can range from “feeding your family” to “setting up a charity”. Your Why is what will give you the drive, inspiration and motivation that you need at times.
- Start with the end in mind. What will your business look like in 5 years or 10 years? If you don’t know this, you will not know what you are aiming for. It is unlikely that you will hit a target that is not in your sights.
- Plan your path – how to get from where you are now to where you want to be and what are the milestones along the way. This will help you focus on the important rather than the urgent. If in doubt about the actions you are taking, ask yourself, “Is what I am doing now helping me to achieve my goals?”. Quarterly plans are a great time frame to work with – long enough to be able to achieve and short enough to enable you to take stock and reassess to ensure you stay on the right track.
“A vision without a plan is a dream and a plan without action is a list”
About the author
Susan Jackson is a chartered accountant by profession and a certified business coach. She works alongside business owners helping them at various stages of their journey. Find out more about Susan and book to see her by clicking here.
About the company
Transition Peak Limited™ is an online career coaching and training portal that helps companies and individuals move forward and faster following redundancy or career change situations. It is a useful tool for corporate companies interested in saving on expensive outplacement costs whilst looking after their existing employees. Our online portal provides access to tutorials, documents and checklist. It also connects individuals with accredited coaches and experts. find out more on www.transitionpeak.com.