Running your own business is not for everyone!
The following attributes will hopefully help you to dig deeper, understand more about success and help you decide whether you are cut out as an entrepreneur.
How do you see yourself in the following situations? Would you describe yourself as:
• Positive – decisive and enthusiastic to succeed?
• Proactive – do you go out to get things or do you let them come to you?
• Determined – have you clearly defined personal and business goals?
• Hardworking – do you mind being tied to the business seven days a week?
• Leadership – are you able to get the best from your colleagues and discipline them when necessary?
• Opportunist – will you see openings in your market and develop products for it?
• Self-critical – are you able to review your own performance and welcome advice from others?
• Flexible – could you change your products or methods quickly when necessary?
Spending power
Being self-employed means that you lose the comfort of having a regular income. There will be times when you will have very positive cash flow but also times when money is tight. Therefore during times of shortage, you must be prepared to go without some luxuries for both yourself, your family and your business.
Your Family
Make sure that your family is on your side and are supportive as in the early days it could be that you may be away from home or working extra hours to get the business u and running. You could also get them involved in certain aspects of the business and delegate certain tasks to save on initial cots.
Identifying your skills
Running a business needs so many skills. Some which you will find that you never had. Always identify your strong skills and ask for help with things which you are not so good at.
Depending on the type of business you will need people with certain skills and some work could be outsourced. It is important to research various aspects of your industry from the marketplace to potential customers and competitors. It is vital to have knowledge of these areas when considering whether you have a potentially successful business proposition.
Research your target market its size and whether it is expanding or contracting.
Your customers, who are they? Where are they? What do they want? How much will they pay?
And most importantly your competitors, what are their products, prices and market share?
All these things will need to be considered very carefully and THEN you will need to take advice.
Next Step
If you want to find out anything further about this topic then please feel free to call on 0330 236 9930, 0330 236 9938 or 07961 116321. All conversations will be in strict confidence. You can also email me vee@navigatebr.com
This article is for information and interest only. It is not a substitute for full professional advice, which will take in to account the specific and individual circumstances. Navigate Business Recovery Limited cannot accept any responsibility for any loss arising as a result of any person or organisation acting or refraining from acting on any information.
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