A Wannabe Entrepreneur’s Guide to Starting a Business — Aspira Financial
Starting a business is part science, part art, and a large part hard work! It can get lost in all the excitement but you need to get the balance right.
Approximately 20 percent of all small businesses fail in their first year; and your chances of your business making it to five years are around 50/50.
One thing is for sure: leaving your success up to chance is not an option. Get clear on where you want to take your business and how you are going to get there.
Reasons small businesses fail include the following:
- No market need for their products or services
- Lack of cash flow
- Not having the right team in place
- The competition doing it better
- Pricing and cost issues
- Lack of a business model to follow
- Poor sales and marketing ability
So what are the essentials needed for your business to thrive? How do you ensure your business doesn’t fall away due to one of the above — or any other reason?
By asking the right questions from the start. The following will get you thinking along the right lines from day one…
- How passionate are you about this?
It sometimes gets lost in all the calculations but you should LOVE what you are about to start.
Is it something that you can see yourself doing in five or ten years? If not, maybe you need to look elsewhere.
Passion is what keeps you going through rough times. It sustains you and ensures the necessary energy goes into the venture. There will be difficulties in the years ahead but passion will see you though.
- Do you really need to quit your ‘real’ job yet?
A healthy obsession with your business idea is fine. But it can blind you and cause you to make hasty and unnecessary decisions.
Some business owners give up their jobs before they start their businesses. They may be better advised to keep the job (and the steady salary) and start their business as a small side venture — often referred to these days as ‘a side hustle’ — at first.
There are 168 hours in a week. If you’re passionate about your new venture, spending a few extra hours a week on it won’t seem like extra work!
Save the financial stresses caused by a business HAVING to support you from day one.
- Who are you partnering with?
If you are partnering with someone in your business, make sure that it works for you both. If you complement each other and it makes the business stronger, great!
If not, then why are you going into business together?
A business is not the place for a ‘marriage of convenience’. If you take that path, it won’t be long before problems rear their head.
- You can’t do everything — who is going to help?
How are you going to find the people that help you run your business?
Doing everything yourself might seem like a cost-saver at first but soon you’ll realise that it’s a false economy — and it will lead to burnout.
Hire professionals to ease the load: a business accountant (not only a tax accountant), a legal contact, a personal assistant, and a marketing assistant are some basic requirements. To avoid paying full-time salaries, outsource to the right professionals.
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