Before the Business Plan

In the Beginning of Business Start-up

At the start of the year you probably decided you wanted to start your own venture.  After contributing to your employer for so long and not being fulfilled, you are about to take a leap into the world of self-employment.

 As stated by the Prime Minister and the Start-up Britain initiative, http://www.startupbritain.org/ this might be the best time to start a business. This is good news, at least there is a guarantee you are not alone on this quest for self –expression.   

So pardon me as I jolt you out of your entrepreneurial dream for a short while and ask you these two important questions:  

Can You Cope Without A Regular Income?

If you intend to say goodbye to your employer, be ready to say goodbye to a regular income – ok maybe for a short while.  Before the money starts rolling in there is a lot of ground work that might be required as well as many sacrifices – including financial ones. 

You certainly can’t continue to spend money like you used to after all it is now about effort in = profit out.  So if you have got some savings stashed away somewhere, now might be a good time to revisit your household budget and find out how you can survive for the next 6 months or so.

How Much Time Can You Dedicate To This Venture?

If you are serious about growing a business, you can be rest assured that your time will no longer be your own. If you have a family there is every possibility that you will be torn between two parties – trying to meet your family obligations and spending time developing your concept.                        

Starting off a new venture can be tough in the beginning as you try to get off to a successful start.  You should be realistic about your commitments, explain to your nearest and dearest how your life will change.  Rearrange your schedule so your building process does not impinge so much on other commitments.

We won’t discuss social engagements as they may be non-existent for a while!

 

Despair or Inspire

If the above questions have not been able to dissolve your resolve, maybe just maybe you have what it takes for such a huge leap!

Don’t despair if this sounds daunting, if you do your homework properly the initial drought season might not last long though it may occur again at some point during the life span of your business.  Once you conclude that you intend to make the business work, you will find the determination and strength to push through every obstacle.  

The good news is if you work really hard, the money you earn is not to pay someone else’s salary.  It’s for you to decide what you want to do with it – even reinvest it in your business.

Maybe now I have got you thinking a little bit deeper or help you banish the doubts and the fears (ok maybe temporarily!).  Next stop… let’s think about the viability of your business idea.

At www.businessfirststeps.co.uk, we are passionate about concept development and business start-ups.

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