Tag Archives: business start-up tips

Why Redundancy Can Be A Good Thing

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My Employment Journey

610632_menu djayoI was an accounting professional and privileged to work in a stable government agency for many years and even had the opportunity to travel abroad (which I didn’t take up regrettably).  Anyway years went by and I got better at my job, more confident and transferred to another agency which (unknown to me) was going to be my last.  The job was like sitting in an easy chair – the route to work, my hours, the tasks were all predictable and became less of a challenge. But a regular salary was my comfort blanket, especially with another baby on the way.

Fast-Forward 2009 – Post Baby Number 2

In 2009, redundancy struck and pushed me way out of my comfort zone. I was hurt, resentful and I panicked. Who will employ a mother of two young kids in a busy accounting department? What happens when the baby is unwell and I can’t come to work, what will happen if my train is delayed and I can’t pick up my babies?  I struggled to find a job that will fit round my family life and was partly depressed for a while.  I wanted to be available for my family but at the same time enjoy a fulfilling career.  My situation forced me to look inward at the skills and talents I have been ignoring for so long.  My situation forced me to ‘SWOT’ myself and that is what gave birth to Write2Explain then Business First Steps, Business Next Step and Business Start-up 4 Girls.  I marvel at the things I do now – who knew that I had all that within me, my ex-colleagues are equally amazed too!

The Route to Now

The journey may not have been smooth all the way.  But like any task in life I have learnt to jump over the hurdles and challenge myself to achieve better results.  One of my favourite scriptures from the bible that always gives me comfort is “God makes my feet like hinds’ feet [able to stand firmly or make progress on the dangerous heights of testing and trouble]; He sets me securely upon my high places.” Psalm 18:33 Amplified.  I have also been privileged to meet some amazing people and mentors on my journey who challenge and encourage me to reach for the stars.

I read this comment in a book I was studying a while back –

“Do not get drawn into the “result trap” – focusing entirely on the destination and losing sight of the flow of the journey.”  There is so much to learn on the journey and if we do not stop once in a while and look around, we will miss out on the lessons we need to learn along the way.

What’s Your Story?

1319069_the_door ilcoAre you facing redundancy and like me, panicking about the next step? Do not be afraid to look inward and locate all those hidden talents within you.  If you decide to go into another job, at least start by being true to yourself and your core values – this will enable you to perform to the best of your ability.  If you decide like me that entrepreneurship is the way forward, ‘Do it even if you are afraid!’  I wake up most mornings asking myself “why” and go to bed at night knowing exactly the reason “why”.  That is what fulfilment is all about.

So when next a circular goes round the office, do not panic – focus on the opportunities that lie within the change.

Support makes the transition from employment to self-employment a lot easier. If you need a sounding board, Business First Steps can provide the support and services you need to make the transition as smooth as possible.

I wish you good success

Temi Koleowo

If you need the SWOT analysis worksheet and other tools to help you identify your core values, your strengths, weaknesses and your passion then click here

Photos courtesy of sxc.hu ilco and djayo.

Fear – A Business Startup Roadblock

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Have you been trying to start a business for a while? You have got the idea, you know your target market but somehow you haven’t been able to step out and just do it.

JUST DO IT
I know ‘just do it’ is a clique we have all heard so many times especially since Nike made it such a famous slogan. This is one of the tools I use for my own mind battles. When I see that I am starting to flag in certain areas, I tell myself “Just Do It!”
It is important that you take time to identify what is stopping you from starting out. Find out what your roadblocks are so you can find ways to get rid of them. In this blog, I want to highlight one of the roadblocks I had to battle to start my business a few years ago.

1078872_word_fear_on_the_dices hisks

FEAR
Yes, I said it… FEAR!!!!. Fear is a huge factor to battle when it comes to starting something new. There is always a nagging thought at the back of one’s mind telling you that you are bound to fail. Fear of failure plagues even the most successful business owners, they just learn to push pass it and do it anyway. If you are a master planner like I used to be, who likes a predictable life then it can be such an uphill struggle to launch into the unknown.  I had a constant tug-of-war with fear which I eventually won and was able to do what I wanted to do.

One of my favourite quotes is by Ambrose Redmoon which states “Courage is not the absence of fear, but rather the judgment that something else is more important than fear.”  If I do not maximise my passion now, then when?

1092344_fear zithericaFEAR is a natural emotion and you are permitted to feel fear, but it is what you do with the feeling that makes all the difference. I have stood on podiums to deliver workshops with fear. I have approached clients that I thought were way out of my league with fear. In these circumstances I have won both my internal and external battles by learning to feel the fear and do it anyway!

MAKE A LIST
I want you to think of what you are afraid of. Make a list of the things that scare you about starting your own business. Do you think you will not be able to pull it through, is it lack of knowledge, losing a source of income, lack of self-confidence or self-belief?
Then ask yourself “what is the worst that can happen?” Once you know that, find ways to minimise those risks and take action.

 FACE YOUR FEAR
Once you can identify what you are afraid of then you are half way there. Let’s look at ways to deal with them. Unfortunately unlike traffic cones that cause roadblocks in the middle of the road, you can’t just lift and discard them. You have to think of ways to minimise the effect of the fear by seeking its antidote.

For example: If your fear is lack of knowledge in a business area, research on how you can increase your knowledge. Will dedicated learning about your industry one hour a day, three times a week boost your confidence? If you can find a mentor in that industry, will it make a difference?
If you need a regular source of income to survive, don’t quit your job just yet. Start gradually – moonlight if you have to, to get things off the ground. Then once you establish your business with regular revenue, you can start writing your own pay cheques.

Rather than allow fear to paralyse you into inactivity, remove the cobwebs that hold you bound and take small steps to begin to eliminate the NOs in your life.

I wish you good success mixed with God’s blessings

Temi Koleowo.

I am here to help you unlock the potential of your passion, develop your idea into a concept you will love and enjoy.  Visit us at www.businessfirststeps.co.uk

Photos from sxc.hu.

Products or Services Development Tip 1

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They say ideas are a dime a dozen but how do you get that idea that is bound to create a storm in the market place.  Understandably, you want to follow your passion and create a business you can run whilst also having some fun.  Let’s be honest if you follow your passion and your bills never get paid, it is a matter of time before you pack it in.  I am a firm believer of maximising passion to make a living but in the same light you have to ensure there is a demand for what you want to offer.

So what are the things you can do to check if your product or service idea is a viable one?  The following tips can help you develop an idea around your passion:

1279618_people duchesssa

What Group of People Engage and Interest You?

This thought might never have occurred to you, but we are all more comfortable with certain groups of people than others. Some love being around mothers, students, football enthusiasts, foodies, professionals, women, men or techy people.   The people you like to hang out with and things that interest you might be an indication of who you can be selling your products or services to.

Facebook Founder

Take for instance the story of Facebook founder Mark Elliot Zuckerberg.  He launched Facebook from his dormitory room. With the help of friends, he took Facebook to other campuses nationwide and soon after moved to Palo Alto, California. By 2007, Facebook had made him a billionaire at the age of 23. By 2010, Facebook had an estimated 500 million users worldwide and reached 1 billion in 2012.  Wikipedia 2013.

That is a simple indication of how the people you hang out with can become your target market.  So get those magnifying glass and look at them closely.

My Mini Story

There are many people with similar stories who built their businesses based on the needs of people around them.  Due to my analytical ability, my family and close friends used to approach me when they are contemplating a business decision – initially I wasn’t sure why.   After many years of writing business plans for free, it dawned on me that I can actually make a living doing this albeit in a professional way.  My first few customers were my family and friends and I am grateful for their trust in me.  Now that my company accommodates people from all walks of life, it is amazing to think that this was something that was always a part of me.

Taking the First Step

So if you want to start a business on a part time, full time or as an additional income to your current career – look closely at the people that interest you.   It could be your work colleagues, your jogging buddy or your lunchtime/church group.  Do not start looking at them on the basis of money but on the basis of meeting their needs.  It is easier to sell to people you know to start off and grow from there.  Study them and start jotting down in a notebook what you think they need that you can provide.

Till Next Time…Don’t Stop the Process of Your Business Start-up.  Keep Moving!

Temi

www.businessfirststeps.co.uk – personalised and practical business set-up and start-up services.

Business Reality Check

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Musing about my business tasks today and the following realities of starting and running a business came to mind.  Just what I need to remind myself of my role as a business owner.

The Time Factor

Everyday we are bombarded with the miracle cure for whatever business ailment we may have. Whether it is procrastination, low self-esteem, lack of skills or imagination.  There is something out there prescribed to help you get results in an instant. Starting and growing a business takes a lot of time and effort.  Stop buying into those lies about the next best thing for your business that could make you an instant £100,000 profit with absolutely no effort on your part.  I spent a fair amount of money on some miracle start-up remedies some years back, they got me nowhere. Now I know better – one has to dig deep foundations for a business, so that when it grows it will not topple over.  Shallow foundations and quick solutions do not provide lasting results.

However, there are some great products out there that compliment your efforts – those are the ones worth buying.  They not only help your business but also make the job of running your business a lot easier to manage.

It’s Your Job

You can hire a consultant, an accountant or even cajole your mum to help.  If you want your business to succeed, then you need to do a lot of things yourself.  Even if you eventually employ people, you cannot ignore or shy away from your role as the business owner.    Yes you can copy systems off the internet or go to numerous seminars and get all fired up, you still have to put what you learn to work.  Take ownership of your business idea and push it till it becomes your reality.

The Dark Side

As the main decision maker in your business (if you are not a partnership) you should be ready for the dark and lonely days.  The days when the weight of the business decisions will be on your shoulders alone. When people will look to you for answers and to make decisions that will benefit the business. Create the right atmosphere you will need for those dark days; surround yourself with people who can uplift and motivate you to keep moving forward.

Eat the Humble Pie

There is no doubt in my mind that when you start your business you will be humbled.  Not everyone will think you have a good idea and not everyone will think you are smart. Be ready for criticism, irate customers, competitors who will steal your ideas, oh! be ready for all sorts.  The important point to remember is not to lose the values you hold dear when you face your business struggles.

Commitment

You can’t make a success of any venture if you do not commit to it.  You get out of your business what you put into it.  If you want it to grow then you have to commit to developing your idea on a daily basis. There is no short cut to business growth, be innovative and prepared for opportunities.  Set goals for yourself and commit to achieving them within a given time frame. The more you do this, the better you become and the more tasks you mark off your to-do-list. When you look back in a few years time, you will be amazed how far you have come.

Till next time, I wish you good success

Temi Koleowo.

Get the eBook: Bring your Business Idea to life and start the business of your dreams.

Photo courtesy of Bigstockphoto.