With the Government Business Link closed in November this year, potential entrepreneurs will lose what has proven to be a valuable source of advice and guidance. The financial turbulence experienced in recent years has made some of the biggest companies in the UK close their doors, not only leaving thousands of people unemployed, but also making clearer avenues for new SMEs to emerge. New companies are continuing, with the SME sector accounting for 99.9% of all companies in early 2010.
Of course, not all early stories have happy endings. Without proper preparation, finding your feet as a business can quickly turn into a wobbly that you cannot recover. Without Government support through Business Link, you might ask where you can get the advice you need to start a new business? Well, the Government itself suggests a professional business coach is your answer.
How can Business Training help?
Beyond your initial idea, there are a number of important things that you should consider carefully before you are ready to launch your business. It is important not to rush through these initial stages. While your time is a valuable resource, it is not the most important factor when it comes to launching a new business.
Falling into the trap of the belief that it is very important to make yourself “out there,” many business owners have produced business cards, logos, websites and slogans before they do the necessary research and face the complex problems that need to be faced if businesses want to have an opportunity real for success. Most of this process is not only time consuming, but also money, which can fool you into believing that you are building a brand identity and business while you are, in fact, just wasting your valuable resources.
Governance in your enthusiasm.
Even though no business will succeed without passion, no business will succeed with your own desires. New ideas are fun, but taking the time to think about your ideas and ask yourself some difficult questions before you start is very important. One of the most important things to be honest with yourself and to investigate your business proposal from all angles before you go forward to spend money on marketing, for example. You cannot leave your emotions alone to convince you that you are ready to start a business.
The reason for this is that you need direction. For example, there is no point in spending twenty percent of your initial budget on advertising if you are unclear about who you want to target. This may seem obvious, but a large number of business owners take the wrong approach, throwing a wider net and then narrowing their audience. By clarifying who you want to attract as a customer, you can work on this specific demographic and then adjust your approach to attracting broader customers, once your business is established.
Many business owners rush to rent and buy products because they feel the need to be active after they make the decision to launch their company. But before this, they have to make sure that the business really exists where they believe – have they sold anything, have there been confirmed requests?
So how do you do this?
Especially: research. While free time and flexibility may be a problem before starting (as for those who are trying to support families and mortgages together to develop their new company), checking your facts and figures while investigating your potential market is fundamental. If your new business only receives attention outside of other work for example, make sure the time you spend on developing it is not in vain. Talk to potential clients. Ask questions that allow you to receive advice on how you can do business before you even get started.
This is not to say that you need to sit quietly and remain silent about promoting your company’s services until it is fully cooked. Discussing what you want to offer is not only great research, but it even allows you to secure clients before you formally establish a company! Talk to people who know. Analyze your competitors and your ideal clients.
Give structure to your start.
There is no list to do when setting up a new business, but there are some areas that must be addressed before launching. Ensuring that your time is spent in the most constructive way in these early stages can help you avoid turbulence when you are ready to depart. It can also help you answer this question, one of the most frightening questions facing entrepreneurs, the question: ‘Is this idea ready?’.
Remember that Business Link recommends business training.
Are you considering launching a new company, in the process of doing it, or the next few months and wondering what you might be doing differently to see more success then you should consider working with a Business Coach. Understand the important start issues before you bet with the stability your current job offers. With the help of a Business Coach, apart from losing Business Link, you can ensure that you not only have an initial strategy, but are also bullet proof.