How Do I Go About Starting A Small Business Or Start Up?
This is the No1 question I hear daily. And after being in business for over 10 years I thought it was about time I simplified all of this stuff for those of you who are just starting out. There is alot of info out there and sometimes too much can cripple us (I know it did me) so I decided to create this little article to help you understand the basics of startups and small business so you can grasp what this is all means before you dive into something totally blind and then wonder why you are suddenly stuck and broke. Cool?
Now, thinking of the question… How Do I Go About Starting A Small Business Or Start Up? has to be the NO1 question I get every day as I said and for about 80% of new business owners it all seems very daunting BUT there are surprisingly simple answers to this!
SURE THERE IS ALOT TO LEARN, BUT IS IT WORTH IT? THAT’S YOUR CHOICE! BUT I THINK SO!
May I break this down a little by simplifying some of the common terms of business? So, let’s get familiar with some of the business jargon and simple phrases so that you may get some clarity first off:
STARTUP = Simply to embark on a venture or undertaking, especially a commercial one.
SMALL BUSINESS = Small business is just an independently owned and operated company that is limited in size and in revenue depending on the industry. A local bakery that employs 10 people is an example of a small business. A manufacturing facility that employees less than 500 people is an example of a small business. So is an internet business with 1 person.
BRAND OR BRAND STRATEGY = By definition, brand strategy is a long-term plan for the development of a successful brand in order to achieve specific goals. A well-defined and executed brand strategy affects all aspects of a business and is directly connected to consumer needs, emotions, and competitive environments.
ENTREPRENEUR/SHIP = a person who sets up a business or businesses, taking on financial risks in the hope of profit. This is where risk versus reward comes into play.
BUSINESS MODEL = Just means the ‘type of business’ you are wishing to work in. These days there are tons compared to a few years ago when all there were was traditional or bricks and mortar businesses. Now there are hundreds with the introduction of the information age
PROFIT MARGIN = The amount by which revenue from sales exceeds costs in a business. So what you are left with AFTER all expenses. GROSS PROFITS means total earnings before expenses are taken out. NET PROFIT is the PROFIT MARGIN.
LOSS = A loss is an excess of expenses over revenues, either for a single business transaction or in reference to the sum of all transactions for an accounting period. The presence of a loss for an accounting period is closely watched by investors and creditors, since it can signal a decline in the creditworthiness of a business. The concept can also refer to the loss in value of an asset.
BOTTOM LINE = The final total of an account or balance sheet. i.e the rise in turnover failed to add to the company’s bottom line”
EXPENSES = The cost incurred in or required for something. For example, the office rooms were equipped but at great expense
BUSINESS PLAN = A business plan is a formal statement of business goals, reasons they are attainable, and plans for reaching them. It may also contain background information about the organization or team attempting to reach those goals.
BUSINESS RECOVERY PLAN = Business Continuity and Disaster Recovery (BCDR or BC/DR) are closely related practices that describe an organization’s preparation for unforeseen risks to continued operations. The trend of combining business continuity and disaster recovery into a single term has resulted from a growing recognition that both business executives and technology executives need to be collaborating closely instead of developing plans in isolation.
So, How Do I Go About Starting A Small Business Or Start Up you say?
There are many things to consider but most importantly you need to know where you would best fit.
Above are all words, terms and ways which successful businesses use and run by and so I suggest that you get started getting familiar with these areas but, you can learn a million things and still be in the wrong business. So, I will share what you may wish to consider as your core area. Also bear in mind that – you will need an accountant also whom you preferably know and trust and it is better to look locally so that you can pay them visits to keep in touch with what is going on with your business.
But also, there are the most obvious factors to consider before any of this is even relevant which is – where or how are you going to fund your business & what could your business model be?
This varies greatly depending on the ‘type’ of business model you may see yourself running.
Here it pays to look at your passions, experiences, skills, past jobs, what you were great at as a kid, what others say you are great at. Also where there is a healthy thriving need for something either to be improved upon, innovated or invented. Here is where most people get stuck as they see a million ways to get INTO business but, often don’t know for sure so hold back on a decision or don’t bother starting in the first place. It is way more common these days though to start a business when you look at the unstable economy, lying MP’s and an uncertain job front with cut backs, robots taking over humans jobs and so on. So, right now it is a very real prospect to start something. But of course behind that is the fact that IT REALLY PAYS to do your homework first.
Once you know the kind of area or market you wish to be in you then HAVE A BEGINNING and need to look at things such as…
A THRIVING MARKET
A STRONG NEED
SOMETHING THAT COMBINES YOUR PASSION WITH THAT NEED
A WAY TO DIFFERENTIATE FROM YOUR COMPETITION
AN IDEA OF COSTS AND LENDING REQUIREMENTS
BEING THE ‘GO TO’ PERSON IN THAT MARKET
HOW YOU WILL MARKET AND WHO YOU WILL GET HELP FROM
WHAT YOUR BRAND WILL LOOK LIKE
YOUR VISION, ETHICS AND MESSAGE
A BUSINESS LOAN
So, as you can see there are quite a few things to look at when considering Starting A Small Business Or Start Up bu again this is about doing something you are passionate about.
TIP: Never try and go alone. It will kill you! I have always outsourced my weaker areas and gotten help particularly with things that do not interest me and that I am weak in. And this is so important so that you ‘don’t waste time or money’.
I am now in the position where I just coach and where I also have created multiple streams of income on autopilot which allows me to have time freedom and this was always the goal. No matter what type of business you are entering into you REALLY need to look at the maximum leverage of what you offer, so how you can maximise revenue from various sources. The quicker you master this the less likely you will be in finding an exit strategy. Instead you will stay buoyant in a market even where diversification is sometimes required. Simply meaning, moving and changing slightly as the world moves and changes is crucial and common.
So, you still want to look at How To Start a small business? Or did it just make you more overwhelmed? Hopefully not too overwhelmed!
You see most people get stuck with mindset! They don’t actually believe that they are good enough to earn what they want or to create success in the area they wish for – so no matter WHAT THEY KNOW, or WHO THEY KNOW, they still suffer from what I like to call ‘LIMITATION DISEASE’. But, we are not limited nor are we based on our past thinking but luckily there are coaches like me who can help with this crucially important part of being an entrepreneur.
You see, all that I have talked about up to now will have either made you feel EXCITED or SCARED or a little of both I suspect. The point is – you should be BUT that’s great news. Those who think it is all too much are defeated before they have even attempted putting their toe in the water. So again mindset is crucial.
Even today, people still find the whole MINDSET thing a bit weird, but it is what took me from struggling loser for 7 years to highly successful coach, author and marketer. So to me it is very important.
The great news is that a solid business coach can help you with all this.
A great business coach will keep you accountable and motivate you through the good and bad times to focus on reaching your goals. I know all about this as once I hired a coach my business went from $50k in debt to turning an average of $10k per month and I was stuck before that BIG TIME. My business steadily increased as I grew and scaled up my efforts so, this is where help is necessary I believe. So, is it possible? Yes, this is not only possible but not that difficult. Starting A Small Business Or Start Up is not as tough as it sounds – obviously though, taking into consideration the various factors we spoke of including the TYPE of business to go for is all important to finding what you would love to do.
Why do I love helping with this creative process? Where my passions lie is in the development of an idea and that initial spark of creativity then taking it to the next level and seeing it grow. It could be with someone changing career or starting a business either way I LOVE IT!
And when someone’s dream becomes a reality it makes me very proud of them.
If right now you are struggling with that INITIAL PART which is the starting block then I suggest you get professional help. I don’t mean get help as you are ‘going mad’ I mean get help with a coach. Personally – what I like to to is to craft a solid plan so that myself and my client can develop passions into something workable and most importantly sustainable and creating profits.
Tell me, are you still confused about the question – How Do I Go About Starting A Small Business Or Start Up?
It doesn’t matter which area you most need help with right now, what matters is that you get some ideas down. So grab a pen and paper and start being open and unlimited. It is key to just have fun right now and see where your heart takes you. Just start looking at ‘which areas may suit you most’ as you may be doing this for some time if you think about it.
It’s simple in that – you really do not want to do a ton of work here with a kick ass strategy only to find you are in the wrong business and have applied yourself to something you have no interest in! Capiche?
So, I dedicated my time to ensuring that I help this VITAL stage where the most life altering decisions are made. It’s what I enjoy most!
Tell me, are you struggling to grow your idea or small business now? Maybe you already have a business but it is not performing the way you wish it could? I know that, when I got help from a coach I started seeing the kind of growth that I had always dreamed of but never had. And as soon as I realised the power of getting experts help, my business really started to increase rapidly.
So… How Do I Go About Starting A Small Business Or Start Up you say?
Unless we get it right AT THE BEGINNING we vary in success rates it is just a statistical FACT.
And unless we have had business training at college or university in these areas we never really know How To Start a small business As a small business start up. But luckily there are amazing coaches who thrive on helping others to succeed and have the experience, expertise and passion. As a coach and author of 22 books on success I eat sleep and breathe small business so be sure to look for someone who has this kind of passion and your business at their heart.
If you feel you need help now with Starting A Small Business Or Start Up from an expert, then by all means connect with me anytime for a chat or for a free 45 minute consultation where we will….
- Create a plan for getting you where you wish to be
- Design a crystal clear solution so you and me work together to see you growing within 30 days
- Ensure that you are following something you are passionate about as, if you are not you will lose the energy to see it through. That’s why mindset is vital
- Get you a solid vision to aim for so that you are productive and reaching your personal and professional goals
I have already helped many small businesses and start ups not only in the UK or from Bristol and Bath but all over the world. I specialise in rapid growth and getting results quickly as it is exactly what I needed myself.
Final tips about Starting A Small Business Or Start Up
My advice would be – Focus on your dreams even if ‘up to now’ there may have been challenges and set backs. This is all part of the process so you must see it through if you are truly passionate. Next, let me ask you ‘where would you like to be in a 1 year from now’ – can you see it? What does it look like? This is what I want you to be able to see as this is what drives you to power forward. Mindset is so important when trying to move forward and create momentum otherwise it is so easy to get stagnant. As long as you have the passion to grow and expand you can get there and Starting A Small Business Or Start Up that actually sustains you can become a reality.
So, what does a great business coach do exactly?
They should love helping clients who are passionate about Starting A Small Business Or Start Up from that initial spark of an idea to evolve into a relevant and significant brand from the very foundation. They should be passionate about the core of ‘your message’, vision and ethics so they can sculpt the right approach to getting your business running the right way from the beginning. NOTE: If your message isn’t clear and your marketing isn’t backing up your message then a potential client or customer will go away and find another person so you must get this right from the beginning. Ensure your attention to detail and your intentions are the same. This is where a coach keeps you accountable.
And take it from me – I wasted a great deal of time and money by TRYING to do all things myself and so I really struggled and got depressed and was broke. And it nearly ruined my life.
This is what should be done with clients.
Starting A Small Business Or Start Up or whether already established we will be looking at the current sales and marketing strategies and evaluating what needs are required to changing and implementing big or small areas, sometimes it is just about tweaking something such as increasing a price of products or service that can greatly change a business revenue, other times it may be just a tweak or changing an approach. Knowing about competition by being different and gaining market share is also crucial as this is about standing out and getting the right customers or clients for your business.
So here are some absolute necessities I look at when working with a client:
Look at why exactly my client hasn’t been getting the results they wished for.
Improve all aspects of how to present myclients brand and deliver it with certainty. Certainty is what separates failing businesses from winning ones
Learn how to set up simple spread sheets so that you can monitor your business and forecasts for the future. You will also get to see how cash flow works and how to use it effectively.
Create and set goals that are at first realistic and then increase them as you create momentum. You will be hitting new levels of productivity by doing this.
So now I guess the question – ‘How do I go about Starting a small business or start up’ may seem to be becoming a little easier to imagine some answers now? I hope so!
If you are really serious about this then please get help as what the world needs now is love sure but also passion and purpose so that we have more self sustaining individuals to empower themselves to live their lives their way. Be one of them! If you are then I am particularly interested in you if you are a true go getter and action taker who is passionate and energetic as that’s what makes me get excited about transformations.
I wish you the very best
For A 45 Minute Starting A Small Business Or Start Up Free Session Go To> www.GregDeTisi.com