Thank You and My Business Blog for this Week 10th Dec 18

Hi All!.............

I was overwhelmed and am extremely grateful to everyone for your responses and support to the questionnaire I posted last week regarding the top two questions to consider when starting up a business. Many of the responses will be included in my forthcoming book and training progamme soon to be launched.

To thank you for your support I will be providing free training in a series of videos later this week so watch out for my email                    

As always please like and share and of course, I I would love to hear your comment

In the meantime here are 5 of the many questions submitted last week in response to my Questionnaire about Starting Up a Business                             

Feedback, Advice and Tips on 5 of the questions YOU submitted last week about Starting Up a Business 

1. What happens when you start up a business and it has zero  income

I mean zero. There is a high probability that this will happen. I’ve had a couple of businesses not make it for the long haul. 

Launching an unsuccessful business idea is a reality for many entrepreneurs. Over half of new businesses fail within the first five years of opening. How would you handle having no incoming money?

It’s a good idea to come up with a “just in case the worst outcome happens” plan. You might need to get a job on-the-fly or temporarily live with your parents or friends. You might have to go without comforts that you’re used to. Figure out how you would get by if your business plan went south.

Look at your current sources of income. What do you earn from your current job? How long would your savings last if you quit? What unexpected things could mess up your plan (e.g., you wreck your car or your oven breaks)? Prepare yourself for all the situations that could happen if the business idea doesn’t work out.

2.  Should I earn whilst I build

 If you want to start a business, think through the options before you quit your day job. Launching a successful startup is a process. Build your business in stages and gradually transition from employee to entrepreneur.

As a new business owner, it will take some time to earn a steady income. Keep your nine-to-five and work on the business during off hours so you can earn during those tough, first stages. Once you have a healthy inflow of cash from your company, you can tackle business ownership full time.

3. Speak up about your business

One challenge many business owners face is that they don’t know how to sell. It can be intimidating to share your business with the world, especially when you’re new.

If you’re worried what people will think about your business, you need to get over it. If you can’t convince consumers to buy from you and support your company, it’s difficult to make money. Not outgoing? If you really want business success, you can’t afford to be shy.

In my early days, I had to to do public speaking for the first time. Back then, I didn’t have any training or experience in talking to large groups of people, not to mention I wasn’t very keen on the idea of facing my worst fear.

But, if I wanted my company to succeed, I need to to get out of my comfort zone. Make yourself available to speak at schools, universities and charity events.

I can’t begin to tell you how afraid I was. As it turned out, I became a lot more comfortable in front of people after speaking at large events. Though I was more introverted than extroverted, I learned to “put myself out there” for the sake of my business.

Be ready to speak confidently about your business, even if it makes you uncomfortable. As a new business owner, you will need to market and network constantly. From networking with clients to negotiating supplier payment terms, you must be able to communicate.

4. Know the legal requirements for starting a small business

Starting a business is exciting. Laws are not. But, you need to understand the rules that come with opening a business. If you fail to follow government regulations, you could face steep penalties.

From forming a legal structure to setting up an accounting system, you must follow laws. You need to register the business with your county/state. You must also take care of business-specific tax liabilities. And as you hire workers, you need to follow employer laws.

The rules that apply to you depend on your county/state, business structure, and industry. Consider talking to a business accountant as you set up your company.

5. Balance passion with wisdom

One of the most important ingredients in a successful business idea is passion. Passion will consistently drive you to improve your process so your business grows.

That said, don’t let passion take over all your decisions. Passion will move you forward, but knowledge will point you in the right direction.

Conduct market research on your industry and talk to target customers to find out your business’s potential. Ask experts questions about launching a startup. Reach out to professionals that can help you with certain areas of business, such as financial advisers and lawyers.

As your business starts to come together, think of it like driving a car. Let your passion hit the fuel pedal and your mind control the steering wheel. That way, you can be confident about the direction you’re headed and sustain the momentum you need to get there.

Note: 

If you’ve thought about starting up your own business, you might have begun to look for advice. There are so many tips for starting a new business out there that choosing which ones to follow can get confusing.

As a seasoned entrepreneur and coach, I can tell you that there is no perfect formula for starting a business. I’ve learned that the best business advice usually forces you to think in a new way.

Starting your own business is often a learn-as-you-go process. But, the more smart decisions you make early on, the better chance your company has for success. If you have an entrepreneurial idea, consider the advice and tips mentioned above when starting your own business. I hope you found the advice of value.

And, as always, please give me feedback on

Facebook, LinkedIn, Instagram and YouTube

Which ‘Tip’ above is your favourite? What do you want more or less of?

Other suggestions? Let me know! Just send an email to [email protected].

Have a wonderful week!

Live the Life You Imagine!

-  Jimmi