 Should
you start your own business?
This isn't an
easy question to answer, and I've been thinking about how to give
you helpful advice. The difficulty is getting the balance
right, between encouraging you to have a go and stopping you from
getting into a pickle.
On the one
hand...
and on the other hand...
| ...people
have lost faith in banks & big business and want personal
attention |
...many
start up businesses fail |
| ...if
you give good service then people are likely to buy from you |
...finding
customers may be hard |
| ...being
your own boss feels much better than being bossed around |
...you
have to satisfy many masters |
| ...providing
something that you're enthusiastic about is very satisfying |
...you
must do lots of different things |
| ...you
can choose how and when to work |
...you
may be working harder than ever |
So it isn't
easy to get this right and I think you should take lots of advice
and think very carefully before committing yourself. Here's
some basics.
You need
something to sell that people will actually buy
 a
good product or service
with
consistent high quality
at
a price people will pay
that
will give you enough profit to live on
You must
get the marketing and selling right
who's
going to buy from you?
how
will they know about you?
why
should they buy from you and not your competitors?
how
will you deliver what they really want?
You need
to organise yourself so that you can spend time on:
turning
out the product or service
marketing
to get the right number of customers
serving
and pleasing your customers so that they stay with you
keeping
accounts so that you know how you're doing
keeping
all the other paperwork up to date to stay within the law
Are you
the right sort of person to go it alone?
This is
probably the hardest question to answer. Some people are
entrepreneurs who thrive on the challenges of starting and running a
new venture - some of them turn up on Dragon's Den, the TV
show. There are also people who're at their best when
employed, when somebody else is directing, deciding and worrying
about all the stuff that might hit the fan. Some of those turn
up on Dragon's Den, too.
I suspect
you've got a fair idea of which sort you are. You might be
wrong, though, and ordinary people do extraordinary things. I
do know that "if you think you can't, or if you think you
can, you're probably right." I also know that if you
think you can't cope with all those daunting needs listed above:
you
could probably learn if you put your mind to it
you
could find a partner who can
Start
moving forward by getting expert
advice
It helps to
get several different views and go for a consensus. Try lots
of people and gather information till you've got enough to be able
to make up your mind.
Business
Link is a free business advice and support service, available
online and through local advisers. You'll find them at www.businesslink.gov.uk
If
you're under 30, The Prince's Trust gives advice and support
to young entrepreneurs. If the Trust takes you on, it can give
you a small pump-priming loan and help to promote you. Most
importantly, it would give you a mentor for two years, a
knowledgeable and helpful person who'd help you to succeed and avoid
all the pitfalls. The Trust is at www.princes-trust.org.uk
If
you're over 30, don't despair, for there are other people who might
help and you'll find them listed at
www.princes-trust.org.uk/need_help/the_business_programme/other_start-up_support.aspx
If
you're a mother and want to explore working from home then look at
all the helpful advice and information at www.familyfriendlyworking.co.uk
There
are lots of homeworking scams to watch out for, so for other helpful
advice on working from home, try www.homeworking.com
and www.homeworkinguk.com
Some
web sites about getting started:
www.clearlybusiness.com/home/
www.businesswings.co.uk/articles/Entrepreneur-personality-test
www.rweu.co.uk
good advice, particularly for women in the West Midlands
http://www.startups.co.uk/
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