Do you have a website for your business or perhaps you have an idea or a dream to launch a new venture?
Are you excited about pursuing this but not too clear on what the necessary steps are?
Maybe you find yourself hesitating and not wanting to make mistakes?
More and more people are starting out on their own but standing out from the crowd is becoming more difficult by the day. According to the latest figures, out of 5.5M businesses, 76% are a one man band!
Longevity is another big challenge. The survival rate for small businesses after one year is 91%.
However, just four in ten are still trading after five years.
Why is the figure after 5 years so low?
There’s obviously a multitude of reasons. The usual suspects are a lack of planning, poor cash flow and false expectations.
Have you considered the following questions?
- ‘Why’ do you want to be/are you in business?
- What is your motivation for wanting to have your own business?
- What dilemma/problem are you solving?
- Do you know who your customers are?
- Do you know where to find them?
- Have you got a clear communication/marketing strategy?
- Do you have clear defined goals?
- Will you stick with it long enough to reap the rewards?
Your answers to these questions will hopefully shed some light on whether this is for you or not.
So, is it Fisherman or Fish?
Are you a Fisherman who will stand in the water for as long as it takes, knowing that you will be successful, despite bad days without a catch? Will you be the one who returns the next day, tries again and adjust your position until you manage to catch the ‘fish’?
Or are you the Fish, with a half-baked idea swimming around in your head, an idea that is ultimately going nowhere and guaranteed to fail?
If you fail to plan, you are planning to fail!
Why not take a sheet of paper and make some notes on the following:
- Why are you or want to be in business?
- Have you worked out a sustainable business plan?
- Have you considered your communication/marketing strategy?
- Do you have what it takes to stick at it and see it through?
- Have you thought about how you can differentiate yourself from the rest? (stand out)
None of the above is relevant without action and to be in business is to commit.
Every business can potentially succeed, no matter what business idea you have. It’s mostly in the planning, the strategy and the execution.
It’s all within your power. It’s all within YOU!