How do I know?
Well it’s a road that I’ve travelled for many years.
Why is it lonely?
Because family and friends get tired of listening, tired of all the dreams hopes and ideas. Even more tired of their holiday budget being used for printing business cards or for pay per click internet advertising.
Then there are the early morning wakeups and the all-nighters!
They are tired of all the excitement and wish that you would settle down and get
a 9-5 job. With the global recession (I personally think that it is a depression!), those permanent 9-5 jobs are hard to get and even harder to keep!
If while reading this you are starting to feel hopeless …
Don’t … Why?
I’m going to give you some quick and easy information that will keep you focussed as a start-up business and along the lonely road of entrepreneurship!
I have develop an entrepreneurial check list to get you up and running.
7 Things you will Need:
1. Business plan
2. Start-up capital and three months working capital
3. Elevator pitch – a two minute speech about what your business provides
4. Branding – logo and slogan
5. Business cards – with your photo, they may not remember your name, but they will remember your face
6. Business profile – a one pager about your business and management team
7. Marketing plan and social media strategy
7 Step Plan of Action:
1. Get or borrow what you need to start-up your business, not only money also outsourcing, hiring a consultant, or temporary service providers and lastly, getting some family and friends to volunteer to assist you
2. Prepare budgets and look for reasons for variances, between budget and actual
3. Understand the difference between budgets, cash flows and bank balances
4. Internal controls – to keep track of finances and prevent risk, loss or fraud
5. Strong administration – to keep you and your business on the straight and narrow
6. Human resources – hire for attitude train for business requirements
7. Join a chamber of commerce or a business networking group, you will benefit from the company of other start-up entrepreneurs and may get referrals
7 Advantages of Entrepreneurship
1. Less red tape and a faster response time than bigger business and corporates
2. Marketing on a shoestring budget- gives you a licence to ask anyone that you think may assist, take rejection without flinching keep going relentlessly watching for opportunities
3. A good understanding of your target market, and whether your product or service is needed or wanted and how much they would be willing to pay for it
4. A good understanding of the culture and community of your customers or clients
5. Use your creativity to differentiate your business from other similar businesses
6. Ability to provide excellent customer service
7. Ability to change direction or add new products or services quickly
Many start-up entrepreneurs think they must give away or provide free products or services in order to succeed. This can be done, but make sure that it is limited and strategic i.e. only do this when there is a very good chance of a payback!
Most importantly remember that “Free is not a Business Model!”