Hey guys welcome back to my blog, hope you all had an amazing weekend like I did? It was my Birthday weekend and I had fun with my family and friends, I shared some pictures in my last blog, check it out here:-http://saiprojectscooking.blogspot.co.uk/2015/08/its-my-birthday-yayyyyyy-plus-giveaway.html
Now lets talk business... Aside from being a Food and Lifestyle blogger; I'm actually a Business Consultant. I studied Masters in Business Administration (MBA) at University so I'm very much into my business side of things. Get a cup of tea, some biscuits, sit back and relax as this is a long post :-)
Are you thinking of setting up a business, something different from your normal 9 to 5 JOB (Just Over Broke)? Don't get me wrong, its good to have a Job, I still have my day job, However I've noticed that only very few people are bold enough to plunge into that entrepreneurial sphere. Many would rather stick to their daily job. And the truth is alot of people have fantastic business ideas but putting them into fruition is the problem!
I'll be sharing with you today some of the tips you should consider when thinking of a side hustle or just looking to start yourself up in the business world.
There's no point venturing into a business that you have no love or passion for. Be focused and dedicated to your idea, no-one else can be as passionate as you are when it comes to your product or service. Be organised, discipline and commit well to your plan.
Think of and Create a Plan
When I mean plan, I mean a Business plan. What are the fundamentals of the business, what will your product or service be, who will your customers be, who are the owners, what do you think the future holds for your business & industry?
Make it enthusiastic, professional, complete and concise.
If you are applying for a loan, state clearly how much you want, precisely how you're going to use it and how the money will make your business more profitable, thereby ensuring repayments.
A business plan is not just for the bank, it also belongs to you to be able to go back on as it includes the very important numbers (finances) that you'll probably need to memorise.
It can be very difficult to do things on your own without the help of anyone. Try and ask for help, little things like the resources needed to complete your business can sometimes not be within reach. For example if your business involves delivery, you can ask friends or family members for help or speak to a logistics company that can offer you a service that is very good value for money.
Lastly, ladies and gentlemen HOLD UP, all of the above is all well and good but the truth is, in real life its not all hunky dory & and doesn't always happen like this.
Even if you can write a business plan or ask a friend or Business Consultant like myself to help you with one, or even if you go online to learn how to write one, you need to ask yourself a very good question, who are you going to tender your business plan to?
As we all know, banks don't really lend money to start up businesses as before and payday loans is a NO NO. Unless you already have a well paying job, or receive a big redundancy payment, or better still if you're lucky enough to go to the bank of Mum and Dad!
Apart the above, who will realistically give you a loan of £20k to start a business, as you need to pump alot of money into it (depending on what you're looking to do). You might be lucky enough to get a Venture Capitalist company to fund you, however we all know that VC's just don't fund Businesses right now except if you are a tech expert that can create or develop a fab App that will probably help me make my coffee from my kitchen, and bring it upstairs into my bedroom lol..!!!
Personally I believe in multiple streams of income rather than just your normal 9 to 5 as this gives you an opportunity to not just rely on your job as companies can hire and fire you at any time.
I know when I mentioned £20k above, you're probably thinking I want to start a business but can nowhere get that much; never mind, you can start a business with a shoestring budget or no money at all. Think about what you are good at, use your talent to earn yourself a living. For example if you are really good with cleaning, you can start a cleaning company with little or no money, all you need is yourself and some cheap cleaning products. From there, you can be bigger than that the biggest cleaning companies in the world. Same goes to hair dressers, barbers, nanny's etc.
I have heard ex-cons say they are not employable due to whatever their situation or circumstance but the truth is, you can make something out of nothing. E.g if yo are an ex-con you have to be honest.. whatever service you will be providing has to be done out of honesty. As an ex-con, you can start a home removals company. All you need to do is invest in a truck and you're good to go
What you also need to know is that majority of start-ups fail within 5 years of launch, however the most basic Businesses do not; such as Cleaners, bloggers, hairdressers, barbers, removals e.t.c.
This is mostly because these small businesses always build up their own fan base from scratch, honest with their customers and mostly friendly to them!
Knowledge they say is power, get yourself some form of information about what you want to do. Read books, visit your local citizens advice bureau, thank God for Google there are tonnes of information about startups, visit startup seminars, and the easiest is asking people already involved in similar vocations already.
A lot of people wouldn't fail in their businesses if they've already spoken to people that have previously been involved in the same type of businesses. After-all, there is a reason it's still working for them! Yes there are few self centered individuals that wouldn't help or mislead you, but don't let that discourage you to try someone else.
Lesson:- There's one thing I've learnt as a business person, people tend to give you more audience when they are aware you are a business man or woman especially within the business community. You could be the next big investor in a new venture!
Here are some quotes to inspire Success in your Life and Business:-
- "The road to success and the road to failure are almost exactly the same"- Colin R. Davis
- "Opportunities don't happen. You create them" - Chris Grosser
- "There are two types of people who will tell you that you cannot make a difference in this world: those who are afraid to try and those who are afraid you will succeed"- Ray Goforth
- "Stop chasing the money and start chasing the passion"- Tony Hsieh
- "All progress takes place outside the comfort zone"- Michael John Bobak
I hope the above tips have somewhat provided you with the best information you need to starting yourself up as an Entrepreneur. Always remember, you can do it,,!
Let me know your thoughts on this..xx