I know there are some of you who read this column who are not (yet) business owners, and who may be thinking about taking that leap of faith to launch your idea. If that’s you, have you considered the following?
- Do you have enough capital? Most businesses take between six and twelve months to start turning a profit large enough to provide you with a reasonable income. Even if you start generating sales and income immediately, there are many start up costs that eat into your profit. So make sure you have enough cash to sustain you during that time, and/or a budget (for your personal finances and your business) that is realistic and sustainable.
- Do you have a marketing plan? Your first few customers or clients are crucial to starting a loyal fan base, so think of ways to engage those people. Be prepared to spend money on marketing (yes, there are many free marketing ideas, but you will usually need to spend some money to get your product or service in front of the right people)
- Do you look the part? It continues to amaze me how many businesses don’t take the time to ensure they look professional and trustworthy. Branding your business doesn’t necessarily involve spending a lot of money, but spending the time to think about what image you are projecting is vital. You need a great first impression, so if you are meeting potential customer face to face, consider how you (and anyone representing you) dresses, speaks and interacts. If first contact is online, ensure that you have a website that functions well, looks great and is optimised for search engines to find you.
- Are you prepared for the long haul? Running a business is not a ‘walk in the park’. It requires endurance and a commitment to your long term goals. Be prepared to give 110 percent and you just might make it!
Michelle Grice writes a weekly column for business women in The Western Weekender
