Thinking about becoming an entrepreneur

Thinking about becoming an entrepreneur?
Have you got that feeling?

So you have that feeling then? That feeling that most entrepreneurs get when they are thinking about becoming an entrepreneur. The feeling that now is the time!

Of course there are other feelings too, such as I want to:

  • Be in control of my work life
  • Create the opportunity to build up wealth and status
  • Offer customers a better service
  • Improve the world
  • Solve a problem
  • Create a business that my family can be involved in

Should you start a business based on a feeling?

In short, yes. Providing you can truthfully answer yes to all these questions:

  • You have been thinking about setting up your own business for months
  • In your own mind there is something unique or in short supply about what your business offers
  • The opportunity exists for you to start a business if you wanted to
  • You have the support of people close to you

What if the business fails? Then what?

20% of businesses fail in their first year and around 60% will go bust within their first three years. Those are the statistics you are up against. However, if you follow these golden rules then you can turn failure into a conclusion.

  • Start a business if you are sure you would always regret it if you don’t do it
  • Only invest what you are comfortable about losing
  • Always have a plan B in case of failure, such as getting another job, early retirement etc
  • Try not to burn bridges if leaving your current job. It could well be part of your plan B to return
  • Try to learn from your mistakes
  • Above all if you have tried your best then that’s all you can do. You should feel no regrets

What can you do to improve your chances of business success?

If you are thinking about becoming an entrepreneur then here is a list of success tips that you would do well to remember:

  • Write a proper, structured business plan. Most businesses that fail don’t have a written plan.
    • Make sure your business plan includes your marketing plan.
      • How are you going to find prospects?
      • How are you going to convert them into customers? Why should they want to become customers?
      • What is your competition? If your service is unique, then is there a reason for that?
  • Make sure you have the time to spend getting customers as well as serving them
  • Do some back of the envelope calculations
    • How much revenue do you need to be sustainable?
    • How much on average can you realistically charge the customer?
    • Taking variable costs into account, how many customers would you need per week?
  • Control your fixed costs from the start. For example, do you really need:
    • An office?
    • To hire staff initially? Consider outsourcing alternatives
    • To buy equipment? Many equipment items can now be hired
  • Be prepared to proactively learn, try to identify what business skills you are not confident in and read loads of books on each subject
  • If you don’t want to learn an essential skill required for your business then consider outsourcing these tasks to a third party

Go for it

There is an old phrase of ‘Nothing Ventured, Nothing Gained’ that is as true today as it was when it was first uttered. Simply go for it. Life is too short for unreasonable procrastination. My Marketing Dept and the Federation of Small Businesses are here to help if you are thinking about becoming an entrepreneur. Finally, good luck as you will need that too. If you have done your research and preparation now it is the time of the gods to play their part too.

If you think your business could benefit with a marketing plan shake down then book your marketing strategy audit today.

Published by Andre Alford

As a registered Chartered Marketer since 2013, Andre has supported the growth of four businesses totalling £61m in combined additional revenue. He has full service marketing experience ranging from product definition to organizing tradeshows, PR campaigns and advertising campaigns. Previously a Chartered Engineer too, Andre is a person of considerable vision that has enabled him to come up with multiple innovative ideas and patents. His management experience comes from managing large teams, large projects and from being a director on the board of a web-directory service. Andre’s management style is a coaching-type one, where he enjoys helping others to discover and exploit their natural talents.

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