Becoming an Entrepreneur
Surviving the financial crisis of 2008 and, if you’ve been in business even longer, the recession during the 1990s, was difficult for bosses and ground-floor staff alike but, as they say, when the going gets tough…
Entrepreneurs are often born out of necessity, often driven by a desire to be responsible for their own futures. Smaller businesses are the backbone of the nation’s economy but start-ups can be prone to failure so an entrepreneur needs tenacity and endless optimism. What else is important?
Nothing will get off the ground if you don’t have a product or service that will make money so we’ll take it as read that you’ve at least got an idea in mind, and you’ve researched and tested it.
Use Available Technology
The Internet makes research a whole lot quicker and cheaper. It also enables fast and easy worldwide communications, opening up a vast choice of services and distribution channels.
Appealing to potential customers via Social Media is often misunderstood in a “I’ve followed you and bombarded you with information. Why haven’t you got in touch?” kind of way. Understanding the ‘social’ element and putting in some effort will bring greater rewards, whether you invest in Facebook or Twitter campaigns to attract new customers.
Video is the current hot medium, and it’s no surprise that YouTube is the largest search engine after Google. It’s very easy to upload demonstrations of your products or to provide illustrated details of your services, so that you can be in front of 1,000 or 100,000 potential clients at the same time.
And how do you communicate? A website is essential to begin with, even if it’s just a holding page till your big IT project goes live, supplemented by relevant social media, a blog, LinkedIn, etc. People need to feel that you are real, to find information about your products or services and, of course, be able to contact you!
It doesn’t have to be a formal 50+ page door-stopper to start with, but you will need to document your strategy to initially validate your ideas, develop your pitch, and successfully secure financial backing to launch your venture. Quite similar in approach to writing a covering letter and customising your CV for a job that you really, really want.
Your plan will determine where you are now and where you aim to be, how you will get there, including contingencies, and how long it will take. It needs to list all necessary resources, start-up costs and running costs plus potential for profit – and a lot more, depending on your business type and plans for world domination.
Grants and Funding
The days of taking your bank manager to lunch to sign-off a loan are long gone. Instead there are various government grants for small businesses to develop and grow, access to business angels, and several crowdfunding opportunities for debt and equity funding.
Helping entrepreneurs develop a winning ‘funding ready’ business plan and accessing the appropriate type and level of finance are our key areas of expertise. Contact us in confidence, to discuss your funding requirements.