Deciding to take the leap into the unknown world of Small Business was daunting. It took many meetings, a lot of research and months of planning. We spoke to a number of people before we decided to go ahead with Siscon Projects! As they say “if its easy – everyone would be doing it”. So here are a few tips we learnt along the way…
Suggestions before starting your own small business:
- Talk to those who have done it whether successful or not you will gain a lot of insight into their journey
- Write a Business Plan outlining your goals for the first five years
- Clearly define the roles and responsibilities of those involved
- DO YOUR RESEARCH – check the market and industry you’re getting into and do a thorough competitor analysis
- Set a realistic budget forecasting your income versus expenses for the first five years.
- Register the business and don’t take short cuts
- Ensure you have the right insurances in place
- Create your business profile, branding and online presence – then start marketing your business
- Expect set backs. The first year is the hardest. Doing a risk assessment is always beneficial in mitigating some of the issues you might face.
- Put money aside before you begin – now that you are working for yourself or your small business, a lot of things take priority over your paycheck! Put some money aside for all the incidentals ie:
- Insurance
- Registration
- Leasing a work space
- Marketing / signage / online website / printed stationery
- Office set up and equipment / furniture
- IT costs
- Staff costs
- Network, network, network. The best person to promote your business is you. So get out there!
- If the plan doesnt work, change the plan not the goal – setbacks are a given, its how you respond that counts. Dont give up on your dream. It takes a lot of courage to branch out on your own. Just remind yourself why you’re doing this.
Goodluck! Whatever your venture is, you can do it. With planning and the right attitude nothing is impossible. Plus, you will never regret giving it a go!