29 Feb 5 Things To Consider When Starting Up On Your Own For The Un-businessy Individual
I am not a natural business woman. You would never see me on The Apprentice spouting off about having ‘Raw Talent’ or ‘Business Acumen’. Not everything I touch turns to sold (RIP Stuart Baggs)….
What I do have is a passion for promoting and a bloody big desire to not be tied to a desk again in a job I hate as long as I live.
I am a Mum firstly and this is what drives me.
Are you toying with the idea of starting your own business? Here are a few pointers I consider important from someone very unbusinessy.
1)What excites you? If you could do anything in life and get paid to do it, what would it be? Jewellery wasn’t necessarily a huge passion of mine but the idea of taking a product and getting word out there using social media and events really got me fired up. Seeing the sales coming in as a result of our efforts got me fired up even further.
If your business excites you, you won’t begrudge getting out the laptop when the kids are in bed.
2) What is it about your current situation that you hate and that you want to change? Is it the hours? If so, you need to consider the time that it will take to start up your own venture – there is a lot of leg work to do before you can afford the flexibility with your hours. Is it the lack of career progression? How far will your venture take you and where do you want to be?
3)Have you researched the competition? I made this mistake when I started my Vintage Clothing business. Although I knew this had become a popular style again, I hadn’t even begun to uncover the sheer amount of other sellers already online, nor had I considered the cost implication of needing to stock dresses in all different sizes. This doesn’t necessarily mean that you should give up on your idea, just go back to the drawing board on what your unique selling point is and how you can stand out from the others.
4)Do you know a good accountant? I was near to clueless about the financial aspects of starting a business. If you decide to become a limited company, there will be expectations on your record keeping and it’s better to get into good practice straight away. Speak to an accountant and get this advice from the offset as backtracking to dig around for receipts and records can be a nightmare.
5)Do you have a plan? Where can your business go? If this is going to be your sole income you will need to decide how you plan to grow. If you have applied for a start up loan you may already have a cash forecast in place. It’s good to plan out your promotions seasonally too – decide in Summer when your Christmas promotions and products will go live.
All of the above are sort-outable. Not everyone in business is a financial whizz.
Most owners at some point will ring the HMRC tearing their hair out. There will always be other people that can fill in those blanks for you so don’t be put off.
I believe that Mums have an incredible fire in their belly to be there with their children and sometimes that can be the magic ingredient that you need to persist and to chip away at your project.
Keep in mind WHY you want to give it a go and that should be what fuels your business journey.