Ready to be an entrepreneur?
Are you ready to be your own business boss? Tony Murray, from Bairstow Eves Franchising, offers his top tips for anyone thinking about setting up a new small business.
Most people, at one time or another, have dreamt of being their own business boss, and it's easy to see why. As a business owner, you are in control of all of the day-to-day business decisions that need to be made.
As a result, you can have a direct impact on whether the business is successful – and then reap the benefits when it is. So, will this be your year to take the leap?
1) Know your strengths
Think about your basic character traits, and how they might help you to succeed. For example, a sense of steely determination goes a long way when you are starting up a new business.
Stamina, a positive outlook, a logical approach to problem-solving, and attention to detail all spring to mind. If you are dealing with the public, you will also need to be a friendly, energetic and effective communicator.
2) Know your weaknesses
Your weaknesses will be even more important to consider. Will your experience, enthusiasm and skills be enough to guarantee the success of your business?
What about the need to establish clear operating procedures, produce marketing materials, and develop training? Unless you are opening up a tried-and-tested franchise, a lot of these tasks will be left to you alone – are you up to the challenge?
3) Be honest with yourself
Look for an industry that will truly engage you. If you feel "burnt out" after years in the City, then make sure that you choose an industry sector that really excites you.
Also think about what aspects of "being your own boss" appeal to you, and ask yourself why. Be honest. Will your new business venture tick most, if not all, of these boxes?
4) Consider a Franchise
A franchise can offer an exciting and lucrative way to build your own business, develop your skills, and progress your career. Most franchisors, Bairstow Eves included, will have a comprehensive operations manual and a number of core business processes that work extremely well.
Why re-invent the wheel? Franchisor training packages and marketing materials will also be an enormous help as well. All of these tangible benefits will allow you to grow a lot more quickly than you may be able to otherwise, and with less risk.
5) Get advice from others
You should always ask for advice, guidance and support in all aspects of your new venture - from choosing the right opportunity through to business planning, ongoing development, and beyond.
This will also help you to look at your options objectively, which can be difficult when emotions are running high.
6) Hire the right people
When the time comes to hire your first employees, identify the areas of the business where you'll need help and expertise. Will you look for staff with relevant experience, or with the right "soft skills"? Or both?
Remember, it is critical that you are able to develop, reward, and retain loyal staff, whilst still focusing on good practice as a means of building business and growing market share.
7) Don't skimp on marketing
Marketing and public relations are the fuel that keep businesses going – otherwise, how will customers know you are there?
Another benefit of opening a franchise versus a brand new venture is that you can expect a great deal of professional marketing support. Otherwise, you will need to consider how you will spread the word on your own.
8) Research the competition
When planning to launch a new business, look around and see who else is offering the same service? This is especially important when choosing a location.
There is always room for new players in any market, but you will need to think about differentiating yourself from the rest: what will make your business different – and better – than your competitors?
9) Create a winning business plan
A well thought out business plan is not only important for securing finance, but it will also help you to focus on where you want your business to go and how you're going to get there.
A good business plan should include a description of your business and management team, information on your products and services, revenue projections, and marketing plans.
10) Do something that you love
Running your own business is a lot of work; just ask anyone who is already doing it! You need to invest a lot of time – not to mention blood, sweat and tears – into the business in the hope of getting personal and financial rewards in return.
In other words, don't bother selling boat supplies unless you have a passion for boats, otherwise you will run out of steam very quickly.
Our franchisees at Bairstow Eves are united by their love of property – viewing it, appraising it, selling it, you name it. And, of course, by helping people to find their dream home. Think carefully about whether your new business will excite you in the same way.
