Before you even start a business

Before you even start your business, there are a handful of things you should take into consideration to maximise your chances of success. 

1. What is it you're actually going to be selling? 

2. Who exactly are you going to be selling it to? 

3. How can you maximise the price you charge? 

4. How are you going to find people to buy OR how are those people going to know about your service or product? 

You want to give careful consideration to these four questions because failing to do so can result in you struggling to get off the ground and certainly hinder longer-term success.  

The rest is administration… 

Once you’ve considered these four questions, everything else really is administration. Getting the business registered, finding a good accountant you can work with, and setting up your software and systems to work for you in the business. You may feel that you require the services, the skills, or the abilities of other individuals and all of this should be carefully considered before you start and certainly before you start spending money. 

Money

Once you start your new business, you’ll be spending money. You’ll either be spending money to live, or you’ll be spending money within the business. And assuming that you don’t have unlimited funds, this could be viewed as the countdown clock, how long you have to make your business successful before you potentially have to give up on your dream. The less money you’ll waste, the less time you’ll waste, and the more opportunity you’ll be able to embrace. 

Mindset 

Therefore you want to get your mindset in the right place before you launch, that mindset is one that you are going to want to adapt quickly; that you’re going to work hard, you’re going to keep your motivation levels high, and that you are going to go out there and you are going to sell, and when people say no, you’re going to continue to sell, and you’re going to adapt and you’re going to evolve and you’re going to stick with it until you start to achieve that success. 

Hard work  

You’re going to have to work hard, potentially harder than you’ve ever worked before. You will have to make sacrifices in the early days, and some of those sacrifices will also be felt by those people closest to you. If they don’t know why they’re making those sacrifices as well, they can start to disengage from your dreams, your goals, your ambitions, and potentially your business can be a threat to them. You could potentially lose their support, and you ever end up alienating them or vice versa.  

Don’t go in half-hearted 

If you are thinking about launching a new business, don’t go into it half-hearted. When you decide to build a business, success may not come easily at first. You must go into it with your whole heart and soul if you want to be successful. However, it’s one of the most rewarding things you can possibly do. 

If now’s the time for you to embark upon this journey, then I wish you every possible success. 

Find out how to launch your business with me, where I will be offering a step-by-step proven path to reach your first £100k, and the building blocks you need in place to launch a successful business.  Book here.