You’ve got the ideas, you’ve got the drive. What’s stopping you? Here’s 5 key things to start you on the route to business ownership.
Having a great idea is just the start of your business journey. The challenge (and excitement) comes in taking your idea and making it happen. It isn’t easy at the best of times, but the pandemic has presented us with a new rulebook and presented a whole new set of opportunities that, with the right technology, are there for the taking.
Google’s 2020 impact report says that 280,000 businesses have started selling online for the first time as a result of the pandemic.
It’s a huge positive for the disabled community that home working and conducting day to day business transactions online has become the norm. It certainly looks like this way of working is here to stay.
So, if you’re ready to take up the challenge of starting a business, here are 5 steps to success.
1. Find your ‘why’
Your “why” is what drives you to get out of bed in the morning. Every business owner goes through challenging times and has moments of doubt or uncertainty. Once you’ve discovered your “why” it will carry you through those times and remind you of the reason you started in the first place. We are all driven by purpose and passion, attach this to your business idea and it will keep you motivated during those testing times.
2. Tap into the power of digital
If the pandemic taught business owners anything, it opened their eyes to the need for having an online presence. As non-essential shops and businesses were forced to close their doors, the only way to sell and market their products was online. Consumers changed their shopping behaviours and for many, this change has become the new normal.
The most competitive businesses are those that were able to change and adapt to meet the ever-changing needs of their customers. Big brands embraced the use of TikTok and social media and even without huge marketing budgets, small businesses were able to tap into the power of video and social media. If anything, small businesses hold the advantage when it comes to flexing and changing as the market dictates.
3. Get a mentor
Navigating the support and resources available when starting your own business can be a minefield. As a disabled person, I have experienced first-hand how difficult it can be. A mentor can use their own experience to guide you through.
Mentors are a great sounding board. They can help focus your thoughts and share their opinions and ideas to help you along the way. A mentor isn’t there to tell you what to do but to guide you, ask questions and help build your confidence by sharing their perspective. You can have more than one, but choose people you know and trust.
The truth is, successful people are usually busy people. Be mindful of your mentor’s other commitments and be sure to use their time wisely. Think of the people you admire and look for their content online. It is likely you will find interviews or podcasts which can offer a wealth of useful information.
4. Research
42% of startup businesses fail because there’s no market need for their services or product – Business Start-Up Statistics UK 2021
No matter how good your idea, if there is no market for it, your business is considerably more likely to fail. Market research is an essential step in launching a new product or starting a business. Once you have determined your idea is viable, take time to understand cash flow, learn how much things will cost, calculate your expenses and profit margins. Put everything down on paper, create a spreadsheet and plan how much you will need. Funding and support are available, and whilst not always easy to access, taking the time to explore the options will set you up for success.
5. Be open to change and adapt
Starting a business can take months of planning, scheduling and projecting how the business model will look. Every entrepreneur wants the running of their business to run as smoothly as possible. The pandemic has demonstrated that at the drop of a hat, things can change and being able to embrace that change is key. Having an open mind can be the difference between success and failure and will set your business apart from the competition.
Starting your own business is an exciting journey. A journey that I have embarked on and enjoyed. There have been challenges along the way but I am now pleased to be in a position to be able to help others on their path to success.
Think you’ve got what it takes to start your own business?
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