September 2006

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following article was first published in the Eastern Daily Press' 'The Business'  on 20 September 2006</I></div> <bR> <div> <B>Run your own business for the right reason</B></div> <bR> <div> Recently, I've spoken to several people who are thinking of starting up their own business. When I asked each of them why they wanted to take this major step, I got answers that ranged from `I have a good business idea that I think I can make into a success' to `I don't like working for other people, and want to be my own boss'. Whilst the first reply could prove to be a sound reason for jumping into the world of self-employment, the second can often result in disappointment at best and failure at worst. A key statistic in the UK that remains depressingly consistent is that 80% of small business start-ups fail in the first five years and 80% of the survivors don't make it through the next five. </div> <bR> <div> I think one of the reasons so many small businesses fail is that, at the outset, the owner didn't think through fully the implications of starting their own enterprise before committing their time, energy and money. The difference between being an employee and being a business owner is enormous but is quite simple: as an owner, you are responsible for <U>everything</U> that happens in the business. In the early stages of many small businesses, the owner is also the only employee and has to fulfil all of the crucial roles that any business demands - revenue generation (sales and marketing), finance and administration, as well as the successful delivery of the company's products or services. In time, strategic planning for the future and recruitment, training and management of staff become ever more important tasks for the owner.</div> <bR> <div> The old adage that `fortune favours the well-prepared' is quite apposite, and those contemplating the world of business ownership might consider some of the following questions before proceeding any further:</div> <bR> <div> <IMG BORDER="0" SRC="Symb075c00b700dc00000000.png" HEIGHT="15" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">Why do you want to start a business? If it's only because you've got a boss with whom you don't get on, beware. You might think you're currently working for an idiot, but remember that, if you start your own business, you could end up working for a lunatic!</div> <div> <IMG BORDER="0" SRC="Symb075c00b700dc00000000.png" HEIGHT="15" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">What, in simple, understandable terms, is your business proposition? If you can't explain it, go back and try again until you can.</div> <div> <IMG BORDER="0" SRC="Symb075c00b700dc00000000.png" HEIGHT="15" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">What do you want to earn from your business? </div> <div> <IMG BORDER="0" SRC="Symb075c00b700dc00000000.png" HEIGHT="15" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">What market do you intend to serve? How much do you know about it? If you can't define the potential customers of your business, you need to do some serious market research until you can.</div> <div> <IMG BORDER="0" SRC="Symb075c00b700dc00000000.png" HEIGHT="15" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">What competitors are there already in your chosen marketplace? Is there room for another?</div> <div> <IMG BORDER="0" SRC="Symb075c00b700dc00000000.png" HEIGHT="15" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">How much do you know about pricing and costs - in other words, what sort of profit margins are you expecting?</div> <div> <IMG BORDER="0" SRC="Symb075c00b700dc00000000.png" HEIGHT="15" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">What possible USP (unique selling proposition) might your business have? How will you differentiate it from your competitors?</div> <div> <IMG BORDER="0" SRC="Symb075c00b700dc00000000.png" HEIGHT="15" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">How good are you at administrative and financial tasks? Remember, you will be responsible for keeping accurate records and reporting to the tax authorities, etc.</div> <bR> <div> Starting and running your own business can be hugely exciting and rewarding. It can provide a feeling of freedom and fulfilment that employment for another can never match. But it is not an easy option. If you're thinking about it, please put some serious thought and preparation into what could be the biggest decision of your life. Good luck and good fortune.</div> <bR> </td> <td valign="top" width=180 BGCOLOR="#CC3333" TEXT="#080000"> <bR> </td> </tr></table></body>