Taking an idea from its initial conception and turning it into a healthy, profit-generating business is no easy task. Eight out of ten entrepreneurs who start businesses fail within the first 18 months – so the risk of failure is high. This is why it is essential you have a plan in place, one that can hold up against scrutiny. Preparation is key here; the statistic just quoted may put you off, but it is important to remember that the main reason businesses fail is due to a lack of preparation and foresight.
Setting up your own business poses many challenges; get it right however, and it may be the most rewarding decision you’ve ever made. Many hopeful entrepreneurs are attracted to the glamour of owning a business, the success and the lifestyle it can afford them — and this is where many entrepreneurs fail. Success is like an iceberg, people only see the tip of it. Rarely do they see what lies beneath that success, the hard work, the persistence, the risks and the sacrifice.
To succeed, you need to:
- Be passionate about your business idea
- Have a detailed business plan
- Do your research
- Be fully committed to achieving your goal
- Be willing to ask for help, or seek professional advice
Being an entrepreneur can indeed provide you with the lifestyle you’ve always wanted, but your primary focus should always be the business itself and not the lifestyle.
To see our guide on writing a business plan, click here.
Aston Shaw are passionate about business. We want to see businesses thrive, that is why we offer free one-on-one business advice sessions that are open to anyone. They offer the chance for prospective business owners to ask anything they like. The sessions can cover a wide range of topics including:
- Researching a new business idea
- Writing a business plan
- Setting up a business
- Acquiring premises
- Business banking
- Finance (loans and grants)
- Business insurance
- Marketing and advertising
For details on our free business advice sessions, click here to contact us.