Are you thinking about setting up your own side-gig? This is not a full-time job, but, one or two hours a week, maybe Thursday night or Saturday afternoon. Have you an idea for a new business but are unsure about how to proceed? If you have answered yes to either of these questions, this article could be of benefit to you. We are going to give you a few tips that create a successful small business and then suggest a turn-key executive consultancy.
Many people are looking at ways in which they could make a little more income as they have had enough of being dictated to and fed up of long and frustrating commutes to work. They want the freedom of being their own boss and to be able to choose their own hours of work. Plus, get a little more of that green stuff. Sometimes, there are better options than a brick and mortar business.
Leaving a full-time career can be quite a scary prospect, however (We do not suggest this so read below the step-by-steps.) the security of having a regular income and other benefits such as a pension and a share save scheme can seem hard to let go but they do. We are sure many people whether rightly or wrongly have opted to stick with this security and to merely keep their idea with no business plan, as an idea, which they never see requiring taking baby steps below to make it.
Other people are willing and happy to take the risk and see it as a way of getting out of the rat race. But, often fail. They really want too but are not taking the necessary steps to succeed. This gives in to failure and again failure. Why not do it the right way the first time?
There is not much to starting an online advising business if you have a proven system and mentor. But starting a new business could be tough. When you have an idea for a new business you then need to think of a name, products, services, pricing strategy etc…. And as you know, it is all in the name and partnerships. We suggest having a memorable benefit with 3 or 4 syllables. It obviously needs to have something to do with the business sector you are entering. And is appealing to the ear but most of all will your target audience realize what you are selling immediately. We have a few other requirements too. Click to see a checklist for launching a new product. See more on selecting a name, beginning a business culture and building your content.
You then need to work out how much money you will need to set-up the new business or executive consultancy. This can be quite daunting but is essential. A quick forecast with a unique excel formula will give you some ideas on how much you need to start with and what you need to be making in the first few years so you could be in a million-dollar business in 3 to 5 years. Click to set a time with an Ambassador of Business Equity to go over this spreadsheet on the contact page-it could prevent failure and helps to establish realistic goals.
It is possible, but, in the short term, we would advise keeping these start-up costs as low as possible, you can always lease or rent better machinery in the future as an example. But, if you cannot do it with a pencil, paper, and smartphone (like an executive consultancy) at first look elsewhere. A desktop computer and internet connection help but are not necessary. And remember you could always have a partner that has machinery. Keep bootstrapping in mind-don’t give-up your equity.
Once you are aware of how much money you need, you then have to do a little sales forecasting (Keep the end in mind) and developing the concept with a break-even analysis while using the basic mission statement, milestones etc… Probably, the first task you have after a communication strategy is to find new customers. You may have enough yourself via previous contacts, however, most people are not in this position. If you do not have enough contacts to start, you could try via the family, by seeking a partner but referral marketing and FB are cheap. There is also the option of a marketeer starting around $2,500 for a website, branding and getting you leads.
There are many ways of doing this yourself including:
Direct marketing in the form of emails
We would advise finding out where other people from your industry advertise as they will have tried and tested many of the above options. Sites like ENTREK.com only sell a website and connections for $5,000 so shop wisely. You still have to advertise and sell-doomed for failure. There are thousands of ways to advertise plus the content is crucial and the way the ad is written, laid-out, colors etc…. If someone has done it before get their know-how.
Do you know how to charge for your product or service? What is your pricing strategy? We always keep these charges fairly low at the outset in order to attract as many people as you can and to get some income in. Then you hope that word of mouth will take over and the idea is that after a few months you will be in a position to increase your fees.
It is also important to realize that we will make mistakes along the way. When this happens we need to think positive and not to beat ourselves up. Having self-confidence is one of the keys to success. It is an experience we can all learn from.
Always have belief in yourself and the business. At times any business will go through a rocky period, this is when we need to be strong. In our opinion, the more work we put in, the more rewards we are likely to obtain. This is often the time you would like a mentor or someone to keep you accountable to your objectives and milestones that you originally set. Sometimes adjustments are required but stick to your plan and work it.
Finally, self-discipline is one of the keys to your success. Being able to choose your own hours of work may seem like a dream but it can prove to be many people’s downfall. We have to ensure that we work the required amount of hours-1 or two a week. It is far too easy to stay in bed for that extra hour or to arrange yet another game of golf when working a job. These things are fine once you are in an established business, but this is a long way off at this stage. Take it step-by-step, even baby steps if needed with an Ambassador of Business Equity so you are not getting off track. Contact us for a review of your career situation and a discussion of an Executive Consultancy for advising not coaching small business.
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