Colleen has big plans. This is the year she’ll leave her nine-to-five job and strike out on her own. But how can she turn her great business idea into a great business?
Here’s how we’d help Colleen do it. You, too, can use these strategies to make the move from employee to business owner.
Research the market
So Colleen’s got a fantastic business idea. But who else has already thought of it? And will people buy what she’s selling? What makes her product or service unique?
Colleen needs to tap into the power of market research. She needs to research what’s already out there. A successful business is built on more than gut instinct. It’s founded on hard facts.
Develop a plan
Colleen should plan exactly how she’s going to succeed. How will she finance her business it? What are her financial targets? How will she find customers? How can she mitigate risk? By developing a strategic plan, Colleen will be well ahead of most small business owners.
Get business savvy
Yes, Colleen wants to focus on what she does best. But she’ll also need to manage her finances and market her business. She’ll need to sell her products and services. And she’ll need to manager customer relationships. No matter how great her professional skills are, Colleen must also develop business know-how. Colleen should work on identifying and filling the gaps in her business knowledge.
Business success takes persistence, dedication and hard work. Is Colleen prepared to work harder than she has ever done in her nine-to-five job? Is she ready to take a pay cut? Many businesses aren’t profitable for the first few years. Is she prepared to make sacrifices? And how will she motivate herself during tough times.
Colleen will also need advice and support. She might need emotional support from her family and friends. Perhaps she’ll need advice from a good accountant. Networking might bring her new opportunities. The support of a business mentor or coach might also be very useful. Colleen needs to identify who can help her, how they can help and how she can access their assistance.
Book a personal coaching session with Eleanor. Contact us now.
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