How to succeed in your new business

How To Succeed In Your New Business

Starting a new business is something many people in the UK are thinking or being forced into thinking of doing as we approach the end of 2020.

Some will already have business experience and for those who have succeeded before they will probably succeed again.

The problems come however for most buyers of start-ups who normally have never run their own business before.

Managing a business for a company or someone else is not in itself sufficient because at most stages someone else has had to make the most important decisions, after which they simply put into effect those decisions.

On a basic level, they also tend to go to work even when they do not feel well – too often, when people move from employment to self-employment they tend to be less ‘loyal’ to themselves than they were to their bosses.

For those who fall into the inexperienced in business category, but are determined to proceed, they are obviously must consider many factors to suit their own personal requirements first such as:

  • What is their budget and if they require finance what is their best option?
  • Do they want to pay for premises or work from a home base?
  • What do they need to generate as income in to get through the first 3 months?
  • Do they need any skills to run such a business such as, trade/craft skills, bookkeeping and accountancy skills, management skills, marketing skills, IT skills (if business is website based), and much more.

Having all of these factors in place is what most people try to achieve in order to arrive at their ‘perfect’ business – sometimes referred to as their dream, which is often something they always wanted to do and now they are going to achieve that dream.

Unfortunately, once they have clarity on all these essential matters and have chosen the ideal business opportunity for themselves, what they crucially need to consider next are the most important elements required to make that dream a reality.

Do they have the mentality and tenacity to maintain the drive and persistence every business needs to be successful?

Whereas all the points covered above are easily defined making it possible to match all those qualities to any one type of business, the most challenging of all is always the last issue – drive, persistency, ambition, and just as important, a short-term and mid-term business plan.

This challenge of how to succeed is usually the most difficult part of starting a new business, and for that they will not only require a strong determination to succeed, but one other factor that they may not have thought about – or indeed want to think about.

And that is a mentor.

When people go from being told what to do to being the one who now must tell themselves what to do, most people are not quite as resolute as they should be.

The only answer to this is not to have someone telling them what to do – moving away from that is a big reason why they go into business on their own in the first place – but having a mentor is having someone who ‘knows’ that you have gone off-plan – and you know he knows you have.

This has the amazing effect of moderating how many times you go off-plan, but at the same time maintain your independence and control over your own destiny.

If you search online you can find lots of organisations that will find you a vastly experienced mentor, and often you may not even have to pay them for their time. Here you will find a link to a GOV.UK page with links to some or you can just go online to find one if preferred.

Whatever business you go into you will need a lot of luck and even more desire – but you must have a mentor to keep you on plan.

Terry George (Founder)