Going it alone in business can be stressful. You can make it stress-free in a few steps.
Did you know that lockdown brought about many new businesses? It could be the time for you to do the same if you consider it carefully. Do this, and you can relax.
1. Keep It Real! Are you up to setting up your own business? Amongst other skills you have to be persistent, not procrastinate and address issues when they arise.
2. Write a Journal. Following through with a venture is not easy; log your initial ideas and record how they change during the process. This will clarify what are actual worries for you to address.
3. Ask Yourself: “Why do I want to setup this business?” Visualise how it looks; how does it feel? How will it change you and your finances? Let the vision become powerful in your mind; consider how long you think it will it take for your business to succeed. Write down these thoughts in your journal; although the ideas are not exact at this point clarifying them will relax you.
4. Get Simple. Rushing into a business venture means you naturally want to provide many services. However, it does not make good business sense to cover every area in one go. It is also not good for your mental wellbeing to put yourself under huge strain in the initial stages. Take Tesco as an example: in 1919, after returning from war, Jack Cohen set up a street grocery stall selling a limited selection of goods. By 1924, the Tesco brand began producing their first product, tea. The TES emerged from TE Stockwell who partnered in producing the tea and CO was taken from Jack’s surname. The brand today covers items across groceries, home, technology, mobile and pharmaceutical. Therefore, take something easy and make it your own, allowing the idea to enlarge gradually. Nevertheless, some ideas are so simple there is little need to alter them. For instance, domestic cleaning and wheelie bin sanitisation are simple concepts.
5. Use What You Are Good At! What is the point of you setting up a business that you are not experienced in? I mean, I enjoy catching up with friends over a coffee, but that does not mean I am experienced in buying coffee. And why would I want to stress myself out? I wouldn’t!
So what are you good at? You may have more specialty areas than you think. Leave a notepad and pen in a convenient place; over twenty-four hours add skills that you consider sum up who you are. Then, tick ones which could be turned into a venture. Be honest here! There will be natural stressors setting up a business but you don’t want to make this tougher on yourself. Also, can you make the idea even more specific to personal interests and experiences? For example, if you are good at photography and also a parent, could you specialise in capturing notable moments with children such as births, birthdays or family events? Do you work in PR and love travel? Why not set up an agency specialising in publicity for the tourism and hospitality industry? If you love TV quiz shows you could start up your own business offering online or pub quizzes. If you are sensible you can come up with a good venture drawing on your own talents and experiences. Connect the dots to come up with a multi-faceted idea. As an example, if you enjoy a glass of wine, love a bit of pampering and a night in with the girls, why not offer evenings that bring these three concepts together? It is after all, what you are good at, that works.
6. Have a Vision Statement. Think about what you want your business to be about and how it will influence individuals. Look for a hole in the market as well as well as how it can help others. Try summarising your intention using only one sentence. For instance, Save The Children state they want to “Help Children Stay Healthy”; Oxfam International intend to ensure “The Power Of People Against Poverty” and Mind they want to fight “For Better Mental Health.” Creating and using your tag-line will ease any stress as it will direct your business objective and provide clarity when you feel overwhelmed.
7. Research, Research, Research! Although, it isn’t guaranteed your venture will succeed, it would be even more stressful for it not to, based on little risk analysis. Therefore, go online and investigate. This is more important if you are working in your locality, as you must establish what other similar businesses are nearby and how they relate to your premise. This is the fun part, as you can adapt your ideas in earlier stages, but it is tougher later. If your services cover the entire nation or a larger area isolate your searches to project if the profit does outweigh the production costs . Don’t just restrict yourself to Google, ask friends and family what they think. Log their thoughts in your journal for further consideration. Review all considerations: if the idea seems to have a sufficient possibility of success, why not give it a go?
8. Provide the same level of of service to all customers. Premier Inn is a great example of a good business plan as the room and general facilities remain the same across their 821 hotels meaning the customer knows what to expect wherever they are. Therefore, if there are any service queries, these can be easily resolved. This can be provided at minimum costs meaning the service continuity is at lower prices, healthy profits and gives customers good experiences so they will return again. This plan means everyone can be happy.
9. Think Money! Your objective may be to make your own money independently, but this may not come straight away. So avoid extra stress by working in your current job at the same time until a point you can financially support yourself. It may be beneficial to record what defines financial independence in your journal, but remember this may take longer than you think.
10. Show Confidence! This is where clients struggle as they fear negativity or failure. But you shouldn’t feel this way, as you have no idea what people will think. If you fall into this trap you won’t overcome it meaning extra stress and you could fail in your venture. Fake It To Make It ... Step Outside Your Comfort Zone ... Take Direct Action! Seek further help if needed.
Make an appointment for a business coaching session now! Email me at email@example.com or call 07544 899 681.
GET FURTHER SUPPORT FROM CHRIS NOW .
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