Are you thinking of starting a property business? If so, join the millions of people who at one point or other in their lives have considered whether or not to start a business. The thought of having a successful business, being your own boss or doing something you’re really passionate about sounds very appealing, right? These, amongst other reasons are why people leave their jobs and decide to start out on their own. The familiar question is, do I take the leap? And if so, when and how?
One of the greatest challenges for some people in starting a business is the idea of leaving the security of a paid job. For some, it’s the issue of choosing the right idea to turn into a successful business. Well, these two challenges can be easily overcome. First and foremost, before venturing into you own business, undertake some research on how viable the business idea is. Are there potential customers? And what is the potential ROI (return on investment)? I’m sure you’d agree that it’s not very wise to invest your time and money into a business that doesn’t seem viable on paper, or give up your job to start a business based on a whim. However, many people do.
An approach to starting a business without giving up your job is to undertake a pilot while still working, however, doing this will require the skill of being able to multitask. To undertake a pilot means doing some test marketing in order to gauge how responsive people are to your product /service. This will enable you make better decisions on the idea and what to do next. This could prove to be hard work juggling a business with your fulltime job, especially if you have a family to take care of. It requires time management, focus, perseverance and more. These are only some of the requirements you will need both in the short and long run if you want to have your own business. So, as opposed to immediately taking a leap, consider taking smaller steps first.
Having looked at your business idea and undertaken some research, you may decide the business idea is viable and you’d like to take that leap into the business world. There are a few basic things that you’d need to do in order to do this. I very much believe in building solid foundations that will allow one to progress from a firm footing, and to build a solid foundation you need to get some business advice and write a plan.
The word ‘Business Plan’ seems to be such a dreaded word, many people think of it as long-winded and unnecessary. However, it’s one thing that will need doing either now or later for a more successful business, and better now than later. Planning and building the concept in your head is not enough, put it down on paper. The saying goes, “Write the vision; make it plain on tablets, so he may run who reads it”, and that includes you, your potential business partner or financiers. Writing the plan takes you through the process of developing and refining your idea, it is also very much needed if you plan on raising capital externally. Please note that it is not enough to just write a business plan for the intention of raising capital, you should also use it as a blueprint for successfully managing your business.
Talking of managing, it is well worth your while looking online and reading up about management techniques. You’ll start out solo, but if your business takes off you’ll need staff, and in turn you’ll need to know the best ways to manage them. To some it comes naturally, but the majority of us need coaching in the art. Some great places to start are this post, this one and this infographic on simplifying your leadership. It might seem premature to think about this, but it’s never too early to start learning these things.
Another challenge often faced in starting a business is capital. Sometimes, the bigger the idea, the bigger the capital required. Don’t let this hinder you if raising capital seems to be your own challenge. Instead, think out-of-the box in identifying ways to raise the capital required. Look for avenues to cut back on the initial capital required in order to get started. Some ways of cutting back on capital includes offering trade by barter or buying second-hand instead of new.
Having researched the idea, write this into your business plan and you are all set to take off. Nothing Ventured, Nothing Gained. Take the leap if you feel very strongly about it, but plan and prepare for it to give yourself the best chance.