Once that new business is up and running, you’ve got your first few orders satisfied and the money is in your account, there are many other considerations. To expand the business so that you don’t get to the point of being too successful and then not being able to service all the enquiries, then hiring or bringing in new colleagues will become necessary. Acquiring the services of people you trust is critical here. If you don’t feel 100% comfortable with them yourself, don’t bring them in. This new guy or gal will be getting their own leads and building up relationships which ultimately reflect on your business. Another point when you’re expanding fast. Don’t feel bad about delegating. The biggest mistake a business owners makes is the inability to hand over the controls now and again. Giving some responsibility to others is good – being able to show you trust them will really cement a good relationship of your own.
With a very new, fledgling business, there are many little rules and ideas that should be adhered to along the way. Formulating a business plan is a major one. If money is to be acquired either via a grant, or loan, then the lender will need to see that busines plan – a year, five year and ten year projections will need to make sense. The ideas behind the product and the sustainability is essential. Showing clearly how the product or service has been financed so far will indicate whether the loan or grant will be used to boost and grow the busiess and not just be a means of paying off old debt from failed efforts. Keeping an eye on outward expenditure is more critical than people think. No lender is going to give a second thought if the books are not balancing at the beginning. Every business needs start up fudning but allowing expenditur to run riot after the heart has over-ruled the head is not a healthy or wise start!
The way we start our business is going to vary from one person to another. You might have a guy who gets on well with people throughout school and on into college or univerwsity. At school level he would have been marked out early as a Prefect and more than likely on to Head Boy. People instinctively look to him for advice and a little confidence boost when working toether on projects or schemes. This naturally singles him out later in life as one of those high achievers. There are many who start off that way but can fade with the mantle of responsibility weighing a little heavy after a while. However, with a really well organised system this guy will get where he wants to be in industry. He’ll know what he’s good at, what areas of business he can sell to – he’ll have just the product to market at the right time and he will have a business plan. He revisits his plan often and adjusts to accommodate changes.