Successful entrepreneurs take action
There is a quote which I think is great by Lee Iacocca that says “Apply yourself. Get all the education you can, but then, by God, do something. Don’t just stand there, …”
If you are ready to move from an employee to entrepreneur you have to be able to collect information, process it and then make a decision. Hopefully you have put together a business plan and have a clearer direction where to start and how you want to get to your destination of being a successful business owner.
If so, in essence, your next step is taking your plan and putting it into action. This does not mean rushing into what you have been planning but rather, in a deliberate and organized way, put the final touches to your plan and start bringing everything together.
Consider the following to help you.
Have somebody you trust and with the right business experience provide a review and feedback of your business plan. You are looking for someone to find any holes, to tear it apart and make it stronger. You are not looking for kind words and platitudes, that’s what a funeral is for. You are about to launch into the most exciting and terrifying time in your life and you need constructive yet positive feedback.
Your business plan will have identified many key components of your new venture.
Finance – how much and what you are borrowing money for and why. It is now time to double check the amount of finance you need and if it is available. If you had family or friends say that they would be willing to lend you some money, reconfirm they are still on board and draw up any legal agreements. Now that your product or service is clear, start contacting suppliers or sources of support to get them in place.
You should have a sales and marketing plan so start bringing those components together. Talk to your bank about setting up the check book, deposit book, credit card facilities etc.
If you intend to lease office or retail space, narrow down the choice of location to no more than two and start the negotiations. If you need to hire employees, start that process. Don’t forget to start talking seriously to potential customers. You are not yet ready to deliver as there are still things to organize. However, if you can offer an opening discount to select customers so you can start building relationships with those your business will touch, do so carefully and gently and set clear expectations.
Start setting deadlines and timelines to everything. Set a date you want to be open for business and work backwards with the list of things you need to do and when you want to have them in place. The goal is to do as many things possible from a position of strength. The stronger you are the greater your chances of success.
Don’t look for perfection. By its very nature, the world of a business owner is both never perfect and never finished as there is always something to do or something to do better.
If you would like more information about selling a business,buying a business, buying a franchise or a related service such as valuing a business, please visit my webpage Services and choose from the drop down menu the information you would like.
For more immediate help with buying a business you are welcome to send an email to Andrew Rogerson or give me a call on 916 570-2674.