4 STEPS TO STARTING
YOUR NEW BUSINESS
Launching any business involves risk, but by following a few simple steps you can make an informed
decision that increases your chances of success, writes business entrepreneur Alan Manly.
eciding to start a new business is
a life-changing move. Perhaps
you’ve reached the top of your
game while working for a club and
want to launch your own program, or maybe
you’ve got an idea for a unique service
offering. Regardless of the nature of your
venture, the fact is that launching a business
involves risk: risking the security of your full
time job, risking a hefty chunk of your savings
or just risking your own reputation. There’s a
lot to ponder, but you can make an informed
decision by following these four simple steps.
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1. Make a plan and write it down
After all the thinking, talking and dreaming
comes the hard part: writing it down so
someone else can understand that your
dream is a genuine business opportunity.
Few people enjoy writing a business
plan, but it’s a great ‘sobriety test’ for bright
entrepreneurs with new ideas – and a must if
you are planning on approaching investors.
There are plenty of templates available
online, so grab one and start writing. Ask
yourself tough questions – as if you were
asking for money from your arch enemy –
then answer them. Your business plan will
guide you and equip you with the answers to
the many difficult questions you’ll be asked
along the way.
2. Assess your skills
If you’ve already achieved success in your
chosen field, work out what skills contributed
to that success. Startups are created by
people from all backgrounds with an equally
wide range of skills. A frank assessment
of your skills may tell you that you are a
subject matter expert, but that other people
have also contributed to your success. It’s
vital to understand the skills you have, and
how you can complement them by hiring
the right people in your team. If you’re not
yet in a position to hire other people as
‘staff’, you may still be able to outsource
certain functions of your business, such
as accounting or marketing. Starting a
business requires a wide range of skills, and
the people you get on board to support you
can be your greatest assets.
3. Time it right
When launching a new business, timing is
everything. There may never be a right time
to launch, but through careful calculation
you might find an acceptable time. Evaluate
the employer benefits you currently enjoy,
such as paid leave, sick leave and the
ability to sleep not worrying about company
cashflow. Write down the entire value of your
salary package including the extras. Can you
afford to live without it for a while? Can you
operate successfully without the structure?
It’s also important to analyse the market
to figure out when to take the leap. Is there
a current need for your product or service?
Is there a trend for growth in your chosen
industry? How long will it take to establish
yourself and will the market have moved on
in that time? What is the competition like?
When it comes to timing, arm yourself with
the facts and be realistic.
4. Learn through experience
You can be given all the advice in the world,
but just like riding a bike for the first time,
starting a business is frightening, as well
as exciting. If you misjudge a turn, you will
almost certainly crash and hurt yourself.
That’s called experience! You can’t succeed
if you’re not willing to fail a few times along
the way. Get up, dust yourself off and keep
going.
As Winston Churchill famously said:
‘Success is not final, failure is not fatal; it is
the courage to continue that counts.’ With
so much on the line, it’s a wonder anyone
decides to start a business. But being
courageous enough to take a few initial
steps can reap huge rewards. So be brave.
You might surprise yourself – and your
competitors.
Alan Manly
Alan is the founder of Group
Colleges Australia, and author
of two books, The Unlikely
Entrepreneur and When There
Are Too Many Lawyers There
Is No Justice.
NETWORK SUMMER 2019 | 31