Category: Starting A Business

Starting A New Business? Learn To Run It First

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Starting A New Business?  

Learn To Run It First.

Many New Business Owners Fail Because They Are Not sufficiently Skilled At Running A New Business.

Written By Robert Viney @RobertViney
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Want To Know One Of The Best Bit Of Business Advice For Starting A New Business, I Have Ever Been Given?
Business advice that shaped my 35 successful years as an entrepreneur and allowed me to go onto start and run seven successful businesses:

 

"Don't start your new business until you know how to run a business"

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That was back in the early 1980's and it proved to be so very useful and so very right.  Without that, I would have started with poor knowledge, poor confidence and poor experience and I would surely have gone the way of many other business startups and have failed.
Most people, when starting a new business, start with a great passion for their business idea and their product.  They correspondingly put much effort into getting these right.
But importantly, they don't learn how to run a business properly before they start  -  and, there is MUCH to making this a success.
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What Things Should You Learn For Running Your Business?

Running a business can be very complex and the new business owner really needs to master many skills if he or she are to make a success of it, such as:
  • Selling products
  • Dealing with customers
  • Marketing and branding
  • Employing and managing staff
  • Creating a business plan and strategy
  • Controlling the money & creating a profit
  • Bookkeeping
  • Running an efficient back office
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Let me explain these briefly as they would relate to you starting a new business:

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Selling The Products

One big piece of advice I always give clients starting a new business is to 'test' their products or services on likely target customers.
One great benefit here is getting feedback on the products; too often, small businesses start with products that people do not wish to buy.
Whether your business idea is online or offline, this process is possible and it also gives you the opportunity to talk with likely customers.

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Dealing With Customers

Another good piece of advice, I offer to those starting a new business is to work in a retail shop or retail environment.  Such work will provide vital experience of dealing with customers, first hand and of selling to them.
Getting a paid job in a shop or even volunteering free to work in a charity shop can provide this, whether you are launching an offline or online business.
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Marketing and Branding

Marketing is essential for anyone starting a new business. But you really should learn how to do this well before you start.
The very least you need is a good website and good social media marketing.
A website is a must-have and I always advise clients to learn how to create their own rather than employing an expensive web designer to do it.  WordPress is the best option with cost effective hosting. There are loads of good tutorial videos on YouTube to show you how to do this well.
Social media marketing is also a must-have. It is free to use and easy to perfect. The best way is to watch what the best do in their businesses and to copy them.
Continual marketing before and after you start will create awareness for your business and will help you to create a strong brand.

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Employing And Managing Staff

Hiring, employing and managing staff can be very tricky but if you can get some management experience before you start, it can really help.
I did this before I started and it was of massive benefit.
There are also many management training course available which can assist you, but, in my view, you cannot beat actual hands-on management of staff.
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Creating A Business Plan And Strategy

If you are borrowing money when starting your new business, you will need to create a detailed business plan but if you are self funding the business, yourself, a short plan is only needed.
Importantly by creating a plan and strategy for your new business, the process should allow you to break your business down into parts.  This will allow you to work out how you will execute each part.
It will also allow you to create a good vision for where you are going, making you understand your business better and creating good focus on what is needed.

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Controlling The Money And Creating A Profit

Knowing how your business numbers will work in your new business will allow you to control the money and will allow you, ultimately, to create a good profit.
Without a profit, you have no business and your business will fail.
Knowledge of how to optimise your sales volume and your gross profit margin is vital.  You will also need to learn to control your costs and the money leaving your business and how to maintain a healthy cash flow; always having plenty of liquid cash available to maintain the business is essential.

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Bookkeeping And Creating A Good Profit

Every business owner should learn bookkeeping skills before starting a new business.
Your money is crucial to your business success and without sufficient gross and net profit and a good cash flow, your new business will be doomed.
Many business startups don't bother here or they leave it to their accountant.  This really is a big mistake.  By doing your own bookkeeping, you can learn so much about your numbers and how to control them.
There are many good accounting software packages available, such as 'Quickbooks' plus good training to support these.

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Running An Efficient Back Office

Having a well organised back office, where everything has its place and you are on top of everything creates efficiency and reduces stress.
When starting a new business, it is easy to forget about this and often a messy back office can be the consequence with business owners not appreciating the relevance of an efficient back-office.

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I Know You Will Be Impatient To Start

You are possibly thinking that you just want to get on with starting your new business and you are not prepared to spend the time and money learning to run it first.
Many have said this to me over the years.
But, almost without exception, these people have gone on to have a bad start and fail very quickly.
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It Is Worth The Delay And The Money

By starting my first new business FOUR YEARS late, it gave me a far bigger chance of success.
Importantly, when I did start, I was ready and the business had a great start - the business was making a profit within the first three months and a substantial profit after the first year. Subsequently, it went from strength to strength.
I never regretted the extra time and money.
You should aspire to do the same, if you wish to reduce the risk of failure.

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If You Are Not Prepared To Do The Same, Forget It!

If you are not prepared to do the same, then I strongly suggest you forget about starting a new business - otherwise, you will only increase the risk of failure.

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In Summary

If you are starting a new business, please don't start too early.
Learn the right skills to run your business well and with confidence first.   Once your business starts, you will not have the time and energy.

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If you wish to talk more to me about this, please contact me below or email me: robert@prestigebusinesscoaching.co.uk
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 Starting A New Business? Learn To Run It First

You Must Know How To Run Your Business Right

YOU-MUST-KNOW-HOW-TO-RUN-YOUR-BUSINESS You Must Know How To Run Your Business Right

You Must Know How To Run Your Business Right

If your business is to be a success and YOU are to become one of the ‘10% CLUB’, YOU must KNOW how to run your business RIGHT.

It constantly amazes me that many small and medium sized businesses have such a poor knowledge of how to RUN their businesses RIGHT and such businesses ALWAYS perform POORLY.

Always!

Often a poor performance can be converted into a massive SUCCESS by simply UNDERSTANDING how to run a business MUCH BETTER.

It is often as simple as that!

Each Business Can Be Divided Into 7 Parts

Each small and medium sized business can be divided into the following SEVEN GENERAL PARTS:-

  1. CUSTOMERS
  2. PRODUCTS
  3. MONEY
  4. MARKETING, BRANDING & SELLING
  5. CUSTOMER SERVICE
  6. BUSINESS RUNNING & BACK OFFICE
  7. EMPLOYMENT

Every business has ALL of the above, unless YOU have NO EMPLOYEES.

Every Part Of Your Business Has Equal Importance

Every PART is as important as the other PARTS within the business. If YOU are to OPTIMIZE your BUSINESS SUCCESS and your BUSINESS PROFIT every PART must be RUN to its BEST.

If ONE PART is run LESS WELL, then this will affect the WHOLE BUSINESS.

You Must Know How To Run Each Part To Optimize Your Business

If YOU want your business to run to its OPTIMUM, YOU must UNDERSTAND how to RUN EACH PART OF YOUR BUSINESS.

Let me ask YOU these 22 questions:-

  1. Do you REALLY understand your target customers and what they REALLY want to buy from you and what they want to pay YOU?
  2. Do your REALLY understand the products that your target customers need and are your products RIGHT for your customers?
  3. Are the sales of your products increasing, year on year, and do you REALLY understand how to keep your sales growing?
  4. Do you REALLY have REAL control of the money in your business?
  5. Do you REALLY know how to control the margin in your business and understand how to keep it optimized?
  6. Do you REALLY have absolute control of your costs and know how to keep these minimized?
  7. Do you REALLY understand how to control your cash-flow and keep your business cash rich?
  8. Do REALLY understand how to effectively reach your target customers with your marketing?
  9. Is your marketing REALLY effective and are you REALLY reaching your target customers with it and is it working?
  10. Are you REALLY getting a real return on your marketing expenditure and REALLY seeing real growth in your sales as a direct result of your marketing?
  11. Are you REALLY successfully building a STRONG brand that is recognized by your target customers?
  12. Do you REALLY understand your COMPETITORS and what they are doing & do you REALLY know how to compete within them in your trading market REALLY EFFECTIVELY?
  13. Is your customer service REALLY superb?
  14. Is your customer experience REALLY superb?
  15. Are your customers REALLY happy and do they return to buy more from you, time and time again?
  16. Do you REALLY have an army of loyal customers and do these customers spread ‘word of mouth’ about your business?
  17. Is your back office running REALLY effective?
  18. Do you REALLY have fantastic systems in place to control all parts of your business?
  19. Are you REALLY using digital technology to the full & optimizing its effects?
  20. Do you REALLY know how to employ the best employees for your business?
  21. Do you REALLY know how to train your employees really well and do you REALLY know how to manage them right?
  22. Are your employees REALLY a real asset to your business & are they REALLY making a real contribution to your business as a whole?

I could have asked YOU many more questions, but these 22 are arguably the most important questions to ask anyone running a business.

You Must Answer These Questions Honestly

Try answering these questions REALLY honestly. If YOU can honestly answer a BIG ‘YES’ to each one, then YOU KNOW HOW TO RUN YOUR BUSINESS RIGHT.

But if one or more questions get a ‘NO’, then YOU must address the aspect raised in that question and turn it into a BIG ‘YES’

It is important that every PART of your business must RUN RIGHT.

You Need Smart Business Thinking

YOU need SMART BUSINESS THINKING about the RUNNING of your business, if YOU are to be one of the ‘10% CLUB’

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SMART BUSINESS THINKING MUST COME INTO EVERYTHING THAT YOU DO IN YOUR BUSINESS

HAVE SMART BUSINESS THINKING & SMART BUSINESS ACTIONS

If you wish to discuss this with me more fully, please email me at Robert@prestigebusinesscoaching.co.uk or leave a contact me below:

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Be A Success By Copying Other Successful Businesses

BE-A-SUCCESS-BY-COPYING-OTHERS Be A Success By Copying Other Successful Businesses

Be A Success By Copying Successful Businesses

Presently 50% of businesses fail in the UK, but it does not have to be like this. People who run and start businesses don’t think enough about SUCCESS and how to SUCCEED.

Have you ever studied SUCCESS in great detail and given it GREAT thought?

I bet you have not.

 

But think about this:

If a certain business is successful, then if you were to copy the methods that it uses in your business, would you not be just as successful, if you did things right?

The answer should be “YES!!!”

If you did it right, then you would be a success, too.

When you start your new business, make it a success by copying successful businesses.

History Is Full Of Examples

When you look back at the history of starting and running businesses, there are loads of examples where SUCCESS IS SUCCESSFULLY COPIED. It goes on all the time, because it works.

In the 1960’s, McDonald’s were very successful in the US with their take-away burgers.  The founders of Burger King could see the success that McDonald’s were having and wanted to start a similar business, but they did not rush in  –  they did their HOMEWORK first.

They studied the most successful McDonald’s outlets and learned about the methods that they used, the products they were selling and the customers who bought these products.  They did much of this research by literally sitting outside the busiest outlets.  They then started their own outlet a very short distance from the busiest McDonald’s outlet and it proved a great success for the first Burger King.

Not only did the founders do things in a similar way, but they offered a similar product to McDonald’s, and as they set up close by, McDonalds customers would see the Burger King and come and visit  –  and this did happen. Burger King took a significant number of McDonald’s customers.

But Burger King were clever   –  they looked at the business model for McDonald’s and they copied it, but, importantly, they thought smart about it and asked themselves one very important question:

“How can we make this better?”

They Made Subtle Changes

As a result of that question, they made very subtle changes to the business idea and the products, which proved to be very popular with their target customers. One distinctive change was offering relishes and sauces with the burgers, which is something that McDonald’s, at the time, were not offering.

Copying goes on all the time –  Pepsi copied Coca Cola with their own cola drink and Apple and Samsung copy each other with their smart phones.  So it goes on all the time.

Understand What Your Competition Does & Why

Once you have identified a business to copy, it is important that you RESEARCH it heavily and UNDERSTAND why it is a SUCCESS and how the business model works.

You should look at all aspects of the business and ANALYSE EACH PART and THINK how you can incorporate the same ideas into your business. One thing you should consider would be any patent and copyright controls that may be in place and you should avoid these restrictions.

BE-A-SUCCESS-BY-COPYING-OTHERS Be A Success By Copying Other Successful Businesses

If You Want To Be A Success By Copying Successful Businesses

If you want to be a SUCCESS in your business and not risk FAILURE, you should look at your SUCCESSFUL COMPETITORS and see what they are doing and copy them –  but add a twist, by making your version slightly different and better!

If you would like to talk more about this with me, please contact me at Robert@prestigebusinesscoaching.co.uk. or contact me here:

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Use Your Strengths For Your New Business

USE-YOUR-TALENTS-2 Use Your Strengths For Your New Business

Use Your Strengths & Make A Difference

If you wish to start your own business, but are struggling for an idea, you should stand back and look at yourself and ask yourself SIX questions:-

  1. What strengths do I have?
  2. What talents do I have?
  3. What experience do I have?
  4. What knowledge do I have?
  5. What interests do I have?
  6. Would my strengths, talents, experience, knowledge and interests be of benefits to others?

 

One business idea could be to wrap up your strengths, talents, experience, knowledge and interests into a product that could bring great benefit to others, especially if you could sell enough of your product to make a good profit.

We all have strengths, talents, experience and knowledge specific to ourselves and the chances are that these can be converted into a product that could be sold to customers to create a viable business. If these strengths, talents, experience and knowledge are supported by a great personal interest, too, this could be a great driver to create a business success.

Maybe you are employed as a book-keeper, for instance, working for a large company, but, despite loving numbers, you feel unfulfilled, maybe due to the lack of contact with people, being ‘locked’ away in an office. Creating your own book-keeping business might make you feel fulfilled, by having direct contact with more people, such as a number of your individual clients.

You may have a hobby as an interest and think that you could convert that into a business –  for someone who is good at flower-arranging, for instance, a business supplying floral arrangements would be a good idea. If you are good at making cakes, a business supplying wedding cakes etc. may be viable.

USE-YOUR-TALENTS-2 Use Your Strengths For Your New Business

You should think that the most successful businesses are the one that give the most benefits to people in the form of their products. Think how your strengths, talents, experience, knowledge and interests could be converted into a product that would give great benefit to a large number of people.

If you would like to discuss any business ideas that you may have with me, please email at Robert@www.prestigebusinesscoaching.co.uk  –  or contact me here. I would be pleased to help you.

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