Don’t let the potential risks force you to quit before you’ve started

Starting your own business is a big step and a brave move, one that you should be proud of. Working for yourself in a field you really care about is the dream for many of us, but being an entrepreneur also comes with its fair share of concerns and responsibilities.

One of the most stressful aspects of any business venture is that it is not guaranteed to find success. Plenty of small businesses fail in the early stages, so it’s impossible to undertake a business adventure without at least a little risk involved.

However, there are things you can do to minimise these risks and maximise your chances of success. Let’s take a look.

Plan, plan, plan

They say failing to plan is planning to fail, and they’re right. The more planning you do from the outset, the less fumbling you’ll have to do down the line. A business plan is absolutely paramount as a tool to help guide you through the initial confusion of entrepreneurship.

Start by thinking about your end goals; where you want to be ten, five and one year from now. Then, break down these goals into actionable steps, and keep breaking down until you’re left with intricate details, specific information, accurate projections and solidified deadlines. You should revisit your business plan regularly to update any achievements or changes.

Partner with someone in the know

This can mean a few different things. You could go as far as to go into business with someone else who already has experienced the ups and downs of business ownership, and who has experience in your field. This will involve pitching your business to the right person – someone you trust and know you can work with.

You can also just get advice from those who have come before. If you have friends or family who’ve made a success of a business idea, seek out their advice and get some tips. Internal auditors and accountants may also be necessary to help you make sense of things early on.

Make the most of successes

No business journey is smooth sailing, and no matter how hard you work, you’re bound to fail in certain aspects. The trick is to maximise your successes, and understand what it is that makes your business both unique and necessary.

Ask yourself what’s important to your business. Is it customer service? Fast delivery? Quality craftsmanship? What do you want your business to be known for? Answering this question will tell you what you absolutely need to focus on in order to succeed.

Remember, business is business

You’re bound to be attached to your business idea. After all, it’s your creation. But remember that becoming too emotionally invested in a project or contract can lead to poor and costly decision making.

Always make the effort to stay objective and logical when it comes to assessing your success, because early detection and response is essential to dealing with risks effectively. Keep people around you who can help you maintain perspective.

Ask for help when you need it

Running a business can be overwhelming, but the worst thing you can do is bury your head in the sand. You need to understand your business warts and all in order to take it from strength to strength. Planning, auditing, documenting, budgeting and committing are all essential to long-term success, and if any of these feels like an overwhelming task, ask for help. Even the most productive business owner in the world doesn’t achieve success alone. Whether it’s asking a friend for emotional support, or reaching out to an expert for tailored advice, don’t be afraid to reach out when necessary.

 

TEDCO Business Support is here to help you get your business up, running and thriving. Get in touch with one of our experts today to find out how we can support your entrepreneurial efforts. Simply give us a call on 0191 516 61 02 or drop us an email at hello@tedco.org.

What we offer

TEDCO offers one-on-one support provided by a dedicated team of business advisors and a range of pre start seminars available to clients who are taking the first steps into self-employment. This could be looking at an initial idea and developing it further, looking at how to start a business plan, business competitors, business marketing.

Are you eligible?

If you are looking to start and grow a business we’d love to hear from you. Our friendly team of experienced Business Advisors are on hand to take your call to discuss the support available.

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