I have watched numerous new start up businesses launch over the last 15 months since the start of the pandemic and many of these are individuals who have broken away from large employers and are now mainly sole operators.
This start up environment has been fuelled by COVID almost putting petrol on it, many staff found themselves working from home and realised that once the environment of the company was removed they were still able to operate and undertake their roles successfully. Many clearly made the decision that they could step out on their own and rather than pulling a salary they had the confidence to back themselves and be able to draw 100% of their successes !
Having founded and run my own businesses for over 18 years I have experienced many situations, mostly positive but many challenges, and I know for certain that these new businesses and their owners over the next few years will be confronted with many of the same challenges and decisions to make.
One of the most important things to remember when considering whatever confronts or provides opportunities to you is that there is absolutely no rush! Even though it might seem like there is… I truly believe that when you are on the journey of building your business it seems like you are going slow and can be frustrating. You feel that if you are not coming up with and implementing new strategies each week, that you are not growing exponentially month after month that you are not successful.
I can assure you that you are successful, even by taking the brave move to start on your own. It is important to keep pushing forward and innovating but whatever decisions and choices you make by taking your path a little slower it can be far more sustainable. I spent 17 years pushing forward as fast as I could and often the business was not ready for the next step, it needed to mature further before it was able to do so, it’s this lesson that I would love our new generation of entrepreneurs to be able to learn the easy way and not have to experience themselves.
There are Key factors that you must ensure are covered before pushing forward;
You are in a strong financial position
Your client base is strong enough to support your projected and desired growth
You have sufficient staffing resources to be able to deal with increased workload
You have sufficient systems and processes to ensure quality of service or product with that growth
You have sufficient software solutions to help scale
You have adequate knowledge or experience to be able to navigate the growth - or you are able to access the knowledge and skills you need
These key issues above are capable of causing major long term damage to the business or your bank balance or your brand and can be irreversible.
So my Constructive Tip this week is simple, they say Patience is a virtue in life , but is much more that that in business … it’s essential.
Strategize and plan your future, be entrepreneurial, be confident, innovate and grow! However, make sure above all you are ready to do so and consider whether you have the top 6 Tips above covered first!