First Time Beginners – Read this before Starting

If You Are New to Business
If you are new to business then owning and running your own small business should be an exciting and profitable experience for you. Inside you will find a simple “easier to understand” version of the business process you need to follow when starting up, running and growing your own small business. Written and developed by Start-Run-Grow’s team of specialists it is designed specifically to help small businesses owners.

Take it Slow at the Beginning
Take it slow if you are a first time business owner. There is absolutely nothing to get stressed out about. The procedures involved in starting and running your business are straightforward enough. Simply work through each step one at a time by following the brief instructions set out in each Stage of the process. Remember, it’s not a race. Take as much time as you need.

Keep Your Feet on the Ground
Keep your head firmly on your shoulders and your feet on the ground. Don’t panic. Don’t have stars in your eyes. Business is not difficult to understand. However you do need to commit to doing things correctly and efficiently if you are to create a profitable business operation.

Be Real. Be Yourself. Listen and Learn.
Listen to advice from your accountant as well as experienced business friends and associates who have been successful business operators themselves.

You Don’t Have to be an Accountant
You don’t have to be an accountant to benefit from the Start-Run-Grow information. The text has been written with plain language in mind for the purpose of educating small business owners not their advisers. Simply use your common sense and a little focus. You will be surprised at the simplicity of owning and running a business once you have spent time going through the information that’s fully explained in each section.

There are No Mysteries Involved
There are absolutely no mysteries involved in running a successful business or in learning basic accounting, financial and business principles. As you progress in your business you will become more and more confident with “running your own show” and you’ll soon develop your own “best ways” to grow your business and its profitability. Keep at it. It would only be a matter of time before success comes your way.

You’re Looking at Starting
The time has come and you’re thinking of starting up a business. For many people this is a wonderful opportunity because the rewards can be significant. However, don’t get too excited or too carried away because you need to understand what it takes to start up on your own.

Even though starting and running a business can be rewarding, it can also be demoralising if it doesn’t work out. Your success may hinge on simple things such as proper planning or having enough money to start up and operate for the initial months.

There are many questions you’ll need to ask yourself because the answers would confirm whether you are suited to being self employed and whether the time is right for you to start up.

The answers may indicate that you need to do more market research yet or that you should wait a bit longer till you’ve saved up more capital or that you need to take a business course first to learn more about managing a business or that your accountant needs to do a feasibility exercise to see if you would make money or not.

On the other hand all the indications may be good and you are ready to start. These questions are found inside this section.

If New to Business - Follow these Steps Before Starting

If you are a new business owner or you are starting up a new venture please do not proceed without considering the following steps and advice.

Step 1 - Talk through every aspect fully with an "entrepreneurial" accountant or business adviser. Make sure you also discuss it with your spouse or partner and include members of your close family. Listen and learn from others who you know have run successful businesses themselves.

Step 2 - Get your thoughts down on paper as soon as possible. This is done by writing up a simple plan (known as a "Business Plan") which is the document that sets out what your business will be all about, what your products and services will be, what your business goals will be and your strategy on how you will achieve those goals. Include in your plan all the things detailed in Step 3 below.

Step 3 - Do lots of homework. Before you open your doors and start operating carry out a lot of investigating, calculating and fact finding. Who will be your customers (your target market), what is the potential for sales out there (the overall market), who else is running a business such as yours and are they successful or not, how much money do you have available and how much will you need, where will you get the rest of the finance if you cannot raise it all yourself, what is involved in producing your products or services, who will sell for you, will you need staff, where will you run the business from, what costs are involved in setting up and what costs are required for operations.

Step 4 - Educate yourself on owning and running a business. Read books, take a small business course, join a reputable business web site (such as StartRunGrow) ask professional advisers, talk with successful business owners.

Step 5 - Set Up everything including business structure, bank account, premises, furniture, equipment, email, internet, costing & pricing, accounting & recording systems, budgets, stocks, materials.

Step 6 - Manage the business, Start sales and marketing, manage day to day, control all areas, grow the business.

Perhaps the most important thing is to keep your feet on the ground at all times and weigh things up rastionally  without too much emotion. And don’t run ahead too fast. Take your time.

Tips and Traps

  1. Believe that you can do it – that you will be able to succeed.

  2. Make sure you have vision, passion, commitment, planning, good products or services, adequate capital and the desire to work hard.

  3. Don’t be a Lone Ranger. Never be afraid to ask. Make use of help from outside professionals when required

  4. Keep your accountant and advisers fully informed at all times.

  5. Keep your cool, take your time, use common sense and you should do ok.