A great many people like the idea of starting a business, yet few people go ahead and do it.
Perhaps that is because of the risk of failure and looking foolish.
There is no doubt about it, successfully getting a new business off the ground can be a tough challenge. There are never enough hours in the day. Problems crop up at every stage. Spending money on the business is easy, but generating the sales to pay for it all can be much more difficult.
For these reasons, it is worth putting some time aside for your own personal development.
Identify areas for development
Chances are you're starting a business in an area where you have pre-existing experience, expertise or a particular passion. And that's great, this will inspire your business idea and spur you on. But, running your business it's likely to mean you need to master new skills and knowledge - especially in the early days when you aren't yet making enough money to bring in outside expertise or additional staff.
When starting and running a business, you might need to master:
- finance and bookkeeping skills
- cash flow management
- an understanding of marketing and social media management
- timekeeping and planning
- sales skills
- the resilience to bounce back from rejection
- leadership skills as your business and team grows
Think objectively about where your skills and knowledge might lack. Ask people you trust for feedback; you might be surprised to hear what others think your strengths and weaknesses are.
Access training and support
A business mentor can be a great source of help on your business journey. You can find a mentor through online resources such as mentorsme.
You can also access a range of training, advice and possible funding from your local business support organisation, trade association or further education. Other free and cheap sources of training include LinkedIn Learning, The Prince's Trust, the FSB and through the regional network of Business and IP centres.
