Or is it when you decide to stop looking for a new job and think of something for yourself?
Many like the idea of having their own business. Today, it seems more and more are looking into starting a business for themselves. Whatever the reason(s), there are some practical steps to consider. Being self-employed, a business start-up to relying on 100% commission requires more than just a dream. Business plans, financing, legal issues, licenses etc. need consideration. There are tons of business resources out there to help. The question is do you have an idea, a dream or something more tangible? We’ve seen the statistics about the average business start-up failures within 10 years. Odds are even higher in some industries than others. According to the Small Business & Entrepreneurial Council, the level of entrepreneurship has declined over the years. There are many reasons like the Internet, visual distraction and marketing strategies just to name a few. Basically, it’s downright hard to not only get a business concept going but survive. We see shows like “Shark Tank”, and “American Inventor” filled with people who have developed good and even great ideas into something real and profitable looking to take it to the next level. It doesn’t happen overnight.
The Bureau of Labor Statistics shows that only “49 percent of establishments survive 5 years or more; 34 percent survive 10 years or more; and 26 percent survive 15 years or more.” (see more) That statistic alone has kept some from starting. Franchises offer some means for you, but embarking down that path is often out of range for many due to cost and location issues. Do a Google search on pitching an idea and you will find websites from TV show to business incubators that say they can help. Sadly according to Bloomberg, 8 out of 10 entrepreneurs who start businesses fail within the first 18 months. That’s an 80% failure rate.
And why…not enough cash!
But cash isn’t the only issue. Dig a little deeper and you will find the major reason points to incompetence. According to the SBEC, their survey cited that incompetence was a reason by 48%! It’s not that people are stupid. As a matter of fact, having a college degree isn’t the first thing on the list. Part of the problem for the start-up is wearing too many hats. Again this is related to cash flow. But if you still have that dream, ask yourself do I have the traits to go it alone. According to Entrepreneur.com, the best entrepreneurs share 5 main characteristics
- Ability to manage fear
- Self-belief or confidence
Many principals may realize there is a disconnect in their plan and seek solutions. We find that many will turn to a sales program or engage a business and/or life coach. These are all useful as no one ever went to school for a PhD is sales! Coaches are also helpful. They help uncover blind spots. But then what? We believe it starts at a more basic level.
Companies and people alike, engage our help to enhance and support their efforts to be unique and differentiate themselves in this sea called the marketplace. No one knows your business better than you, so our mentoring is built around those strengths. From reviewing your marketing pieces and website to helping to develop an effective 30 second commercial and even your presentation skills, our goal is be your partner. Helping you effectively communicate your message and create uniqueness for increased visibility and credibility is a win for both. Request a 30 minute consultation to decide if we’re the right resource for your needs. Maybe we won’t be the right fit, but what have you lost to find out?