Thinking of starting up your own business?
Before starting your business consider what your skills are and whether you have the central skills required to make your business a success. By being aware of what your skills, and also your weaknesses, are you can accommodate for this by learning new skills or asking for outside help. There are various skills which are considered to be crucial to the success of a business, these are listed below.
People Management – people management is an essential quality required to keep your team running smoothly. Recruitment, training and motivation will be more successful if people are managed properly.
Product Development - At the centre of your business is a product or service. In order to help your business develop and thrive it is important to have clear, long term aims for the product and also to identify what will be required to achieve these goals. It is also essential to remain aware of the competition and what your customers require.
Financial Management – financial management is central to keeping your new business afloat. Before starting your business make sure you have a sound knowledge of cash flow and credit management.
Planning – Before you start it is imperative to be aware of the strengths and weaknesses of your business. Make sure you prepare a business plan, for advice and guidance on how to do this follow the business link below or contact the Job Search for Professionals scheme.
Sales Skills – sales are imperative to helping your business grow, it is important to be able to identify potential customers and their needs in order to promote your products and services to them.
Finances:
Finances are a major issue for anyone starting a new company. On the whole most businesses will need equipment, premises and money to employ staff and market their services. Also, once the business has been established, funding will be needed to keep the business moving until turnover is established. There are various sources from which entrepreneurs can ascertain funding, personal loan, friends or family or outside investors. There is also the possibility of Government support and this is always worth researching. For a comprehensive guide to finances and starting your own business, go to the business link website which offers free, impartial advice and case studies. (www.businesslink.gov.uk). Alternatively contact jobsearch@trianglefusion.co.uk to find out how the Job Search for Professional scheme could help you with going it alone.
Qualities of a good entrepreneur:
Research has shown that there are certain qualities commonly found among successful business people. A summary of some of the qualities which are beneficial when starting a business are below. It is advisable to consider these qualities and to what extent you have these. By identifying any weaknesses in the business plan, they can be overcome by the learning of new skills or through delegation and outside help. Some of the qualities required include:
Self-confidence – confidence in your business or product is an essential element in its success. If you’re not willing to be enthusiastic about it, you can’t expect other people to become passionate about it. Remain enthusiastic, even when times are tough.
Determination – be determined that your business will succeed and that outcomes are a reflection of your own actions. Your business will be what you make it.
Independence - It is important to use your own initiative and be independent in order to develop your business or product. Also, you will achieve more if you are proactive rather than reactive.
Good sense of judgement – it is important to be open minded and accept other people’s help and advice. However, at all times it is essential to keep your fundamental business objectives at the fore front of your thinking.
Commitment – starting a business will often mean a lot of personal sacrifices, be prepared to give up leisure time and security in order to make your business a success.
Perseverance – businesses will invariably face setbacks, try and remain focused despite these. When expanding or starting a new business there is so much to know before hand, The Jobsearch scheme can provide help and support for people who want to pursue this.
Other Sources of Information
Alternatively, the Directgov and Business Link pages provide extensive advice, links and information which those setting up new businesses should know. Follow the links for these below.
Don’t underestimate the power of networking and raising your company profile. There are various nationwide business events, to find events in your local area please follow the link below.
To find regional and local links to business events follow the link below:
www.businesslink.gov.uk/bdotg/action/event?r.s=a&r.lc=en&r.li=1081113273
If you have any questions for our Recruitment Zone team please contact Triangle on 0870 950 1177 or email jobsearch@trianglefusion.co.uk