Making the decision to branch out on your own is not one to be taken lightly. Entrepreneurship is truly a personal journey like nothing you’ve experienced before. My first venture into entrepreneurship began in 1993 when I made the decision to leave the corporate world and set up my own boutique apparel sourcing agency. Like t https://npfinancials.com.au/so many other people, I was convinced that it would be an easy task as I was going into the same line of work that I had just left. I knew the business like the back of my hand… or so I thought.
It wasn’t until I actually got into the business that I realized just how much I didn’t know. It’s easy to believe that the business will run smoothly because we know our craft very well, but we didn’t take into account the various other roles that we would also be responsible for i.e. accounts, administration, operations, marketing, sales, etc. As a one person operation we wear all of these hats.
If you are an individual who has given considerable thought, you’ve weighed the pros and cons and have decided to go for it, then here are a list of must-dos to start your journey on the right path.
1. Write a Business Plan.
Yes, I can hear you right now. “Why do I need a business plan when it’s just me? I know what I’m going to be doing.” You still should write a business plan. Writing a business plan creates clarity. It documents what it is about the business that makes you special (your USP), and gives you a clear picture of where you want to go and by when. Think of your business plan as a starting point, much like mapping out your destination before beginning a journey.
Keep in mind that your business plan is a living document. It’s not a one time process. Continually update it as you gain new information and insights into your business. Having a written business plan from day one of operations gives you something to look back on to track your progress and your successes.