Comments and advice:
Starting a business from scratch can be the most rewarding method of business start-up.
Unlike Franchising, and Buying a business- you are 100% on your own. Before you dive in at the deep
end, there are plenty of things you can do to increase your chances of success e.g.. getting to know your
market and competition, creating a realistic business plan, constantly motivating yourself and your staff.
There will be plenty of problems to deal with and many things to learn. Nothing is impossible, but things
can get very difficult. When facing problems it is important to maintain a positive attitude, but be realistic.
Imagine the scenario: two identical businesses face the same problem- one fails and the other succeeds.
It goes to show that it isn’t the problem but the way that the problem is dealt with that differentiates
between success and failure. Deal with problems head-on, if you 'bury your head in the sand' the problem
will get worse and the only person you can blame is yourself! Most successful entrepreneurs have found
themselves in exceedingly hairy situations- taken the correct course of action- and survived.
There's a lot of money to be made in this big-wide-world, all you have to do is perfect a system that
enables you to:
· have as much money as possible going in to your bank account.
· have as little money as possible coming out of your bank account.
· Have fun and enjoy yourself.
· Initial investment level is decided by yourself or your ability to attract investment.
· Many organizations offer support / subsidies / funding.
· You have the ability to explore new business concepts / formulae.
· All post-tax profits are your own.
· No restrictions on your business methods.
· Control expansion to suit.
· Ability to adapt quickly to changing economic circumstances.
· Potential to sell, franchise or float on stock market once business has stabilized.
· Great sense of achievement and ability to say 'I told you so',
· Comparatively little 'hands-on' help and advice than other methods.
· Steep learning curve.
· May fall in love with the business and forget the point e.g. to make profit.
· Most business start-ups fail in their first year.
· Ability for your friends to say 'I told you so'.