MODERN ENTREPRENEURSHIP
make mistakes and get away with
it. But today I believe it’s harder to
do so. Internet marketing was a
blimp on the radar back then. I can
remember putting a small print ad
in the yellow pages and local paper
to get the ball rolling.
I can also remember hitting the
streets cold-calling businesses and
handing them my business cards.
These days this style of marketing
is pretty much a dinosaur, it’s
unheard of. Today business is fast,
it’s controlled by the internet, it’s
competitive, you have to be on the
top of your game, so just jumping in
will be a recipe for disaster. There
are a lot of things to consider when
thinking of telling your boss to
stick his job where the sun doesn’t
shine. Here are the top three things
I would suggest before taking the
leap:
1
Start your business part-time.
Think about starting your
business part-time to get a feel of
what business is all about, how it
works, see if you like it, if it’s going
to make you a living. This can also
give you the opportunity to build it
up before going full time with it.
2
Have a detailed business plan.
Make sure you have a detailed
business plan. This is where I see
a lot of start-ups fail because they
don’t have a plan. Remember what
they say, fail to plan, plan to fail.
This business plan should include
a heap of things such as forecasts,
cash flow, rent, running costs,
wages, stock, insurances, etc.
to put anyone off having a go in
business. Having a go is everything
in life so if done right I say go for it
because I can remember everyone
telling me I wouldn’t make it. But I
proved them wrong and I know you
can prove everyone wrong too.
3
Have enough back up cash.
Make sure you have enough
back up cash in reserve, because in
most cases start-ups struggle with
cash flow in the first few years, so
before chucking in your job, start
saving up some holiday pay and
some savings. Maybe even get a
part-time job to save up some more
money. The extra hours will get you
ready for when you go into business
– remember 60-80 hours a week I
mentioned above!
Justin Fankhauser is a business coach
and author of the new book, Shut Up,
Get Up and Give It a Go: A Self-Made
Entrepreneur’s Guide to a Kickass Life
and Business – a powerful insight
into overcoming the odds. Visit http://
kickassbusinessonline.com or email
[email protected].
Now like I have said, I’m not trying
March 2016
ModernBusiness
45