Where Are You Heading?

Where are you heading?

Starting your own business is exciting and quite rightly so but have you actually sat down and planned your journey and what you want to achieve?

For many business owners, the excitement of starting their own business carries them along for quite a while and the reality of what they are doing and where they want to go doesn’t kick in for some time, maybe at the point when they want funding or maybe are looking to take on a partner.

Having a business plan which maps out your vision and your strategy is a pretty good place to start. Although this sounds daunting, putting it down on paper clarifies what you are doing and why. It might be the first time that you’ve actually thought about it but setting up and running your business is no different to going on any other journey. If you go to the railway station and ask for a ticket, what is the first thing you will be asked?

Planning the end of your journey is a great place to start although that might sound a bit strange at this point. When you are at the beginning of your journey, why would you be thinking about the end result but your exit strategy is just as important as getting started.

What type of business you want will also affect the journey. Do you want a lifestyle business which is just about you and getting what you want from your business? This is great but the downside is that if you don’t work, you won’t get paid. It’s not like being employed where you probably get sick pay, holiday pay and everything just happens.   A lifestyle business is very dependent on you as the business owner. This is absolutely perfect for some people and they are very happy to stay as a one man band or solopreneur.

What if you want more than that? Your exit strategy might include selling your business or leaving a manager to run the business while you do something else. In the early days that probably sounds a bit daunting but it’s part of your strategy and getting the result you want from your business. It won’t happen overnight; one step at a time in the right direction will get you where you want to be.

There is no right or wrong answer. It’s your business and you can do whatever feels right for you and your family.

Whatever you decide, make sure you discuss it with your partner and family as well. In the early days, it will be important that they can see the bigger picture too. You will probably be working longer hours in order to get your business off the ground and a bit of understanding at home will make it so much easier.  When the going gets tough, re-visit your vision, your WHY, and just remind yourself why you are doing it. It will all be worth it in the end, but anything worth having takes time and hard work in the early stages. There is no such thing as an overnight success – it takes lots of hard work to get there!

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