Is now a bad time to start a business?

HappySad

This advice is great!!!

Willman_Rodders wrote: »

There is never a right time to launch a business. A couple of pointers:

1. From being the worker you become the boss, the secretary, the finance director/book keeper, the marketing director, and the worker! You will need all those person's skills to be successful.

2. marketing should take up a sizeable amount to his/your time. Build this time into your prices, together with ongoing training costs etc

3. Flyers may work; they often don't. Printers will tell you they do - but when you talk to small business people they too frequently say they don't. You can poor a lot of hard earned money, and waste alot of your time, distributing flyers for no benefit.

4. Word of mouth marketing works - but can take time to build a reputation.

5. Beware of falling into the 'I'm cheaper then the opposition' mindset; a common mistake is to make yourself cheaper than the opposition. Instead, go the other way and increase your fees - you will be surprised how many people want quality and will pay for it.

6. Work smarter; i.e. don't spend hours distributing leaflets but find someone who can introduce business to you (As a will writer I have a number of financial advisers who contantly introduce business to me; they recommend my services - it took one approach from me to each of them for an ongoing supply of referrals.)

7. Don't expect the money to rush in; make sure you have sufficient financial resources to last.

8. Team up with plumbers, trades people, and other electricians. Established electricians will have peak times when demand outstripes their supply; agree to handle their surplus - for a small fee. Plumbers plumb (they are not 'sparkys) - they occassionally need electricians and if they can find one they can trust they'll recommend your husband.

9. Seek as much advice as you can find. Be prepared to disregard most of it.

10. Make sure the whole family are in on the action; share the challenges -to identify the options and solutions.

11. Stand back to think outside the box.

12. Disregard the credit crunch; it will drag you down. Instead believe, and plan.

But, I just wonder, does your husband believe? Or is it you who is pushing him? He has to believe, and 'want'. Without the 'want' the business will fail.

HTH.

Rod

This advice is great!!! I am a stay at home mother who used to work in IT and I am to start a graphic design company. From talking to many people it looks like word or mouth are the best way to go about. I have also found local forums useful too. With my limited experience I am being told that networking and networking is the key. HOw can I market my company to others so that they choose me? HOw can I tell if there sufficient market for my product?

digp

martindow wrote: »

I would agree that flyers have a very poor return. as has been said, success will depend on a lot of investment in time and energy.
quote]
FLyers waste of time.

joffyw

Hi All

I'd always wanted to be my own boss but with a mortgage and two year old twins i just couldn't make that leap into the unknown with dependants however that all changed last year. My employer told me they'd run out of money so they were going to offer a new contract with virtually no salary but 50% commission. After long conversations with my partner we decided what was the point of taking the risk for 50% gain, i might as well go it alone for the same risk but get 100% or what i make.

Eight months later i'm still ticking over and growing very steadily. I joined a local weekly networking group (BNI) which now accounts for 50% of my business as nothing can beat word of mouth reccomendations.

There is sooo much doom and gloom around at the moment but i'm a great believer in taking any positive from negative situations. Sometimes we need a little push in the right direction and perhaps this is the one your other half needs. If he's good at his job he'll never be short of work. It's tough at times being on your own but it's so nice to know that you're in control and there's never going to be that day when someone says......"we haven't enough money to pay you this week".

I wish you both the very best of luck.

digp

joffyw wrote: »

Hi All

I'd always wanted to be my own boss ...

I joined a local weekly networking group (BNI)

...

quote]

what do you do ?

is there a website for local networking groups?

Slinky

BNI groups are everywhere. Try Googling 'networking groups' and the name of your local town and that will probably produce results for you.