"I hate my boss".
"My boss doesn't know what I know".
"I could do a better job".
For a lot of small businesses, that is all the planning that goes into starting a company.
So you've had the training, got the qualifications, you really know your stuff.
You can spot the faulty wiring, cure the central heating circulation failure, fix the sticky door lock, plaster the wall to perfection, hang wallpaper on the ceiling, whatever your particular skills for your trade.
Then one day the time comes - maybe you disagree with the boss, maybe he ran out of work and let you go, or maybe you really always intended to do it yourself.
Now what? There are no customers in the toolbox.
Where is your income going to come from? You have to find some customers, pretty quick -what is your plan for doing that? Have you had any training for doing that? You can't get yourself in Yellow Pages at the drop of a hat, and even if you did, how many other people are offering the same services as you? Before you get to this stage, you need a plan.
If you are thinking about going into business on your own, even if you expect it to be some time away, you have to plan.
Here are some things you have to think about:
Even if you get some help and advice from the bank, the Chamber of Commerce, or whoever, it's down to you in the end.
You have to deal with these, which takes up your time - and that takes away from the time you can spend serving your customers, which reduces your income - so that's another thing you have to take into account in your plan.
To summarize - if you think you will go independent in the future, start thinking right now what you need to learn before you make the jump.
Start planning!
"My boss doesn't know what I know".
"I could do a better job".
For a lot of small businesses, that is all the planning that goes into starting a company.
So you've had the training, got the qualifications, you really know your stuff.
You can spot the faulty wiring, cure the central heating circulation failure, fix the sticky door lock, plaster the wall to perfection, hang wallpaper on the ceiling, whatever your particular skills for your trade.
Then one day the time comes - maybe you disagree with the boss, maybe he ran out of work and let you go, or maybe you really always intended to do it yourself.
Now what? There are no customers in the toolbox.
Where is your income going to come from? You have to find some customers, pretty quick -what is your plan for doing that? Have you had any training for doing that? You can't get yourself in Yellow Pages at the drop of a hat, and even if you did, how many other people are offering the same services as you? Before you get to this stage, you need a plan.
If you are thinking about going into business on your own, even if you expect it to be some time away, you have to plan.
Here are some things you have to think about:
- How are you going to survive until the money starts coming in?
- What will the startup costs be - your own equipment, transport, etc?
- How much money do you need to make?
- Where are you going to find your customers?
- How are you going to convince them to use you rather than the next guy?
- How much are you going to charge for your services?
- If you have to provide materials to do the job, how will you cover the cost until you get paid?
- How are you going to collect payment - cash in advance / on completion, 10 days payment against invoice?
- Will you need a business bank account?
- Will you need to register your business with the tax authorities?
- Do you know how tax works - personal and business?
Even if you get some help and advice from the bank, the Chamber of Commerce, or whoever, it's down to you in the end.
You have to deal with these, which takes up your time - and that takes away from the time you can spend serving your customers, which reduces your income - so that's another thing you have to take into account in your plan.
To summarize - if you think you will go independent in the future, start thinking right now what you need to learn before you make the jump.
Start planning!
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