Introduction to Starting Your Own Business
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Contents Introduction Do I need a Business Plan? Choosing your Business Structure Where to find Start up Capital Time Management Made Simple The Digital Revolution Employee Engagement & Loyalty The Importance of Networking Managing Stress Common Business Mistakes & How to Avoid them
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Introduction People look to start their own business for a number of different reasons from being made redundant to having a desire to be their own boss. Some people simply have a good idea and a determination to make it succeed. Anyone who has looked into starting their own business will know that there’s a big difference between having a great idea and being great start-up. The key to succeeding is knowing how to bridge the gap between the two.
It’s
important
when
starting
your
own
business that you don’t underestimate the importance of planning. Start with figuring out what your product or service is going to be and how you are going to take it to market and take it from there.
Once you have the what and how clearly defined you can start looking at everything else, from creating the business structure and figuring how you will fund the company right up to how you can manage the potential growth and success of your business. Whatever the reason you’re looking to start your own business this guide can offer you some helpful tips in order to succeed.
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Do I Need A Business Plan? Starting a new business can be a challenge for anyone, whether you’re a novice or an experienced business mogul. This is where a really good business plan comes in which can help tremendously. A well-researched business plan can help you to overcome the challenges you’ll face when the business is up and running. Some people see a business plan solely as a tool to acquire funding for their business but a business plan is much more than this. It gives you the opportunity to fully assess your potential business, set out a plan and give you clear goals to achieve. It forces you to look at all areas of your business including areas that may be challenging and address what you need to do in order to succeed.
Guidance and Vision Your business plan should be something that guides the way for your business. You should be able to refer back to it in the future to see where you originally envisioned the business would be heading. You can only do this if your business plan is detailed and comprehensive; that’s why it is so vitally important. You could be left floundering and making unnecessary mistakes if you fail to draw up a good business plan and stick to it. Obstacles are inevitable but don’t have to throw you off course if you have a structured business plan to adhere to. This vision is not something that should be kept for the owners and managers only. The whole workforce should share that vision for the business’ future. This will help to make sure that everyone is pulling in the same direction. This vision should offer both short-term and long-term goals that will help to guide and shape your business.
Competition Analysis For a business to succeed, it needs to know exactly what it's up against before even entering the market. Unless you’ve come up with an entirely new idea for which there is no rival to speak of, competition analysis is vital. If you don’t conduct a thorough analysis of the market and your main rivals, you will find it difficult to get ahead in your chosen market. Your rivals are not going to be easy to push past and will likely to have industry experience you don’t have. The more established and reputable businesses are always at an advantage when a new rival enters the market. Without some strategic advantages, the smaller, newer business will not be able to challenge for supremacy. The analysis you carry out should be detailed and this then allows you to highlight the strengths and weaknesses of other business rivals and how you can differentiate your business .
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Market Research Every business needs to know its target market. You can’t identify the people you want to target with your advertising material until you’ve carried out some market research. This is when you find out who your products or services will appeal to most. When you get the data back from your market research, you can start to think about marketing the business to that target market and then expand to other potential markets. How you will approach this market research is what should be carefully outlined in your business plan. You can outsource to an expert market research company if you’re not sure how to go about it as they’ll know exactly what to do.
Budgeting Managing the cash that is flowing in and out of the business is one of the most fundamental tasks in business and it’s not something that can be ignored. Not if you want your business to survive and grow. But knowing how to manage cash flow is not an easy task, and it’s something that you need to lay the foundations for. Planning allows you to put the correct measure in place. This kind of planning should be a part of your comprehensive business plan. Your budgets will need to be outlined in detail as a part of your business plan and it should cover the necessary funding requirements that the business will need while it’s getting started. Failing to do this properly can lead to all sorts of problems, so make sure you budget carefully and comprehensively and get expert help as required. It is too important to risk not getting it right
Outlining Exit Strategy Some business owners set up a business with a relatively short-term lifecycle for it in mind. You might be thinking about selling the business or exiting in some way when the business reaches a certain level. This should be covered in the business plan. Your business plan should always have an eye on the future, so make sure you think about a potential exit strategy. There are many different types of exit strategies, so you need to research them all. You could offer stock to the public, sell the business to a competitor or organise a management buyout. Another option that’s very commonly used is a merger. This is when two businesses merge into one, allowing for the assets of both to be taken advantage of. An exit strategy might not be on your mind right now, but you should give it some thought.
Business Plan tip Update your Plan as you grow! Once your company is up and running take the time and update your business plan. Your now have true data and figures that you can include. Your business plan is a living thing, it should adapt and grow with the company.
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Choosing your Business Structure One of the first challenges an entrepreneur faces when setting up a company is how they’re going to structure it. It’s an important decision because the options all carry their own advantages and disadvantages. The most popular options are setting up as a limited company or becoming a sole trader. There’s no straightforward answer to the question of which of these arrangements is better than the other. It all depends on the circumstances of the entrepreneur and the type of business they want to run. Below are some of the key pros and cons of each arrangement.
Limited Company Many people choose to operate as a limited company for reputational purposes. This is because many other businesses will only take your business seriously if it’s run as a limited company. This might seem unfair, but in many cases it’s true. For people who are going to be required to find corporate clients to work with, being a limited company can help significantly. The other benefits of operating as a limited company are mainly financial. Your personal assets will be protected against the debts of the company. This means your personal life and your work life will be separate in terms of legal liability, and that’s very important. Your home and other valuable assets will be completely safe and you’ll gain access to clients who will only consider working with other limited companies. You’ll find that you could simply be ignored by many potential clients if you work as a sole trader.
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There are some downsides of setting up a limited company though. For a start, there are many more regulations to comply with when you operate as a limited company. The financial burden might not be suitable for many people either. For example, you will have to pay corporation tax. This isn’t necessarily such a bad thing for some entrepreneurs, but the burden might be too large for some. The way that money is withdrawn from the company is very different too. Money can’t be withdrawn unless it’s in the form of a salary, a dividend or a loan. This makes taking money out of the business more difficult for the owner. The company must be registered with the Companies Registration Office (CRO) and the company reports and accounts must be returned each year to the CRO
Sole Trader For people who are looking for simplicity above all else, the best option is definitely becoming a sole trader. Becoming a sole trader means you are simply turning yourself into the business. This means there’s no separation between you and the business you’re setting up. The lack of complications involved in operating as a sole trader can make this an ideal solution for people working as freelancers. All the money you make as a sole trader will be taxed accordingly by normal measures of income tax, which means you have to register for self-assessment, and this is something that is done each year. The details of the money you make each tax year will be submitted to the tax authorities who will tell you how much money you owe. Your accountancy costs will be a lot lower, and you might not even have to use any professional accountancy services. This is because the process is pretty simple and straightforward. The most appealing thing about being a sole trader for most people is the level of control people get. The business decisions will all be yours, and you won’t have to worry about anyone else. This gives you a level of flexibility that you can’t get any other way. And if your business starts to grow or change into something bigger, it should be relatively easy to make a change to its structure too. So, you can easily move from being a sole trader to running a limited company in the future if that’s what you want to do. Being a sole trader has its downsides too though. Liability is a big issue that a lot of people worry about when they set up as a sole trader you will be personally liable for everything that happens. This can leave your personal finances and assets at risk if something unexpected does go wrong. It can be more difficult for you to get loans as well. Lenders often take limited companies more seriously than sole traders, so they’ll be more likely to lend to them.
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Where To Source Start-Up Capital Finding capital is one of the biggest challenges a business owner can face. It needs to be done when the business is starting up and it also needs to be done when the time comes for the business to grow and expand. Here are the main ways in which people find capital for their business.
Banks The most straightforward and commonly used way of raising money for a business is getting a loan from a bank. This is pretty straightforward for a business that is already up and running and looking for money that will help it to grow and expand.
The process might be long and complicated, but as long as you meet all the necessary requirements, it won’t be long before your loan goes through. Then you’ll have the money you need for the business to expand. There’s a good reason why it’s such a popular way of finding capital: it’s safe, secure and relatively easy.
Incubators Different organisations and agencies offer incubator options to young entrepreneurs. These incubators help start-ups to grow and expand as they’re just starting out. They are only suitable for businesses that are just starting out. They’re not the solution for existing businesses that are looking to raise funds for an expansion or improvement to the business. There is a lengthy application process that the business owner will have to go through before being accepted
Venture Capital For start-ups and small businesses, venture capital is still an essential source of financing. They work by investors providing money to small businesses that they see as having long-term growth potential. The risk for the investor is huge, but the rewards can be huge too. This makes it pretty simple to find backing from a venture capitalist, as long as you can show them the potential of your business. Some of the venture capitalists out there will offer managerial and technical support to business owners. Either way, venture capital is something every business owner should consider
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Peer-to-Peer Loans If you’re looking for a way to borrow money without going to a banking institution, peer-to-peer lending might be an option for you. Instead, ordinary people act as lenders. These are often investors who want to make some money, but there is a risk involved for them. For you, as long as you get a loan with a good interest rate, the risk is lower. These peer-to-peer loan deals are found on specific sites that deal with matching up lenders and borrowers. This offers some regulation and oversight to the people on both sides of the deal.
Crowdfunding Crowdfunding is a relatively new phenomenon and it offers an interesting way to raise money for businesses. It works by setting up a pledge on a website like Indiegogo or Kickstarter. You then appeal to ordinary people to invest their money for a return. It could be shares in the company, for example. You have to outline a specific monetary goal, and some sites will not let you raise more than that goal. The different websites have different rules, so you’ll need to make sure you fully understand them before you begin and choose the right one for you. And then you’ll have to get creative to find success because many campaigns fail.
Float the Company Floating your company means making shares of your company available for purchase by investors. This then means that a chunk of your business will be in the possession of other people but the good thing about it is the fact that it allows you access to new capital. Raising money is one of the main reasons why businesses are floated by owners. The money raised from the selling of shares is usually used to improve or expand the business, but you can do whatever you see fit. The other benefit of doing this is that it will give a boost to the reputation of the business.
Angel Investors Some very wealthy individuals like to invest in businesses. Some will help them grow, and others will sit back and let you take control of the business and use their money wisely. These kinds of investors are known as angel investors. This kind of solution is ideal for people who are struggling to find capital from any of the other ideas discussed above. If the angel investor you find has knowledge of the industry and some useful contacts, you might get more than just a pile of cash. It’s not always easy to find one of these investors though, so you’ll need to do your research and appeal to them directly.
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Time Management Made Simple Managing time is a challenge that many people struggle with, it can be very difficult to get the balance right. Time Management starts with a commitment to change. You need to stick to the plans that you have in place and be strict with your time.
Do What You Can on the Go If you’ve spent the morning on your way into the office talking to clients or suppliers, then you’ve already got a head start. If there are calls you can make before you even reach the office, your time will be saved when you get there. It’s common sense, but it’s also the kind of advice that a lot of people don’t think about using. There are all kinds of things that you can do before you reach the office, so why leave them until you get there? Yes, it can make your commute a little busier but it’s easy enough to put your earphones in and make a few calls or answer some pressing emails on your laptop or phone while sitting on the train, bus or Luas. It’s all about planning ahead and not being left catching up as soon as you reach your desk.
Organise Your Space Better When was the last time you thought about how your office space suits you and your working habits? I bet it’s been a long time. It’s never a positive thing for a manager or business owner to have to navigate his office or desk to find important files or paperwork. Your office space should be set up in a way that means they’re able to accommodate your needs and may help reduce your stress as you’re not spending time trying to remember where you put something. You can save a lot of time in the long-term if you’re able to use your workspace more effectively and smoothly. You’ll spend less time rummaging around in drawers looking for those documents you need and you won’t have to fight with all the clutter. It could be as simple as throwing out the stuff that you no longer need or filing things in the correct place and labelling them.
Schedule Time for Interruptions You might not like the fact, but everyone gets interrupted in the workplace from time to time. Sometimes, these frustrations are annoying, and sometimes you may prefer if people would just leave you alone. And other times, the interruptions are urgent, and they demand your immediate attention. Either way, they take up more of your precious time.
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That’s why you should always try to allow a bit of extra time to deal with those inevitable interruptions. You can’t avoid them so ideally you could try modifying your schedule in a way that makes it much easier for you to deal with them. Try to build in a little extra breathing space at the end of some tasks for this purpose.
Plan Each Day Planning out the next day before you go to bed is one of the best time management tips out there. It allows you to get the day ahead clear in your mind before it even arrives. That means you will be as prepared as you possibly can be for the challenges and difficulties that the day might bring. You don’t have to spend a very long time planning the day. A quick read of your schedule and making a few notes and reminders is all that’s needed. Sometimes, doing this will remind you of something else you’re required to do. And sometimes, it will help you avoid unexpected surprises the next day.
Don’t Try Multitasking This is something that most people do when they are thinking about new ways in which they can save time in the office. Unfortunately, multitasking doesn’t always have the desired outcome for rushed business owners and managers. In fact, it often has the opposite of the desired outcome. That’s why you should avoid it. When people multitask, they tend to do lots of jobs poorly, as opposed to doing one job properly. This then means that they have to spend time going back over what they did wrong before, wasting even more time. It’s one of those tips that may sound helpful, but in practice it rarely is so unless you are a superb multitasker try to focus and accomplish one task at a time.
Don’t Be Afraid to Ignore People It might seem a little rude to simply ignore people who are trying to get your attention for whatever reason but sometimes it may be necessary. Unless the issue is really urgent and pressing you could try hanging a ‘do not disturb’ sign on your office door at certain times during the week when you need to have some uninterrupted quiet time. This will cause 90% of people to turn away and come back later rather than eating up more of your time. Another thing you should ignore is the internet. Are you one of those people who has to compulsively check your emails every five minutes? Most of the time there’s nothing particularly compelling to read. So, why not check your messages a little less often. The same logic can be applied to social media. These things tend to act as distractions.
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The Digital Revolution Every aspect of our lives has been changed by the digital revolution that’s still in process. But some of the biggest changes can be seen in the world of business. Information and communications technology have entirely changed the processes that were previously in place and things are faster, better integrated and more convenient for both clients and customers but this means you have to try and keep up with new ways of doing business. Data storage and management is one of the most important tasks that businesses have had to confront. Files and documents are no longer stored in packed filing cabinets which allows for a much easier way of accessing the data and using it effectively. From that point of view, the change has been wholly positive, but that doesn’t mean there haven’t been difficulties too. For example, it’s now true that business owners have to think about security a lot more carefully. The risk of hacks and leaks is increasing every day, as are the capabilities of hackers and cyber criminals. The main lesson to be learnt from the rise of the internet in the business world is that it can offer a cheap way to reach many more customers. It has completely changed the way in which businesses have to think about selling to people. Almost every retail business has to have an online store these days and even businesses that don’t sell directly to the public and service business need to have an online presence. Without that kind of presence, the business might as well not exist to about half of the potential market. With more and more people now choosing to browse the internet on mobile devices; those websites have to be available on-the-go too.
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The internet is also continuing to impact the way in which businesses advertise and market their brands. Advertising has now become even more targeted and this is a big deal, especially for smaller businesses with limited resources at their disposal. Using Google, businesses can target key search terms and then drive the right people towards their ads. This is something that many business people are still getting used to as is the importance of social media platforms. Social media is just one of the ways in which online communications are shifting the ground in the world of business. Like never before, social media is allowing ordinary customers to interact with brands and businesses. Some businesses cleverly use platforms like Twitter and Facebook to respond to customer queries and some even use it to improve their customer services department. New tools for communication are also making it cheaper for businesses to operate on a day to day basis. VoIP phones allow businesses to call customers, clients and colleagues in a way that are cheaper than ever before and because it uses the internet, the costs are much cheaper than if landlines were used. Businesses are more connected than ever before, allowing for greater collaboration across the globe. One of the results of this is an increased opportunity of outsourcing overseas. It’s very cheap and easy to outsource to a company on the other side of the world, and the benefits can be huge. It saves money and can improve outcomes if the right companies are used to outsource to. Most importantly, it’s very easy for these companies to stay in touch, no matter how far apart they are. Video conferences can be conducted at any time, and once you have the right software, it’s completely free. Something that has significantly changed due to technology is the way employees work. Recent years have seen a big increase in remote working. This is because it’s no longer necessary for employees to come to the office each day. Those who do work in the office tend to work more flexible hours than ever before. Having employees work from home means that business owners are able to reduce office costs and the employers and employees can stay in contact by using messaging services and video call technology. It’s an arrangement that is appealing to both sides. It also suggests that the barrier between personal lives and work lives is being broken down. Flexibility is becoming dominant in the world of work today. The way business is conducted is ever-changing, and it’s yet unclear what the full impact of developing technologies will be. Greater levels of automation could have an even greater impact on business working processes in the coming years. In the short-term, technology will continue to make things more convenient for customers, but businesses will have to keep apprised of changing technologies to stay up to date, and employees will have to do their best to adapt to the new demands placed upon them.
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Employee Engagement and Loyalty For a business to survive and grow, employee engagement and loyalty are both very important. Employees are responsible for doing the work that will help the business to improve over time. So, without the right levels of employee engagement and loyalty, the full potential of the business may not be reached. Engagement is all about making sure the employee is committed to the goals and aims of the wider organisation while at the same time, the employee needs to be satisfied in their role in order for them to reach their potential. The only way to boost employee engagement is by finding a role for each individual within an organisation and harnessing their potential. Each person is different in an office. They have different skills and different areas of interest and expertise. It’s the job of the management to discover everything that each person has to offer. And then the team can be organised in a way that gets the most from everyone. This is obviously great news for the business as a whole. It allows the business to thrive because everyone will be pulling in the same direction and each person will be offering what they’re best at. It’s much more sensible than trying to fit a square peg into a round hole. That’s what you’re basically doing when you try to ask an employee to do something that they’re not comfortable with or capable of. By freeing them to do the things that they are more proficient at and happy at doing, the business will get what it wants from them and that’s what employee engagement is all about.
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However an employee should be encouraged to upskill and stretch themselves sometimes as this can lead to a sense of personal achievement and confidence. The employee benefits from this too though. For a start, it helps the employee because it clarifies their position within the workplace. When an employee knows where they stand and what their role is, they can start to feel more secure and comfortable in their job. Part of employee engagement is also about making sure that the aims of the business are understood by the workforce. It’s the role of management to make sure that those aims and goals are communicated adequately to the workforce. Once your employees understand the aims, they will be able to work out how those aims fit in with their own personal aims. All being well, those aims will align and they will find a way to work that helps them to achieve their own personal goals and the goals of the business. Employee loyalty is just as important, and this is something that a lot of people forget about. Loyalty allows employers to be sure that they’re getting the best from their employees. And for employees, it means that they will feel more empowered to give their all to the organisation. But how is the best way for employee loyalty to be created in an organisation? It’s not an easy question to answer, but there are a few answers out there. Security, good leadership skills, the right employment contract and a good office environment are all important. Leaders who genuinely care about the people in the workplace and their needs are always a positive thing for employee loyalty. The leader in the office should be there to solve any problems that arise and make sure that everyone is unified and working towards the same ends. Employees who are trusted and respected by their managers are always more productive and more successful. This is why good leadership is so crucial in the workplace. A good leader is also believed to help employee retention, which goes hand in hand with employee loyalty. A high turnover of employees is never good for a business because it causes disruption. Making sure that an employee has the right employment contract for them is also important. It makes sense that an employee will be happier to work for a company that pays him or her well. This is a very basic fact of employment, so if you think you can offer your best employees a better deal, go for it. It should be clear to them that their efforts will be rewarded properly. If you’re paying them less than the going rate, it won’t be long before they find a better deal elsewhere. If you treat them right and give them the right leadership, loyalty is something that should come naturally.
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The Importance of Networking If you want to build a sustainable business, networking can help you reach that goal a little faster. Networking is a great way of meeting new colleagues and learning new things about your industry. It can expand your horizons and open new doors for your business. In short, it’s a great way to grow your business. The major benefit of networking is the increase in trade that you can experience if you get it right. When you meet new people in the industry and make them aware of your business and what it does, you will find new people to do business with. You will also get lots more referrals. It’s all about spreading the word and making sure that as many influential people as possible know about you. This is just the start of the process though. You have to then turn any referrals into actual clients and do everything in your power to keep hold of new clients once they arrive. Your business will be exposed to all kinds of new opportunities when you start networking too. You have to be mixing in the right circles to hear about new partnerships, asset sales and joint ventures. So, if you network with the right people, you could quickly find that you get offers that you never got before. Of course, these opportunities are all different and some are better than others. Business owners have to develop the skill of knowing which business opportunities to turn down and which to grab hold of. It’s something that most entrepreneurs learn over time.
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Having those kinds of high-power connections can help you out a great deal too. Even if you don’t want to get involved in any of the deals that may come your way, you can still learn a lot from people. Knowledge is power in the world of business, and knowing the right people can allow you to grow your knowledge of a particular sector. Networking will allow you to meet people who could be able to help you in the future. So, make sure you always get an email address and phone number from people you meet when networking. You never know when that person might be useful to you. Always have your business card to hand too so you don’t miss an opportunity to connect! New contacts may be able to give you advice that could keep your business afloat. This is a huge deal for entrepreneurs that are just starting out in business. There are lots of potential mistakes you can make but it’s much better to learn from the mistakes that more experienced business owners have made in the past than to make them yourself. That’s why getting solid and reliable advice from the right people can be so important. Any advice that improves the success of your business can only be a good thing. Networking also allows you to get noticed by new people who might not have paid much attention to your business in the past. There are so many people out there who are looking to make industry contacts, so the best way to get noticed above the crowd is to make an effort to engage with people. Business owners that drone on about their business and offer a sales pitch don’t often succeed at networking. It should be much more relaxed and laid back than that. Get your face known at all the industry events and social gatherings. Before long, you’ll be familiar, and you can start to get to know people better. It’s not all about persuading people to help you and finding new clients though. Networking can also be used to increase your influence in your chosen sector. So, if you have specific interests that can be advanced by influencing others, meeting new people and talking with them can help this. You can only influence people and get them to see things from your perspective if you have some leverage in the industry. Networking and meeting new people is a good way to do this. One thing about networking that is important for beginners to remember is that getting rejected is not the end of the world. When no one knows who you are, it can be hard to get a fair hearing from the people you’re trying to impress. But you shouldn’t allow this to put you off the idea of networking altogether. You just have to rethink your strategy and go about things a little differently when you suffer a setback, so keep trying until you get it right.
Networking tips Resist the urge to arrive late It can be daunting to attend an event where you do not know anyone. By arriving late to an event people will have already established groups which will make is more difficult for you to find someone to connect with. By arriving early it will be calmer and quieter giving you a better opportunity to have conversations with people.
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Managing Stress The office can be one of the most stressful places in the world, or it can often seem that way at least. But stress can have a big impact, individually as well as collectively. The impact on employees and managers alike can be disastrous, and this, in turn, takes its toll on the collective efforts of a business. More business owners and managers are now realising the importance of managing work-related stress. It’s common sense because a stress-free office is much more likely to be a successful and productive office. But what is the exact impact of stress on people in the office and the business more broadly? The biggest concern for business owners is the impact it has on absenteeism. When people take time away from the office, the business can suffer. But when people are put under immense stress for long periods of time, it’s not surprising that they eventually have to take time off. It’s proven that high-stress offices face higher levels of absenteeism than other, low-stress offices. The impact this has on the business’ productivity levels is very worrying. Looking for ways to decrease stress might not be easy, but it can be done.
Good communication is one of the best ways to lower stress levels. When people fail to talk to one another and relay ideas and notifications properly, stress levels can soar. Communication breakdowns are not uncommon in the office so it’s the job of the office manager or management to make sure that people communicate properly to avoid unnecessary frustrations.
Even simple things like making sure queries and questions are answered adequately and swiftly can make a difference. If people start talking and communicating, you could see the stress levels in the office drop. Part of this new focus on communication should include greater planning provisions and regular team meetings. The meetings you hold in the office will give everyone the opportunity to get up to speed with what’s happening in the office. This is essential for a business that’s big and sprawling. It puts each individual department in contact with all the other departments in the office and helps keep lines of communication open. This can be helpful for everyone in the office. Planning is a good idea too. When you plan what is going to be happening in the week ahead, you give everyone a chance to prepare properly, minimising any unforeseen issues.
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There are lots of small things that people in the office worry about but most of these things don’t really warrant you getting stressed over. You shouldn’t be the kind of manager that demands perfectionism from every task. Most tasks don’t need to be completed perfectly. The fact is that many habitual small tasks that happen day to day in the office can often be better completed quickly rather than perfectly. When people are required to work too quickly on multiple projects, they may not be able to ensure every piece of work they do is perfect and therefore communicating the importance of each task can help clarify the priority a manager places on them. Time management is something that is essential for a low-stress workplace. When people are not able to juggle their different tasks and meet deadlines, it can cause lots of stress. They stress themselves out by putting unnecessary stress on themselves. But this is not all that happens. The stress is also multiplied because when someone doesn’t get the work done, it often affects other people down the line. This is why finding new ways to manage time in the office is of the utmost importance. By getting work done in a timely fashion, the workforce will see its productivity rise and stressful situations will be averted. For senior professionals and managers, it can be very difficult to leave the office at the office. With the advances in modern technology, it’s now possible for people to take their work home with them easily. And it’s also a lot easier for them to be contacted and asked to do some work when they’re away from the office. This is a big problem and a massive cause of stress for many employees. You should try everything you can to make sure that your work life is very clearly divided from your personal life. Mixing the two can lead to problems in the long-term which creates a vicious circle in which your work life and your personal life can suffer. Driving down workplace stress is a challenge for certain workplaces, but it’s something that needs to be done. The repercussions for failing to confront work-related stress are too large to ignore but the benefits of managing it can have far-reaching effects.
Managing Stress tip Take a break! No matter how busy your schedule is throughout the day make sure you take a break to relax and recharge. This will ensure that you continue to be productive throughout the day. It is easy to get caught up in work but its important to take a moment to relax and clear your mind.
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Common Business Mistakes & How to Avoid them All business owners make mistakes. The trick is to learn from them and learn from other peoples to avoid making similar ones in the future. Below are some very common mistakes made by business owners.
Not Embracing Risks Running a business means taking risks. This has always been the case in the world of business, and it always will be. You can’t make a success of your business unless you’re willing to take a leap of faith every now and again. Running away from risks is something that many unsure and trepidatious business owners do. They cling to safety, but this means limiting their scope. To make sure that you don’t make mistakes when taking risks, you should carry out research and calculate all the potential outcomes. This will ensure that you don’t blindly jump into something you might regret later. It gives you the opportunity to make educated risks that have the potential to return positive results. But, crucially, it will also mean you don’t stick to the safe but limited middle ground.
Ignoring All Criticism Sometimes, people will tell you things that you don’t necessarily want to hear about your business. These harsh truths might not be easy for you to listen to, but they can give you a new perspective on your problems. By shutting down all criticisms of your business and working methods, you turn your business into a dictatorship. To overcome this temptation, you first need to resist it and then make the business as collaborative as it possibly can be. Being able to listen to what other people have to say is a key skill that all business owners should possess.
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Inflexibility Another side of ignoring criticism is being inflexible in your approach to business. There’s no use in listening to other people’s criticisms if you’re just going to do nothing about them. It’s about making sure that you take a more flexible approach to all the aspects of your business. Inflexibility usually leads to arguments and disagreements within a business. And if you refuse to change your path when things are going wrong, the problem can become even worse. You need to have the ability to switch things up when they’re not working and remain open to new ideas that people come up with.
Failure to Track the Competition Every business owner needs to think about the competition that they face. If you fail to think about how those businesses that you’re competing with are performing, you risk losing ground. Of course, focusing on your own business and aims is something that is always more important. But that doesn’t mean that you should simply ignore the competition. You have to keep an eye on them to make sure that your business is always a step or two ahead of them. It allows you to make tweaks and changes to your approach to business if that’s necessary.
Patent Problems If you have a new product that you want to take to the market, you need to make sure that it’s protected by the law. This means getting a patent. If you release a product without getting a patent for it, first of all, you run the risk of your idea being compromised and stolen by others. And that’s not what you want if you want your product to make money for the business. Getting a patent can be a long and tricky process, but you need to see it through to the end to make sure you’re protected.
Poor Financial Planning Unfortunately, it’s not at all uncommon for businesses to fail because of financial mismanagement. This is the most disastrous mistake that any business owner can make. Your finances need to be planned out in advance to make sure that you have the money in place to cover you. Contingency planning is a big part of this. You have to always have money available to cover those unexpected costs that crop up from time to time. If you don’t, you’ll be forced to borrow money, and that can lead to a spiral of debt. If accounting is not a skill you are comfortable with then seeking the help of an account or financial planner can be invaluable to your business.
Reaching Too Far, Too soon There’s nothing wrong with business owners having ambitions. But it’s also important that those ambitions are realistic for their business. If they’re not, you’ll quickly find that your business is reaching too far. When a business aims too high too soon and fails to reach its ambitions, it can have an incredibly damaging long-term effect. It can even lead to the business collapsing completely. So, before you start the business, make sure you think carefully about where you want to take it. Plan out how you are going to achieve this, what timeline is realistic to achieve it in. It is important to have goals and a desire for your company to be the best just make sure you don’t try to take a short cut getting there.
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Conclusion Making the decision to go it alone and start your own business is a daunting one. You will be faced with many obstacles and set backs but how you deal with these will be the key to your success. Achieving success does not happen over night, you need to be patient, persevere and work hard. Don’t be afraid to ask for help. There are a number of resources available to you offering advice and support so make sure you avail of these. Research your chosen business area, the more knowledgeable you are the more you will have to offer your business and your customers. We hope that the information in this guide gives you a starting point to set up your own business. The team at Nesta wishes you every success in your endeavours. Don’t let the fear of failure hold you back. The success of your business starts with you so take the plunge and get planning. It is never too late to make a change to your career.
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Nesta offers fully furnished and equipped office space in convenient locations across Dublin. Offices are ready to go, with telecoms, broadband, onsite parking, meeting rooms and staff facilities. We also offer secure private storage rooms if you need somewhere to store stock, paperwork, merchandise or anything else. Call one of our branches today and a member of the Nesta team will be happy to discuss your needs with you.
4-5 Burton Hall Road, Sandyford, Dublin 18 • 01 290 7800 Old Airport Road, Swords Road, Dublin 9 • 01 8468900 Kylemore Road, Dublin 10 • 01 6426100 Deansgrange Business Park, Deansgrange, Co Dublin • 01 2190214
Nesta.ie 1850 77 22 34
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