Many people who are transitioning from a job to business ownership, leave their jobs unprepared to be an owner, and grossly underestimate the time it will take to fully get going.
It is any wonder that 20% of new businesses fail in their first year.
It’s a struggle to get off the ground with many businesses flatlining before they give themselves the proper chance.
I was the same. When I chose to be a business owner, I went from finishing my job on Friday to start my business the following Monday.
I initially approached it with excitement. However, success comes when you can keep it together long after that initial excitement has worn off. I openly admit that I wasn’t ready for the many challenges I had to face before I was fully positioned right to serve my clients
If you are considering starting out on your own, either out of choice or circumstance, then you need to get prepared, really prepared.
In this second part of a five-part series, I cover this initial preparation so you can hit the ground running. If you missed the first blog in the series, click here.
Five key areas
Be clear on who your ideal client is.
Many people are under the assumption that their skillset is of value in the market. While it probably is, you still have to establish your presence as a business owner.
You have to be crystal clear on who your ideal client is and figure out how you can reach them effectively.
Researching your customer profile is essential, even when you believe you know who they are. It will help you cultivate your message more effectively and put you in their line of sight to get their full attention.
This process can take time. Don’t wait until you have transitioned, start before you have made the transition. So when you start, you have given yourself a fighting chance to be in a far better position to attract clients immediately.
The power of your network.
You are likely to have accumulated a network of contacts over the years that you can access. Even if they are not your ideal client, they could potentially know someone who is.
However, calling them out of the blue after a long gap with the only intention of getting them or their contacts as clients is not the best way to resurrect the relationship. They will not be so quick to help if they know you only want something from them.
Start to rebuild the connection over time. Interact with them on social media by showing a genuine interest in them and what they do. Once you have nurtured and established regular contact they will be more receptive to referring you to others, or even open to being converted to clients themselves.
Pre-prepare your offering.
I have noticed many people think their skill set is enough to get to market. The truth is that others have many similar skills out there. To make yourself unique you want to be able to turn your skills into a viable offering that is marketable.
Turning your skills into a framework or methodology will produce a more attractive, tangible offering while distinguishing you from the others.
What still surprises me, is how unaware people are of their own skills. Many undervalue their skills or even overlook some that could be highly valuable to the market.
To solve this, there is a simple Skills Map exercise you can undertake to give you absolute clarity on what you could combine as part of a package to offer the market. Go here to undertake your Skills Map exercise.
Systems and processes.
This will be a work in progress as you adapt to the new market landscape as a business owner. But there is some preparation work you can be doing before you start.
The more automated you can make your business the more time and efficiency you will have to concentrate on sourcing your clients and connecting with them.
Do your research on what you might need e.g. accounting system/software, CRM, a Virtual Assistant, email and calendar system. When you know what you need, evaluate the costs on how you can build your business around the best automated systems for you.
Content creation.
Generating content will take time. Actually, people grossly underestimate how much time it will take and never allow enough. Your content is vital as it enables you to increase your presence and visibility.
If you can get content out there before you transition, all the better. If not prepare some in advance so you have enough material to produce a constant drip-feed that will take the pressure off you at the start.
You do not want to spend your first 100 days doing what could have been done beforehand. The more prepared you are, the more time you will have to focus on getting clients. You will then hit the ground running, and generate an income far quicker.
If you are about to transition and want to be better prepared to avoid any unwanted surprises, you are not alone.
If you are looking for some help on entering the market landscape, you want to know what your options are, and are ready to control your own outcome, then please do connect with me here or on email at andy@andytcuming.com.
We can have a chat to connect and discover if we can be of service to each other.
Speak to you soon.
Andy
P.S. When it suits you, here are three ways I may be able to help you:
- Join the Small Business Owners UK Network
We have recently started a LinkedIn Group for small business owners where you can learn, share and connect. Join by clicking here. - Apply to join the Fast Track To Impact Case Study Group
I am putting together (application only) a new small business case study group in September 2019. Should you like to work with me on how to stand out and be recognised in your market space to attract more clients, sent me a message with the words Fast Track click here. - Attend a Clarity Session
If you would like to know where you stand right now and are looking to increase your monthly earnings, send me a message with the words
“Clarity Session” and I will get you all the details click here.
- How to Make Yourself Marketable as a Business Owner. - October 2, 2019
- Starting A New Business – Know your market landscape - September 24, 2019
- Starting a New Business – The Prepared Business Owner - August 22, 2019
