Every person who has ever tried to establish their own company knows it’s a difficult challenge to carry out. I’m in no doubt you know that more than 50% of small business ventures fail in the first 12 months & 95 out of every 100 fail within the first 5 years. But, that statistic doesn’t alter much from year to year. Why not?
Many small business owners start their business ventures with nothing more than a “good” concept or product. But business ventures remain viable because those who have the dream also know how to implement it and have solid industry background, or they engage experts who have extensive background and will endeavour to make them successful.
The worry is that several businesses fail because the industry owners don’t have the industry and management experience to propel their dream to the next stage, and completely implement all of the components necessary to stay in business.
Numerous entrepreneurs are overly optimistic and overestimate estimated earnings and undervalue what needs to be undertaken in order to be successful. One common oversight that new industry owners make is to never “let go” of several jobs that they are simply not competent in carrying out and believe they will save funds by refusing to ask for assist.
Don’t think you can do it all. There will be tasks that you can’t or should not do by yourself and it’s alright to inquire about 3rd party help.
Part of doing business means allocating time to a large range of government driven paperwork and tasks, excise forms, and proper accounting, including goods and services dues and tax returns.
Naturally, all you want to do is focus on why you began your business in the 1st place – carrying out what you like to do and being paid for it?
I’m confident you’d choose to ignore the bureaucracy and piles of paperwork . However the reality is that it has to be done at some stage.
You have 2 choices: Knuckle down and do it yourself; or get some help by outsourcing some tasks to people who will do it better than you. When you do, you’ll have more time to focus on what you do best.
As a newbie, you’ll need to ensure you meet the obligations imposed on you by government tax departments, health and safety, customer service and much more.
Select a reputable partner that you can trust to make sure you lay a good foundation for your industry to build upon as it grows.
As you start to consider the workings of your own business, you’ll probably notice new things concerning your business. Shifting your mindset and how you think about your company might shed new light and repeatedly present you the improvements you have been looking for.
You have at least set the ball in motion and began on the pathway to a completely new approach of undertaking business. Don’t end now!
I challenge you to look carefully at your company and put into practice the changes you need to be successful. Extend the limits of your imagination and do not be afraid to try something new.