Setting up a business and need advice!

[pixierara]

Ladies, Gents and Hairy Truckers,

I am in the process of setting up my own business and have the following questions for those who have already done so!

1. What books on marketing/business do you rate?
2. If you could give me one piece of advice, what would it be?
3. If you could have done something differently what would it be?
4. How comprehensive should a business plan be?

Any other advice welcome - have had 4 hours sleep due to DD waking and then couldn't get back to sleep as my brain went into overdrive.....consequently, I am now working on my business plan and my brain is hurting! Very excited though!

1. none, talk to people who have done it - they will help you.
2. see above
3. be very sure you want to do this, it takes up every waking hour to start with
4. Not very, it should evolve and be reviewed every year at least

thanks - WMMC. Did you bother with any business networking or just go straight for your target market?

I disagree wmmc

I think a business plan should be thoroughly though out and checked through with an Accountant. Believe me money spent in the planning is well worth it.

Don't expect to take a penny out of the business for the first year. Do you have a 2nd income? DH working and earning enough to support you for instance?

Be prepared for a financial rollercoaster. DO NOT underestimate the joy of a regular salary check at the end of each month paid into your bank account by a boss. Running your own business is full on, time consuming and stressful.

But apart from all that, good luck!

claudia - thanks for responding, busy supermodel and all that

I can't believe how I am struggling to get things off the ground - I worked in a corporate environment at a senior level before kids and honestly feel like a total fraud trying to get things going now as it's been 7 years . Got serious baby brain and my once concise, well executed strategies are now just ramblings

I know the marketplace very well but just struggling to get up and running.....

Seeing accountant on Monday - trying to do business plan today but can't seem to find a good template/structure....

I would avoid spending too much money before making a return. Aim to be profitable from the start... you aren't a big corporate who can afford to have a loss making division.

Planning, good. Paying someone to help with that planning, bad. Do a business plan for you, so you know what needs to be done where, the direction things will go and goals to aim for. A full business plan in my view is only needed if you are needing to get investment - if you are purely self-funding, then the plan is for you, not anyone else.

Consider profit percentage... 55% or more is not unusual in my view for products in retail.
Consider bad debts - make plans for how debts will be chased and also what you will right off as not worth chasing. Concentrate on running the business than chasing small debts - though do chase the big debts.

Business networking - depends on your industry. Tell everyone what you are doing - obviously- if they don't know, how can they help you. You will find help in very unusual places - my cleaner solved a major business problem for me by introducing me to her brother's girlfriend.

My problem with weighty business plans is that while you can know what you want to do, planning too far in advance or in too much detail is very limiting because you stop thinking openly, you say 'well the next step is' without necessarily reviewing where you are - at that moment. In some businesses that doesn't matter, for me, it does.