Starting a Business- What do you bring to the table

Starting a Business- What do you bring to the table

As we follow on from last week’s blog post, we asked you to  dig deep and ask yourself more hard hitting questions, and how much you want to start your business. This week we ask you to think about what it is that you bring to the table in your new business venture.

7. What capability do you bring to your business?

Most people starting up a new business try to do everything in it just to save money. Absolutely understandable, but that just overloads the business owner with stuff that takes their focus away from the important things they should be doing.

Once you understand what skill sets your business needs, you will be able to identify what skills and capability you will bring to the business and focus on. It’s so important to be really clear about this. The fact is, if you try to do everything in your new business to save costs, you can end up spreading yourself too thin, not focussing on what’s essential in the business and will probably cause extra costs to the business and not doing anything well.

Most people starting up a new business try to do everything.

You also need to get really clear on what skills and capabilities you need to have in the business, or employed in the business versus what expertise you need to outsource and only access when you need it.

Some small businesses make the mistake of employing resources in the business as employees far too early, rather than only engaging that capability or expertise when they need it.

For example, most small businesses don’t need to employ a marketing expert, or a web developer, or an accountant in their business as a permanent full – time employee. They are just too small and only need these experts for specialist pieces of work from time to time.

 

8. What help or external expertise do you need?

As we said above, it’s a given that your business will need access to some core capabilities. Financial and Tax Accounting, Marketing, Technology, Website development, Human Resources (employment policies etc.) from time to time.

You just don’t need them sitting in your business all the time and paying for it! And rather than try and do all of these yourself, you simply need to OUTSOURCE these services to experts when you need them.

It’s quite easy to do, and cost-effective for your business. www.circlesource.com.au is a Business Services marketplace where small businesses can access fantastic Australian experts they need to help them with their business on their terms when they need them.

Starting-a-Business-Knowing-what-skills-you-have-and-dont-have

9. Do you have a plan B?

It’s easy to get caught up in the excitement of starting a new business. As it grows, the sense of achievement and pride in what you’ve created is immense. At the other end of the scale, if the business is not progressing as you had hoped, pressure begins to mount.

Whether your business grows quickly or even if it struggles to achieve the traction you had hoped for.

It’s important to have clear thinking and a realistic plan B.

That can include changes to your business model or the direction of the business to ensure its continued and sustained success. It may even mean pivoting into a new business line. Or it could be an exit plan depending on whether your business achieves the success you had hoped for. Circumstances change and your plan B will change also. Have it in the back of your mind and review it each year as part of your annual planning process. It’s just a good habit to get into.

10. Are you really passionate about this business?
So is the passion still there after you have thought about these 9 questions?

We wish you all the best and huge success with your new endeavour.

Don’t forget help is always available on CircleSource. Accesses skilled local talent when you need it the most Sign Up Today!