If you are just starting a business for the first time, you don’t know what you don’t know. You may have worked in someone else’s business, or even been a senior manager in the corporate world. However, when you step outside the protection of a corporate position, you stand on your own in front of your market. This is character building!
It will be harder than you imagine. This is not to put you off but to prepare you as the rewards are there for those that persevere. So how can you prepare yourself?
The best advice I can give you is to read Dr Greg Chapman’s best selling book: The Five Pillars of Guaranteed Business Success, available at any book store or here. It not only explains what you should expect, it also contains a case study of how a new business started and how it grew.
Of course you should also prepare a business plan. Details on the Empower Business Solutions Business Plan Template are here.
Read here the Case Study of one first year business owner and how his business changed in its first year while a member of the Australian Business Coaching Club.
For further information on the Lifecycle of Business request a Free Preview copy of The Five Pillars of Guaranteed Business Success.
Infant Businesses
If you have just started a business, you are just beginning to learn what it is you don’t know! Businesses at this stage are either operating at a loss or perhaps a small profit, if you don’t include the owners’ wages. (Profit should actually be measured AFTER the owners’ wages.)
At this stage the business is concerned about survival, and how to get more customers. Unsurprisingly, this is where most businesses fail. In infancy, anyone can be your customer. Anyone with money. Even if they don’t they can still be your customer. You are just not that fussy!
What business owners need is an understanding of how their business should be structured and how to get the phone to ring or customers to walk through their doors!
Here are some solutions for customers at this stage:
Dr Greg Chapman’s best selling, internationally recognised book: The Five Pillars of Guaranteed Business Success
Small Business Achiever Club This is our lowest cost direct business coaching plan - ideal for new businesses..
How to Turn Your Business Into a Profit Machine that Runs Without You
This is a multimedia program at a DIY price.
The Five Pillars Business Owners Success Kit
This is a comprehensive written program for those that prefer to learn that way at a DIY price.
The Australian Business Coaching Club
is the entry level private coaching and mentoring program ideal for businesses in their first year. The story of one start-up club member is below.
These low cost programs are guaranteed to produce quick results utilising smart marketing strategies which require little outlay.
For further information on the Lifecycle of Business request a Free Preview copy of The Five Pillars of Guaranteed Business Success.
Case Study of a Start-up Business
This Case Study is of a real business in its first year of operation. The owner, Alan (not his real name) was a member of the Australian Business Coaching Club. This study was written in real time and posted over the course of a year on The Australian Small Business Blog. [link to blog site in another window]
The first part of The Business Start-up Story starts:
To Be or Not to Be? That was the question a client of the Australian Business Coaching Club was asking me last year. Alan (not his real name), wanted to know should he leave his job to start his business, or continue working 40 hours, and try to start-up his business in his spare time.
More …..
Business Start-up Story Part 2 is HERE
Business Start-up Story Part 3 is HERE
Business Start-up Story Part 4 is HERE
Final Part of a Business Start-up Story is HERE
Note the comments in the stories are straight from Alan to Dr Greg Chapman forwarded unprompted during his mentoring program as a member of the Australian Business Coaching Club. Alan requested anonymity as he, understandably, did not wish his clients to know he was a Start-up!
For further information on the Lifecycle of Business request a Free Preview copy of The Five Pillars of Guaranteed Business Success.
When I read your book, I thought you were writing about us.
At some points I laughed, pointing out to my husband - this is what you do, and other times, I felt like crying. I finally understood what was happening in our business and what we needed to do..
Sally & Michael
Business Owners
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