We’re back again with more from The Advice Corner!
Introducing…The Advice Corner!
We’ll be regularly sitting down with our team of skilled Business Advisers, picking their brains and sharing their knowledge with you right here on the blog. Our Business Advisers have helped thousands of women get started into the world of enterprise. From bakeries to bookkeeping, from hairdressers to handywomen – Businesses are their bag…So they’ve got a lot of advice to share with you!
Next up on the blog, we’ve got a bit of a twist – We’re not hearing from a Business Adviser, but one of our talented Trainers; Jenny Wallwork!
Jenny is a Training and Development Specialist here at The Women’s Organisation with a responsibility to deliver Enterprise training and Change It, a personal development programme, both here and out in the community. She is also part of the Business Club team within the organisation. She says; ‘I have a passion and drive to support and guide women, helping them to believe in themselves and follow their dreams.’
So, let’s here what Jenny has to say on the myths of starting a business!
When starting your own business you are often given advice and guidance by anyone that knows you, what you should or shouldn’t do. There are lots of myths about starting your own business, here are just a few;
Myth 1 – You need lots of money to start a business…
Startup costs can differ depending on what type of business you are going into, if you can aim to start your business with as little money as possible that would be an advantage. Use what you’ve got; borrow if possible, buy second hand or trade with other businesses, only buy if necessary. You will probably have to use your own money; maybe family can give you a small loan to help. Grants and loans from other sources can be difficult to come by; Crowdfunding can be a solution for some start-ups and is becoming more popular, a local business called Wreckfish Bistro, successfully opened after £200,000 was raised from the local community.
Myth 2 – You need lots of business experience…
You don’t, it can be gained, here at The Women’s Organization we can support and guide you through your journey. There are plenty of people just like you who started their own business whilst in education, work or were unemployed. Drive, energy, passion and commitment are essential – and arguably more valuable than many years of business experience. Many successful entrepreneurs had no business experience before starting up.
Myth 3 – You must know how to write a business plan….
A business plan enables you to set aims for your business, decide a strategy to achieve them, judge your performance and stay on track. But how would you know what to do if you’ve never written a business plan before? It requires research and effort, but like many other business people – you can do it. Here at The Women’s Organization we run a training course called Planning for Success, available through our Events Planner which takes you through step-by-step in writing your very own business plan, along with the invaluable support of our Business Advisors
Myth 4 – You can be too young to start a business…
Multimillionaire online entrepreneur Jamal Edwards (@jamaledwards) was just 16 when he founded online broadcasting channel SBTV, and Mark Zuckerman was just 20 when he launched Facebook. Age is no barrier – if you’ve got a great idea, it doesn’t matter how many years you’ve been around. .
Myth 5 – You must be comfortable with risk…
There are no guarantees and things may not work out. Possibly your business idea needs work, but there’s nothing wrong with that. You don’t have to spend lots of money when launching your business nor do it as a full-time venture. To minimise risk, try and start your business with as little money as possible. Many entrepreneurs will start as a part-time business, whilst continuing with part-time work, testing the water before making a bigger commitment. You don’t have to do anything risky.
Myth 6 – Your business will take over your life…
Working, studying, friends, family and social life – it’s not always easy to fit everything in and making a success of a business does require hard work, commitment and sacrifice. It is possible to start a part-time or even seasonal business to begin with, which will have less of an impact on other parts of your life. Having good time-management skills is an advantage, self-discipline is crucial, being able to walk away or if working from home shut the office door at a given time to allow for family time, is important. Online businesses, in particular, can require less of their owner’s time, although much depends on what you are selling.
Myth 7 – You need to be a marketing genius…
You might know more than you think, after all, you’re a consumer and probably remain loyal to some brands rather than others. You can quickly pick up marketing know-how or perhaps you could swap skills with others. Social media is a great way to market a business and you’re probably already active, so why not use it to raise the profile of your business? Remember, nobody’s more of an expert on your business than you, which makes you the ideal person to promote your brand. The Women’s Organisation can help you by attending our Build a Social Media Strategycourse to help with your marketing strategy.
Myth 8 – People like you don’t start their own business…
Wrong. There are 5.5 million small and medium sized businesses in the UK. Businesses are now started and managed by a diverse range of people from all parts of the community and all manner of backgrounds. That includes people who have come from very humble beginnings to rise to become some of the most successful and capable business people in the UK. People like you do start their own business.
Myth 9 – You need to have groundbreaking idea…
You don’t need to invent something completely new to start your own business. Many great entrepreneurs have made a lot of money by simply improving an existing product or idea. Indeed, this approach might enable you to create a highly successful new business, as long as you can find ways to be better.
Myth 10 – You’ll be rich in no time…
If only this were true. You may one day become very rich through running your own business, maybe not, but most people have to spend many years working very hard and often going without to eventually earn a very good wage. Be realistic about your goals, work hard to achieve them and appreciate some of the other benefits that come from being your own boss.
The REALITY IS…Starting a Small Business is Rewarding!
One other common belief about starting a small business is that starting a small business can be an incredibly rewarding experience. But unlike the common beliefs presented above, this one is true.
The independence and the satisfaction of turning a business idea into a successful enterprise are probably what most small business owners find the most rewarding, but there are all kinds of other satisfactions, too, from creating a new process through hearing from a satisfied customer.
Thank you Jenny! If you’ve enjoyed this be sure to check back on the blog for more tips from The Advice Corner or you can subscribe and receive them straight to your inbox!
If you’re thinking about starting your own business, and would like to receive one-to-one support and advice from ourselves, get in touch with us! Email us on hello@thewo.org.uk or ring us on 0151 706 8111 to see how we can help you.
