YOUR BUSINESS YOUR WAY- EXCERPT

I am currently privileged to be an Excelerator Coach for the Welsh Government Project which launched yesterday which is aimed at Females, disabled, entrepreneurs between the ages 18-25 and those from the Black, Asian and minority groupings who have been identified in countless reports as having the least success at business. This programme is replete with the best experts, training and coaching to ensure that not only will the 24 participants who enrolled, make a success of their business, but also scale their businesses up to upwards of ￡2M in 3 years.

This has got me thinking about the most important part of any business...the beginning. I would like to share pages 3 to 10 of my book, Your Business Your Way which will hopefully start us thinking about launching a business well in these ever changing and challenging times

"STARTING A NEW BUSINESS

There is no question that establishing a business is a very expensive and time-consuming venture. We must, therefore, take a very serious approach and be very thorough in our preparation and planning. Yes, we have got to follow the key steps of our business plans, SWOT Analyses and Financials. But what drives all of that? Where are the legs on that body? Where are the WHY and WHAT FOR? Where is the VISION being personified? How do we establish that? It’s all in cleverly establishing and marketing the BRAND! Anyone who has ever thought about starting a business will admit that whilst it might be very exciting, it can also be a very daunting prospect. There are many benefits to gain, but also many pitfalls and opportunities to fail. Let’s get the ’boring’ but vital bits out of the way first and then let us look at how to personalise your business venture with your You Print?.

Before we start a business, let’s consider these 10 things:

1. You!

Ask yourself, “Am I ready for this?” We are all gifted and talented in our own unique ways and, based on our differing personality traits, some of us are born entrepreneurs and some academics. Some live for the corporate world and others thrive in front of a computer; changing the world from their bedrooms. Which one are you? Let me help you with that. Not everyone is cut out to run a business. Unfortunately, some people make this discovery after years of struggle, frustration and severe financial loss. You need an entrepreneurial and pioneering spirit to make a success of any business in today’s economic climate. You need to have a clear vision and purpose for your business that consumes, excites and drives you. If this is not the case, you may wish to examine whether you are pursuing someone else’s dream and not your own, or whether you are focusing on simply making money. It might be a good idea to re-think that approach. If you are not pursuing a venture that, ‘if money were no object,’ would still excite you then it is probably not the project for you. If you cannot think of at least three good reasons why your prospective clients would be better off using you, don’t for one minute think that they will. If your mind is not whirring with ideas as to how you will make the marketplace discover how great an asset your offering is, maybe you should think twice. If you do not truly believe that your offering compares more than favourably and has distinct advantages from that of your competitors...definitely think again! And most importantly...if you hate hard work, rejection, budgets, compliance, customer care and sleepless nights then you are in for a shock, as that is exactly what running a business is all about.

2. Market Conditions

Every day is not a good day to go to the beach! You might have an amazing business idea, marketing and business plan but the timing might very well be wrong. A simple investigation into market conditions, the competition and the potential gaps in the market for your idea is a must do. It is always best to engage in feasibility studies and take expert advice on whether the market will respond favourably to your offering at any given time. Of course, there are no guarantees, but careful research and planning will reduce the risk of ill-timed ventures.

3. Business Name

Choosing the correct business name is just as important as being immensely qualified to start your business enterprise of choice. Whilst your business name more often than not needs to indicate what you do, some businesses have benefited from ‘catchy’ names, which work well with their innovative public relations and marketing strategies. It would also help if your business name and strap lines used were selected with Search Engine Optimisation in mind. Google is King and the web and social networking platforms are the currency of the day. Research into the best industry-specific keywords provides some insightful indicators to assist in the choice of a business name. I must underscore here that it must be a true reflection not only of what you do, but also WHO you are. Some names that have made me chuckle for example, are ‘The Codfather’ for a fish shop, ‘Sew What?’ for a seamstress and ‘Wok and Roll’ for a Japanese takeaway!

4. Branding

Branding is everything! It establishes and promotes the identity and ethos of your business and, by extension, its culture. Your business brand tells us the type of service we should expect from you and either establishes or negates (if done poorly) your credibility. Therefore when considering branding, you need to consider the HOW, WHEN, WHY and WHERE of standing out by positively distinguishing your business in an authentic way. Your brand has to be established on your core values, which are then translated into the service delivery, how you train your staff and how you represent yourself in the marketplace. Your brand has to be genuine and authentic. Your brand must be consistent. The brand colours, logo, font type and strap lines must not only be an authentic reflection of your business model but also the message, core values and personalities of the key business partners. Only then will the brand be believable and sustainable. In addition, the logo created for you must be able to flow seamlessly with all the advertising and marketing platforms you plan to use. For example, if you are planning to network or exhibit at shows as well as advertise in glossy magazines and on all social media platforms, you have to consider whether the design will fit just as nicely on brochures, exhibition stands and business cards as it does on the website and business stationery. I would suggest you take expert branding advice, as your business is worth it.

5. Message

It’s all about conversation in business today. Social networking (both on and offline), more than anything else, has proven that building relationships through conversation is the most effective way to circumvent cold calling and the ‘numbers game’. So, what message should your business be sending by way of conversation? It is vital that you identify and establish the key business messages around which your business brand is built. It is even more vital to anticipate the difficulties that might arise in getting the message across to the desired market. Also formulate a clever strategy and implementation to plan to overcome all or any of these difficulties. It is important to understand, however, that whatever the unique key messages your business might send, the most important message a prospective client, joint venture or referral partner needs to hear is what benefits are there for THEM in continuing the conversation with you. If you fail to establish BENEFIT, you will fail to truly engage them and will struggle to win their business.

6. Website

Your website is your high street shop window. However, it is not meant to be a ‘hyped up’ fact sheet about your business. Your website should work while you sleep. It should ‘dress’, ‘sell’ and ‘engage’ like you do when you go networking. It should be your business culture personified, or if you are an entrepreneur…it’s all YOU! The brand design must be identical to all the other ways you represent your business. The language of the website must in 7 seconds (as that is how long an average ‘surfer’ stays on a web page) convince the reader that there is a benefit to keep reading and MUST have a call to action. This can simply be encouragement to click for more details, to request a free gift, or to enquire for a quote. The language of the website must be simple, easy to read and free from typographical errors. The copy must be written using industry specific keywords that Google ‘likes’ in order to increase your chances of being found on the web. What you offer must be clear. Your contact details and clever means of increasing your database should be considered. For example, an enquiry form and/or a mailing list sign up form can be very helpful. A Frequently Asked Questions (FAQ) page on your website is also a good way of including industry specific keywords on your website. Links to relevant legislation and guidance will also be useful in making your website attractive to Google. It is usually best to seek expert SEO and website development advice and support for this.

7. The Competition

Industry intelligence is of the utmost importance when embarking on a business. I mentioned the importance of a SWOT analysis earlier, where we identify strengths, weaknesses, opportunities and threats at some stage of our business planning process. However, not many of us take this process seriously and truly look at the process as a means of getting a real edge on the competition. Before starting a new business, it would be wise to get to the ‘under-belly’ of your rivals. Find out where they have their edge, what their clients think of them, what their plans are etc. This is best achieved by strategic networking.

8. Support/Mentoring

We all need support. An extra eye to provide a new or different perspective, unbiased ears to bounce ideas off and an accountability partner are vital to any new start-up. There are many organisations set up to offer this support. Some can be accessed free of charge and others charge reasonable fees. I am a firm believer in the value of mentors and coaches. I believe we should be prepared to invest in ourselves. Why should anyone else invest in us, if we are not prepared to?

9. Networking

Nothing beats face to face networking in building trust between businesses through relationships. However, you need to be ready for networking, so first ensure that points 1-8 are properly in place. You will then be confident talking with other businesses as you will:

? Look good (after having established a brilliant brand)

? Sound good (after having established your key messages and true benefit to the marketplace, including your edge over your competition)

? Feel good (as you will be confident that you will be able to maintain your first impressions) All of this is because your business image has been created upon authenticity and supported by expert mentors or coaches.

The most important advice about networking is that it is not a product sales opportunity. Networking is a means of introducing you and your business to the marketplace, to consistently remind the marketplace that you are still around and open for business and to encourage people to want to build a relationship with you and your business. It is an opportunity to sell YOURSELF! Networking skills do not come naturally, especially as we have been told from the playground that we should not talk to strangers! I will delve a bit more into networking further into this guide.

10. Funding The greatest hindrance to creativity and productivity is money worries. It is very important to identify funding to sustain your business for at least 6 months. Some businesses are able to borrow the required amount, but more often than not individuals have to wade through the grant system to access any available funds possible. This can be a very frustrating process. Take the time to research and identify any government funded support agencies who are able to make the process that much simpler or seek the help of a reputable business support company. Of course, the best route is to use cash of your own. My best advice is that you should delay launching your business until you have secured the required funding. "

I am by no means asserting myself to be the oracle on all things business start-up. However, I have succeeded and failed enough times and mentored and coached for more years than I am happy to date myself by, to have a good idea of what works better than some. I hope this excerpt from my book helps.