When is the right time to starting your own business

Very few people know that I actually started my own Marketing Consultancy in 2016. it’s been a journey filled with joy and pain and frustrations but mostly happiness.

I see a lot of people who think – I have had enough of corporate and I am going to do my own thing and am done with corporate. I am not discouraging anyone but ask that you do a few things. A lot of people have asked me – when is the right time and I always say whenever you are ready but offer this free advice 😉

Make sure you have at  least 6 months (minimum) to 5 year savings (if you can)

Before you jump make sure you are starting to plan your exit:

Save and cut down on unnecessary expenses ( that shoe on sale, that phone, that new car think twice about it).

Pay off all your debts especially car, credit cards using bonuses or 13th cheque

Make sure you talk to a reputable financial planer

If you have a bong make sure you have paid at least 80-90% of it and leave some for your own use should you need to use it

So now you are ready and you want to press the start button make sure you have a rough business plan (I say rough because things change):

What are your financial objectives (Revenue/ profit forecast?)

How will you get to deliver on your objectives? what is your strategy?

  • What problem/s is my business solving?
  • Who will I target? and what currently is available that is already fulfilling that need?
  • what is so unique or distinct about your business that is better than your competitors?
  •  What is your mix element? what is your product? How will you be pricing t vs the competitor? How will your promote / advertise- let people know? How will you be distributing or where are your services located?
  • What is your resourcing plan and what skills are required in your business?

These are some of the questions but not all that you should answer

However as most of us already know – what happens in the reality is different from what you put on paper so you need to continuously adjust and be willing to fail. Failing is lessons to help you navigate the twists and turns you will have in this journey….

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