Tips for new entrepreneurs
Are you new in business?
Starting a business is exciting, fun, a worry and a responsibility! I am sure no one starts off thinking it will fail but the statistics are high on this one.
The trouble with statistics is that they do not tell the whole story. The warning is there. Do not rush into it with no plan and no resources. If you do a search on the internet for the reasons businesses fail you might notice a couple of things. The first is that it is always someone else's fault. Sometimes it might be the case but usually it is not. Then there are other comments about there not being enough customers or the business was 'under capitalised' That is a complicated way of saying it ran out of money.
You could also say there was not enough money to do what they thought. You could also say they bit off more than they could chew. So let's not do that then. Let's work within our capability!
We should always look to see how the money will run and how much is needed to make something work. There is a useful way of doing this called a "Cash Flow Forecast" which is a brilliant tool to help with the planning if it is done well and with understanding. If you have never seen one before Bob Shepherd Associates can help you put it together and test your ideas on paper before you try it for real.