A GUIDE TO RUNNING YOUR OWN BUSINESS

Well done Jenny - you are spot on! and. . . Don't forget to network, network and then network some more!

A guide to running your own business
Jenny Handley
02 June 2008 at 04h00

"Attempt the impossible in order to improve your work." - Bette Davis, Hollywood actress

If the three Ps of property are position, position, position, know that for starting a successful business, preparation is the first P. If you are considering a venture away from the confines of a corporate environment, consider the following:

Stick to what you know rather than trying something completely outside your area of expertise. Many people dream of owning a restaurant. People have a rosy, unrealistic view of drinking coffee and greeting guests all day, when it is more about management of staff and stock control. Work out how many cups of coffee you have to sell to pay the rent!

Walk before you attempt to run. Start with small steps and do not be scared to service small customers.

Create demand. You may even begin by servicing some customers free or at a discount in order to prove your worth. Request testimonials and references for good work performed, so that you can then attract more customers by word-of-mouth publicity.

Small customers grow into significant customers, just as a small business evolves into a medium-sized enterprise and then into a large corporation. Everyone starts somewhere. Ensure that the bigger picture is part of your plan. What happens if there is incredible demand far sooner than you envisaged? Contingency plans are crucial; look at all the possibilities.

Remember that money is the by-product of excellence, so never aim to get rich, aim to get good results.

Consider investment in human capital more valuable than other resources. Your contacts and alliances are an integral part of your business.

You cannot over-prepare when it comes to budgeting, so ensure that you look at both best- and worst-case scenarios. Do not underestimate the saying "what may go wrong, will go wrong". Balance this with a healthy dose of optimism.

Seek new opportunities. Some may come to you, but actively go and seek rather than waiting for them to land in your lap. In contrast, if the corporate world is treating you well, but you are feeling restless, then consider using the last principle in your current position: create your own challenges and prepare for the next step up the ladder.

Jenny Handley, co-author of Raise your Game with Gavin Cowley, owns a PR and marketing company. For details of Raise your Game books, training material and courses, and personal brand strategy sessions, contact info@jhpr.co.za.