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Managing start up business – 9 essentials to consider

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9 Essentials to consider when managing start up business

  1. Offer something different
  2. Focus on the customer; the service; the satisfaction and the retention
  3. Prepare a written plan and road test it before you commit totally
  4. Ditch the 9-5 employee mindset and become the lateral thinking entrepreneur
  5. Recognize your strengths and ask for help where you know you need it
  6. Set your KPIs; know your pricing, costing & breakeven point; watch your cash
  7. Stick to your plan unless there is good reason to change
  8. Work hard but focus only on the things that matter, learn as you go
  9. Stay calm and practice a little humility

The single most important piece of advice I can offer is to seek advice before you take the plunge into your own business.  In my experience (which is a lot), the conversation after the fact is usually about where things went wrong.  A common mistake people make is focusing on what they personally like, and therefore assume customers would like; rather than on finding out what customers really want.

Trouble managing start up business?  Call me direct on 0408 756 531 or email gary@garyweigh.com

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Managing start up business

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FEATURE – Ashgrove Serviced Offices

Ashgrove Serviced OfficesOne of the real challenges for small business owners managing start up business is making the transition from the home office, or even the back bedroom, to a commercial office.  Committing to a lease is a big step and often a financial challenge.

But take a little time to think about it and you soon realize that, in a world where an internet connection is a ticket to anywhere; where capable and self-sufficient virtual technical assistants are available at a fraction of the local cost; a dedicated office and fixed term lease may not be the best solution for you.

If you don’t need street frontage, don’t rely on walk-in trade, and don’t have a physical storage need, physical location may be not be your priority presence.

managing start up businessGreg Cusack, owner of Ashgrove Serviced Offices, fills a need gap for those managing start up business.  With his wife and co-owner Terri, he offers a virtual office solution to those who don’t need a dedicated physical office.    That means they do everything and you don’t need to be there.

Knowing that your calls are being answered professionally in your business name; and your mail is being received and forwarded, leaves you to get on with your own high-payoff business activities.

What you save in dedicated office leasing you can apply to building your online presence, which the whole world can see.

My favourite - The BoardroomOf course serviced offices are also available if you need a fulltime, part time or representative onsite presence.  However, my personal favourite, apart from Greg and Terri’s warm welcome, is the stunning boardroom.  Located on Level 1 Highpoint at 241 Waterworks Road, brisbane, this is a perfect near-city location for boardroom presentations; training small groups; and conducting client meetings and interviews.

For all your physical and virtual office needs, visit Ashgrove Serviced Offices online at www.asoffices.com.au or call Greg or Terri on 07 3510 2100.

Gary 5Author’s Note

If you are a small local business and you would like to join our referral group, just get in touch.  I am very willing to feature your business on this site.  You found it and so will others.  Call me on 0408 756 531 or email me at gary@garyweigh.com

 

Top 10 priorities when starting a business

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When you are managing start up business there are 10 key things that I suggest you think about before you take the leap.

  1. Understand your reasons for wanting to go into business
  2. Be truthful with yourself and know your limitations
  3. Don’t leap until you have scouted out a safe landing
  4. Business is a response to customer demand so make sure it exists
  5. Realise that you are entering a life of service to customers.
  6. Be certain you are comfortable with constant change
  7. Money is useful but experience, competence and teamwork are critical
  8. Your job is to perform the high payoff activities not put out fires.
  9. Focus on income and traction, not on expenses
  10. Beware of obsolescence.  Adopt technology and adapt to demand

You get what you focus on

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Managing start up business

You get what you focus on

Managing start up business is more than just buying at one price and selling at another.  The mind conceives all thought, all concepts, and initiates all action.  At Gary Weigh & Associates, we pay a lot of attention to your mindset.  These principles of business mind are drawn from the powerful art of Aikido.

Do you ever wonder why goal achievement, good fortune or indeed money never seems to come your way?  It may be that you have to change your mindset and your point of focus.

When you think about what you want in life and in business, is your focus on positive aspects of your wants, or on the problems that their lack is causing?

This law of the universe always holds true.  The more you focus on the lack and the problems the lack is causing, the more you will succeed in being without.

In the art of Aikido, we never narrow our focus to the point of attack (i.e. the apparent problem).  There is an old martial arts saying, “Don’t look, just see!”  In other words, relax your tunnel vision and take in the wider perspective.

Your focus must always be on the solution.  To focus on the solution possibilities will always bring you closer to finding an acceptable solution.  Whereas focusing on the problem will only ever exacerbate the problem.  It only serves to draw the negative energy closer to you.

Managing a start up business is only one aspect of life in business.  If you would like to read more about Aikido in everyday life, check out my blog at http://aikido-secrets-to-calm-success.com

Source of income – grow more than one!

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It is crucial in managing start up business that once you have established your independent source of business income, you don’t take it for granted.  It needs constant care and attention to maintain and grow it.

Regular income is the foundation of family wealth building.  That is why positive cash flow is critically important.  Negative cash flow means negative wealth because you have to dip into your saving or credit card to make ends meet.

So don’t stop at one!  It helps to have more than one source of income.  It also helps a lot to have at least one source of income that doesn’t rely totally on your personal exertion to earn. 

In other words, strive towards establishing a source of “money while you sleep”.  That way, you can take a holiday or afford time out of your business if you are sick or have an accident.

For more reading on managing start up business go to http://garyweigh.com/business-building-%e2%80%93-make-your-own-luck.html

Until next time

Gary

Managing start up business – an independent source of income

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Focus on customers!

The focus of managing start up business should be to develop an independent source of income.  By doing so, it means that you have, or are in the process of removing yourself from the realm of ‘employee dependence’. 

Instead of depending on one source of income in the form of your employer, you are diversifying your income earning opportunities across a growing customer base.  The idea is that no one customer should be totally responsible for your income.

It is dangerous to put all your eggs into one basket.  Being an employee, there is no such thing as job security.   Although it may not appear to be so at first, there is much more job security by being a business owner and being in control of who contributes to your income.

If an employer withdraws his or her income you are basically out of a job.  However, if a customer withdraws income in the form of choosing to shop elsewhere, you should still have plenty more customers left to contribute to your income.  You can also add more at any time.

For more reading on managing start up business go to http://garyweigh.com/how-much-do-you-enjoy-work.html

Until next time

Gary

How much do you enjoy work?

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If you are thing about quitting your job and managing a start up business, this is worth a look!  This cleverly presented slideshow sums up beautifully what a lot of people put up with at work.  It is kindly shared by a UK based organisation http://www.enjoywork.org.   Watch this below!

 

Misery. Why people hate work.

And here is my comment … There are some really kind and considerate employers out there but tend to be in the minority.  At the same time, rude, inconsiderate and sometimes creepy co-workers seem to be in the majority; all competing to advance their own agenda.  So if you have moved around a bit in your industry and still not happy, it may be time for a permanent lifestyle change.  If you have lost the enjoyment of working for someone else and you deep down harbour a desire to march to the beat of your own drum, then it might be time to think about managing start up business for your self.

You can be the boss you always wanted to have; and you can regain the enjoyment of work by building your own workplace culture the way you would like it to be.  It is well known that the culture of a workplace, whether good or bad, whether by design or by default,  comes from the top.   Gather knowledge, get advice and get some good people on your side and it can be an enjoyable journey!

Email me at gary@garyweigh.com for my popular fact sheet, “Managing a start up business in Australia”. IT’S FREE!

Until next time!

Gary