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So you want to set up your own business -Part 2

Following on from my last blog, “Have you ever wondered about setting up an online business?”

In my last blog, I suggested taking yourself off to a quiet corner somewhere (like your fave coffee shop) and asking yourself a few heartfelt questions such as will your family support you and from there, looking at what makes your business idea a good one.

For long term success one of the great qualities a new venture would have is that of difficulty of entry. Not for you of course, but if your idea is difficult for your competitors to copy or replicate then that’s a big hurdle you’ve just jumped. By way of explanation for example, if your great idea in a market that sells ham sandwiches is to sell ham with mayo, your competitors can be up and selling the same thing tomorrow morning and you’ll need to find another advantage.

Forgive the perhaps silly analogy, but in the same vein, if you discover a new mineral in your back yard and your back yard is the only place that mineral is found on the Planet, then no-one can get into the market of selling that mineral except you and you can command the market and sell the company for a great deal (assuming that is, that there is demand for the mineral or products produced from it).

Now as I said, perhaps a silly analogy, but the more difficult it is for your competitors to emulate you, the stronger your business will be and depending upon demand, the more you can charge for your product or services.

So, you’re sitting having your own personal brain storm; your family are behind you all the way – you accept it will be hard work. You have all the determination in the World, no one and nothing will get in your way. You can stand your ground and make decisions – so what other qualities will you need to put this concept to the test? Well true you will need to eat and breathe budgets and targets… you’ll need an analytical mind as you really do need to understand where the business should be at a given point and a determination to grasp why it has achieved what it has achieved just as much as why it may not have achieved what it should have.

You also need to be open minded and honest. Ok, again there are some who might say I’m putting to much emphasis on these two, but no one knows everything and there is no killer of business as big as arrogance. You need to know what you don’t know and how to find out about it. You need to accept that there will be others in your business who are better at certain aspects of business than you, in which case embrace their skills, praise them for it and reward them. They will become loyal and important team members who will help you succeed.

As to honesty… I have always felt that people generally know if you are being honest and people (your customers) buy from people not companies. If you honestly believe that your product or service is the best and the most suitable to solve a Clients problem, you will find the only question left is how much is it.

Furthermore, honesty and integrity are all enduring. If people get to know you as an honest person who will stand by what you’ve said and what you’ve sold, then you’ll find that you can build a business on that integrity and reputation. Conversely a salesman or company who are known to be a bit lets say… dodgy, will always struggle to grow over the long term.

So, you have the right attitude, your family are fully supportive, what about the business itself?

This is the subject of my next blog

Until next time…

avatar Name: Alexandra Eager
About: Alex has worked as a Financial Controller and Finance Director for many years for a variety of companies across a range of industries but more recently she has moved away from accounting working for an internet marketing agency as Finance and Operations director, primarily overseeing the finance functions and search engine optimisation (SEO) for clients. Follow Alex on G+ and on Twitter @Alex_BusDirUK
Alex runs her own company with two fellow owners developing a suite of e-commerce web sites and promoting them directly. “I found that SEO and finance were quite compatible both needing an eye for detail, research and analysis as well keeping up with new developments and changes.”

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Posts by Alexandra Eager (119)

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