Yurts, Yoghurt and Yoga: Three Essentials for Starting in Business
September 5, 2019
A good idea and steely determination will get you far in business, but they won’t take you all the way.
In fact, there’s a heavy bag of essentials to pack before starting out. Forget something, and you may never get to hang up the sign that proudly says ‘Open for Business’.
The following list is far from exhaustive. We haven’t, for example, mentioned a shiny headquarters with bare brick walls and stainless steel trimmings that demonstrate your refined taste in industrial design.
Or the thick skin you’ll need to deal with the rejection of your dozenth potentially lucrative tender.
Instead, we’ve focused on three essential elements you may have considered, but decided you could get away with skipping.
Do so at your peril and join us as we take a look at the most oft-overlooked essentials for starting out in business.
Here’s something from GCSE business studies 101 which many entrepreneurs surprisingly feel they can do without. It doesn’t matter how well-formed the strategy is in your head. Or how many napkins and receipts you’ve collected that show encouraging financials – it’s not a business plan until it’s a readable document.
Your business plan isn’t just a statement of intent and early proof of concept. It can also be a place where your model’s glaring contradictions, potential pitfalls and downright logical fallacies are addressed before becoming real-world cataclysms.
A decade down the line, you may be surprised just how differently things turned out. But it’s unlikely you’ll regret the time spent on putting a thorough plan together.
One man band? Listed multinational? Or something in between? Your chosen corporate structure can have all sorts of implications for tax, finance and capital, operational agility and more. Not to mention the way you’re perceived by the market and other businesses.
But deciding on the right structure isn’t enough. You’ll also need to act intelligently and effectively within your chosen architecture – making the most of its inherent strengths while being wary of potential downsides.
It’s said to the point of cliche that people are your biggest asset. That’s just as true as it is for a family-run ice cream parlour as it is for tech giants, but it’s not only staff we’re talking about here. Is your family on board? How about your friends? Or do they feel like your organic yurt, yoghurt and yoga startup is too broad in scope?
In business, you’ll encounter resistance from many sources. Your family shouldn’t be one of them, so get them on board early and give their concerns due consideration.
Within the organisation, you’ll need good people around you too. You may have realised while writing that business plan that you don’t have a strong head for numbers. Or, that a lack of Google Ads experience is going to get in the way of your online marketing plans. Whatever it is, you’ll need to be able to delegate with confidence.
Early on, you may feel it’s possible to do everything. Savour the feeling – it won’t last long.