How can you help clients start their own businesses?

Understanding the motivations behind the reason to start a business is really key. If there is an emotional reason it will likely enforce a strong and resilient work ethic to see a business succeed.

I agree that research is a fundamental part of the process. Using market research platforms, doing free surveys on social media, conducting a SWOT analysis and looking for gaps, speaking with people already doing something similar are all low cost but highly effective ways of gaining more insight into a business.

The biggest challenge with an idea is to make it a business. A business idea is typical based on what you want to sell, but the money follows what people wants to buy. Chasing a selling dream many end up unsuccessful running out of money or energy. You need to test your idea to find out what the customer will buy .

There are various types of plans to consider when starting a business. Fundamentally there should be a business plan. However other plans that are often overlooked…. Personal finance plans - affordability Marketing plans - advertising Sales plans - creating revenue.

In my experience, the planning phase of starting a business can be fun. The implementing phase is where things get serious and clients need additional support. Coaching is extremely beneficial at this point to support with •accountability •overcoming obstacles •overcoming self doubt •making decisions if there is no other business partner

When starting a business you wear many hats. Suddenly you are dealing with finance, marketing, operations, administration. I think it’s important to encourage the learns of these areas even if it’s basic. You can attend short courses, attend webinars, go networking, read books, listen to YouTube videos and learn how these areas function. A good leader/business owner will understand the inner workings of their entire business.

In my experience entrepreneurs should keep records of their business processes and finances intact right from day one. The inability to manage financial records, or the lack of clear record keeping is always an Achilles heel to many business when they are trying to bring in external funders. It is only at this stage that businesses realize they have taken for granted an important part of the business. Funders are interested in helping businesses that are led by people who have full respect of financial management, prudence and other aspects of managing the business. Thus, businesses should avoid doing what will hurt them in the future and build on winners. No business succeeds without proper financial records, whilst good records is key!

I can guide clients through every step of starting their own business, from refining their idea to developing a solid business plan and executing effective marketing strategies. For instance, I can help them identify their target market, differentiate their product or service, and create a budget for initial expenses. Additionally, I can provide ongoing support and advice as they navigate the challenges of entrepreneurship.

Based on my experience of going through an entrepreneurship program through my local non-profit, the biggest lesson that I have learned is flexibility. The process of identifying an idea, conducting feasibility research, and mapping out implementation is full of unexpected hurdles, pitfalls, and pivots. In fact, I have changed my business venture idea no less than 6 times—and that is okay, because I’m learning in the process. Being flexible, adaptability, and receptive to change and risk is one of the true tests of entrepreneurship; and while I am still working on my venture today—that is the advice I would give to anyone looking to start their own business.