Because You're Worth It
A positive mindset is obviously useful when starting and running your own business - but an empowered mindset is better. Through the ups and downs of your business, the only constant is this - that you are the only person who truly knows how you want to build your business. You may not know what is involved, or know the first few steps towards taking action - but you now what you want. This can easily get lost in the Googled advice and numerous conversations you will have as you design your business, and you can second guess your decisions and your vision. This week's newsletter is an attempt to help you cut through the self doubt and overwhelm of a lot of advice, and understand how to make it the business and its goals truly your own.
Know Your Own Potential
As followers of Your Startup Partner will know, we are passionate about giving you great business advice, while encouraging you to make the decisions yourself.
We believe that experts are there to provide you with insight and knowledge - but that ultimately you have to go with a decision that feels right for you.
Too often, our clients come to us because of poor advice that they have had that has impacted their business. Importantly, it is usually advice that has been given without the opportunity to reject or refine it for your own business.
When generic advice is given, the likelihood that it is not quite the right fit for your business goes up dramatically - they are trying to provide an insight that is applicable in too many different ways.
This impacts businesses of all sizes, from those that are created to provide a particular lifestyle for you and your family, to those who are looking to maximum the financial gain from the business whether that is in an exit or a public listing.
No matter the size of the business - and no matter the credentials of the advisors you have - you must feel confident to make the best decision for your business at the right time.
- If you attend workshops or complete online courses, always remember to ask - how am I going to apply these principles to my business?
- Know the difference between advice that doesn't apply to your business, and advice you don't want to hear - this isn't about the freedom to ignore what you are being told but rather, understand how to analyse that advice to make it fit with the way you want your business to run.
- Always consider the consequences of any decision- whether that is following advice or going your own way. Answer the following:
- What path do I want to take?
- Do I understand the implications of that path?
- Am I accepting those implications?
Know Your Business Potential
For a lot of business owners, their business revolves around certain technology or products created solely for them. If it pays off, this leads to their business taking off, as they capitalise on the investments they have made during the early days.
But when technology has real value, you are not the only one who notices.
Often, founders are contacted by companies who have analysed the technology and see it has a solid future value, and they want to invest or even buy it from them as early as possible. And often this means they can offer a lower price for it, as at this point, you won’t know the full value of what you have.
It’s a difficult situation for a founder – on one hand, they are being offered a sum that is higher than their startup costs, by enough that they see a great return on their initial investment.
On the other hand, they may want to also stick around and see the final potential of the technology - which may be a lot higher. Or it fails and they lose everything.
Gaining advice from those experienced in your industry or in business sales can help you make the right choice. But ultimately, it has to be the right choice for you and what your vision for the business was.
- As part of your initial financial models, try to get a sense of the value of your business, both as an ongoing concern, a possible merger, or selling off pieces of the technology.
- The value of your business is not just the cost and current sales, but the future value – where can your business grow? It may be that your current product or service line is a test bed for bigger and more ambitious plans – future possibilities have to be factored in.
Recommended by LinkedIn
Change of Date for The Founders' Retreat!
Please note that the Founders' Retreat will no longer be held in July - instead I am moving it to November (precise date to be confirmed). The waiting list has been reopened so please register your interest to find out more about the Founders Retreat 2024!
I want to take you away from your business and get you to think about your business in somewhere with only limited wifi.
I'll be taking a small (and I mean small) group of founders away from it all to go deep, deep, deep into their business design for the rest of the year and beyond.
We are talking:
- Mindset
- Business Models
- Operating Models
- Productivity Hacks
- Negotiation Hacks
And a 100 day plan that will have you slipping out at the end of the second day because you just can't wait another 24 hours to start it.
Except I would hang around, as the last day is when it all comes together and we strategise a group campaign that means that everyone who was there will be forever tied to one another's success.
I'm taking the first cohort in November to a beautiful country house in Hertfordshire, UK and I want founders who are truly ready to take this to the next level.
If you want more information, then join the waiting list.
But you'd better be ready.
Adviser In Your Pocket
Adviser In Your Pocket is my subscriber platform! It replaces the original subscription of a session plus access, and is now a host of online resources for you to navigate your launch as a business owner and includes being able to talk with me directly if you need more specific advice for your business! Even better, the monthly subscription starts at just £5 for content access only!
There is new content being added all of the time, and the plan is for it to transfer to a mobile platform sometime in 2024, so it is a great time to join and let me know your feedback - if you had an award-winning, international adviser and speaker with over 25 years of business experience in some of the biggest organisations in the UK and beyond - what would you want from them?)
Register here: Adviser In Your Pocket
Till Next Week!