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Now? Is this your time?
22 May 2013
So often I am asked how do you know if the time is right to leave employment and start your own business? I wish I had the answer to this. It may have prevented me from literally living off the top ups on my credit card in the early 1990’s, something I will never do again. So after a few decades of deciding whether I timed the move to free enterprise right I have some criteria that may assist.
What we do know is that the vast majority of small businesses fail. And the reasons for this vary. Cash flow is obvious. To me a successful business in the first six years needs planning, personality, life cycle structure, trust and cash flow.
A number of years ago I attended a Tony Robbins event in Melbourne called, “Business Mastery.” One of the highlights for me was looking at the processes of developing a business. Starting with the infant, toddler, child, teenager, mature adult and old age as a parallel to the life cycles of a business. Yes, the teenager was out of control! It’s good to look at a business plan in this way and develop it in line with an evolution.
Knowing how many people I talk to about the concept of free enterprise I have discovered that owning your own business takes hard work.
I have seen a number of people develop their business plans around retaining their current income or employment at the same level until their new business has replaced their income. Had I known this in the early 1990’s I would have rethought the blinding dive straight out of employment and into business.
What I have also observed is that the people who are most successful in free enterprise are prepared to do tasks that many people would not do. In business and especially start ups there can be lots of negative feedback from well meaning friends and colleagues. It’s important to look at this from where it comes and assess the validity of the advice in your circumstances. There’s no right or wrong, and it’s different for every individual. Well meaning advice can be right and just not right for your circumstances.
The trusted network is showing some incredible promise in start-ups today. How we run and build our businesses has evolved considerably over the years and taking the time to ethically support your business with a trust based approach is critical in this process. I have always been inspired by the work of Sales Trainer Ari Galper in his timely lessons about selling goods and services and building a successful business.
Some people will never have the planning, personality, life cycle structure, trust and cash flow to pull off a successful start up, and so the timing is never going to be right. It’s just 2% really who will go the distance. Before you start, decide if that’s you or not.
Lipstick Learning is an initiative of Sydney based business leader & entrepreneur Madelaine Cohen. Sharing information and joining forces with people who choose to lead. Madelaine has more than two decades of inspiration from her businesses in consumer products, sports marketing and healthcare. She takes a leading role in helping people transition from employment or trading time for income to their own business in the health, beauty and anti-aging sectors. Madelaine works with business models including a 10 x 10 process and 10:6:4:1 ratio strategy for generating profit of $100K or more per annum in your own business. Why? Inspire people to lead in free enterprise & together we can create lifetimes of health and happiness.