Is NOW the right time to start a business?

The Covid crisis has forced many of us to pause and has given us time to think about what kind of future we want. At Future Fixers we have taken to opportunity to change the way we work by moving many of our services online and we’re determined to hold on to the slower, more simple lifestyle we glimpsed during lockdown. It’s not all been easy and there have been times when we’ve wondered if we’re doing the right thing, but we know that this is all part of the business journey. We’re passionate about what we do and we’re glad that we persevered.

Perhaps you have dreams to set up an enterprise to help you live the life you want to live, or you need to adapt your current business to enable it to flourish in a changing market. But you may also be wondering if your idea is a good one, and asking yourself, is now a good time to start or pivot my business.

So how do you find the answers?

MARKET RESEARCH

The usual starting place is to do some market research, check out the competition, consider your customers’ needs and find your unique selling point (USP), and develop your niche.

Market research IS essential but there’s much more to starting a successful business than this. It’s reported that over 50 per cent of new businesses will go-under within three years, and 20 per cent will close their doors within just 12 months.

So it’s clear that starting your own business is tough. It takes a combination of passion, determination, confidence and resilience to get through the ups and downs that you are bound to meet along the way. You hold the the key to starting your good business.

IT’S ALL ABOUT YOU

As a start-up you will often be encouraged to develop your brand identity and write a detailed business plan.

We believe that YOU are your brand and that your VISION is the best business plan. As David Hieatt says in his book ‘Do Purpose’ Define the change you will make…and…write your business plan on a doormat. A clear vision for your successful business will keep you motivated and on track.

Develop your brand by being clear about why you want to create your business. Perhaps you want to bake the best bread in your town, maybe you wish to reduce the amount of waste that goes to landfill by setting up a repair business, or you might want to create a lifestyle that suits your situation. Find your purpose. Do the thing that makes you want to leap out of bed in the morning.

Build your resilience through self-care and invest in personal development which will help you work out what makes you tick.

Create a support network. You may be lucky enough to have friends and family that you can call on for support, but most of us have to search out the right people. Attend networking groups, like our Future Fixers Forum, which are currently taking place online. You can also hire a coach…We would say that as that’s what’s we do, but we’re not the only ones who think this. Bill Gates famously said ‘Everyone needs a coach’.

Work to your strengths and get help in areas that you’re not so good at or don’t enjoy. You shouldn’t be afraid to Invest money in your business; as one of my mentors once said, you can’t afford not to!

UNCOVER YOUR TRIPLE BOTTOM LINE

Financing your business and the bottom line, or the financial profit that your business can make, is of course an important consideration. In today’s market, however, there is more than one bottom line to consider.

Now, more than ever, customers are seeking to buy from businesses that are fair to people (their customers, staff, suppliers, communities) and kind to the planet (using resources sustainably, reducing pollution and having a positive impact on the earth.)

Businesses that employ this triple bottom line of people, planet and profit create a more sustainable business and are more likely to be successful.

SO IS NOW THE RIGHT TIME TO START YOUR BUSINESS?

Realistically, it’s not about timing — it’s about YOU. It’s about your vision and your passion and it’s about your confidence and determination to work hard on your business. It’s also about doing what’s right for you, your people and our planet.

Your business will be a good one if you have a clear purpose and if you understand what makes you tick. There will be ups and downs but where would you rather be a year from now? Still daydreaming about being your own boss, or 12 months in to building the life of your dreams?

That’s the real question.

The best time to start your business in NOW and the great news is that we’re here to share all our learnings and help and support you on your journey. Our flagship Purposeful Business Start-Up Programme will cover all the skills you’ll need to set up a good business as well as providing you with the tools to stay resilient throughout your journey.

‘I couldn’t recommend this purposeful business start-up highly enough. I’ve got the confidence to launch my business this year, thanks to Future Fixers.’

Kayleigh Thompson, Remedy Design Studio

If you’re still not sure, come along to our taster course ‘Is Your Business Idea a Good One’:

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