Starting a New Business - My Own Story, and the Things I Have Learned
How I got into business.
I had been employed at a small electronics firm, for a number of years.
The sales turnover was moderate, and the income, steady.
To cut a long story short, the widow of the former owner of the firm, found herself in serious debt.
Eventually she was forced into bankruptcy, but before this happened, in an effort to shed some of her financial burden, she offered up the business to it's current employees.
The business was stable, and would have been prosperous, but for the amount of debt that the current owner had accrued.
It meant that running the business effectively, was next to impossible.
So, in the end, through a deferred payment scheme, Myself and another former employee bought the business.
There were hard negotiations along the way, but eventually, the deal was made.
So, my journey in to business began...
The right frame of mind.
This is a very important, first step.
You have to realize what you will be giving up in order to fulfill your dreams.
During the early stages of running my business, I was working sixteen hour days, for months at a time.
It often reduced me to tears, and despair.
During my time, I've talked to a fair few people who have looked to start their own business, full of enthusiasm, and drive, willing to work 24/7 if needed.
It's amazing how quickly the drive dissipates.
Working 24/7, or indeed 16/7 is hard, very hard.
And, it doesn't take long before you will start to question why you ever started in the first place.
life was so much easier when you could clock off at five in the evening, go home, and not have to worry.
So, with this in mind, you need to be prepared.
You need to be realistic about how much time you are willing to devote to your business.
If you have other commitments, for instance family commitments, then you have to think long and hard about how you might feel, when you only get to see them for a few hours a week.
For at least the first year of most business ventures (I would imagine), you will have next to no social life, and you will effectively be living in near solitude.
So, this is something that you will have to be aware of.
But if you're prepared for it, at least you'll be expecting it, and you'll be able to deal with it a little better, perhaps.
it would be very wise, to make use of any support you can get, you WILL need it! Thankfully, my partner at the time was very supportive, and understanding.
Without her, I would never, ever have made it.
So, I'll take this opportunity to sincerely thank her once again.
I had been employed at a small electronics firm, for a number of years.
The sales turnover was moderate, and the income, steady.
To cut a long story short, the widow of the former owner of the firm, found herself in serious debt.
Eventually she was forced into bankruptcy, but before this happened, in an effort to shed some of her financial burden, she offered up the business to it's current employees.
The business was stable, and would have been prosperous, but for the amount of debt that the current owner had accrued.
It meant that running the business effectively, was next to impossible.
So, in the end, through a deferred payment scheme, Myself and another former employee bought the business.
There were hard negotiations along the way, but eventually, the deal was made.
So, my journey in to business began...
The right frame of mind.
This is a very important, first step.
You have to realize what you will be giving up in order to fulfill your dreams.
During the early stages of running my business, I was working sixteen hour days, for months at a time.
It often reduced me to tears, and despair.
During my time, I've talked to a fair few people who have looked to start their own business, full of enthusiasm, and drive, willing to work 24/7 if needed.
It's amazing how quickly the drive dissipates.
Working 24/7, or indeed 16/7 is hard, very hard.
And, it doesn't take long before you will start to question why you ever started in the first place.
life was so much easier when you could clock off at five in the evening, go home, and not have to worry.
So, with this in mind, you need to be prepared.
You need to be realistic about how much time you are willing to devote to your business.
If you have other commitments, for instance family commitments, then you have to think long and hard about how you might feel, when you only get to see them for a few hours a week.
For at least the first year of most business ventures (I would imagine), you will have next to no social life, and you will effectively be living in near solitude.
So, this is something that you will have to be aware of.
But if you're prepared for it, at least you'll be expecting it, and you'll be able to deal with it a little better, perhaps.
it would be very wise, to make use of any support you can get, you WILL need it! Thankfully, my partner at the time was very supportive, and understanding.
Without her, I would never, ever have made it.
So, I'll take this opportunity to sincerely thank her once again.
