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Start: How to get your Business Underway
John Wiley and Sons Ltd, Jan 2008, Pages: 192
Start is the classic guide to getting your business idea underway. Written by someone who has actually been there and done it all, it sorts the wheat from the chaff and lets you get straight to the point. Some key ideas:
-Start with the idea. What is it and how will it realise your ambitions? What is the long-term plan? If you don’t know where you are going, then you won’t be getting there at all.
-Simplicity is the key. Don’t overcomplicate things so that the idea is pecked to death. If you can write it on a postcard and explain it to your mum, then you might just have something.
-Flush out whether you are building to sell, or just want the business to fund your lifestyle, then take the leap of faith and get it underway. Make sure the nature of the business reflects your own character, with plenty of honesty and humility at the core.
-Learn to realise when you are gaining speed but losing altitude, and have the courage to change things when they aren’t working well.
Use the ingenious one-page business and personal plans to work out what you want in the simplest and clearest possible way. All simple stuff really, but written in a pithy, amusing way that will enable you to get straight to it, and Start.
Example Chapter Outline
1. Start From Scratch
-Ignore everyone else, what do you want to do?
-What exactly is the idea?
-Will that make money?
-How much money do I want?
-Doing the maths
-How much time off do I want?
-So is it a goer then?
2. Pecked To Death
-Don’t get too detailed
-Beware spreadsheets
-Why the rough shape will do
-Back-of-an-envelope planning – the best
-The one-page business plan*
-Why almost is more than enough
-Can you describe it to your mum?
3. Lifestyle or Build To Sell?
-What do you wish to do with the business eventually?
-If you want to sell, who will buy?
-What will they be buying?
-What price do you want? How will you justify the price?
-Will you be able to work for someone else during the earnout period?
-If you want a lifestyle business, what type of lifestyle?
-Is that realistic or too fanciful?
-What happens if you get ill?
4. Leap of Faith
-Enough talking, let’s get on with it
-If you are still planning, you are still not earning
-Test driving is better than not driving at all
-Just F@*!`ing Do It!
5. Humility, Honesty And Humour
-Getting the character fit right
-Only do business with people you like
-Only do something if you know why you are doing it
-Be humble
-Be honest
-Put some humour into it
-The one-page personal plan*
6. Why Hard Work Works
-Why lazy people achieve nothing
-There’s work and there’s clever work
-Understanding the link between effort and results
-When not to work hard, or at all
-Get marketing
-Say hello to everyone who could help
-Don’t be afraid to ask for favours
-Balancing new business with an existing business
7. Gaining Speed, But Losing Altitude
-Speed may or may not be good
-Busier doesn’t always mean better
-If it’s not working, admit it
-Change direction and move on
-Digging a deeper hole – but for how long?
-Predicting pitfalls before they happen – easier than you think
-Working out when to quit completely
8. Daily Reinvention
-You can change your offer every day, week, month or year
-Why small is usually beautiful
-One in a row – making progress gradually
-Rewarding yourself appropriately
-What was the original idea again?
9. Beware Self-Deception
-Learning how to spot fool’s gold
-Who’s the mug then? Don’t kid yourself
-Don’t mislead others: family, friends, business contacts. You will be rumbled!
-You can’t deal with the facts if you can’t face them
-The truth is more important than the facts
*The One-Page Business Plan
I want to earn £x each year
A realistic cost per customer/visit/transaction/project is:
£a per day
£b per week
£c per month
£d per year
So I need y customers per day/week/month/year
Is x achievable? If not, change:
-Pricing
-Number of customers
-Whole model (go to top)
*The One-Page Personal Plan
I stand for…
I am at my best when…
In five years I would like to be…
My ultimate dream is…
I will never…
I am going to start doing…
I am going to stop doing…
I will continue doing…
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