Surviving your first year in business during a recession (Part 1)
Start-ups are rightly considered an essential feature of our economic recovery. So, having recently come through my first year in business despite the continued bad news on the economy, I would like to share my thoughts on what I have observed, both within my own business and clients that I have worked with.
A good idea that is timely does not rely on the strength of the economy
Quite simply – if people need what you are offering and you are the best at it, then it is possible to grow through bad economic times. It’s not easy, but it’s possible.
Excel at something
The challenge is to decide specifically what this is. The size of an opportunity does not matter unless it’s the right opportunity for you.
Specialisation is a good idea. I have two businesses, but each of them is a specialist in its field (marketing strategy and also CV writing – which is about applying the marketing concept to a common consumer need).
Do nothing else
Don’t be distracted by other opportunities that are less suited to your company. You can’t be all things to all people.
You will need a lot of time
The nature of the activity you have chosen to undertake means that you will spend significant amounts of time doing lots of different things; some of them unplanned. As new opportunities arise, they will need to be evaluated and some of them acted upon.
So, if working for yourself means picking and choosing your hours, then it seems that, at least initially, I have chosen ‘all of them’.
Read part 2 of this series: ‘Surviving your first year of business during a recession (Part 2)’