When you are working on your own and in theory have nobody but yourself to answer to it can be difficult to assess and monitor your own performance. The reason why it is difficult is simply because your time is usually filled with the actual “doing” of a given task, not mulling over your performance levels and whether you could have done something differently. This is a mind frame that you actually need to get out of and fast! Just as if you were answering to a superior, your role as an entrepreneur is to ensure that you, as your own boss, are performing at your very best and getting the most from every opportunity. After all let us just remember that you are the boss and it is ultimately you who can affect performance.

The average entrepreneur probably won’t admit that they have a weakness, at least not publically, we are rather proud individuals. It’s important however to consider where your performance could be improved, especially in the first few years as your own boss. Just like a business plan is vital, measuring your own performance and improving upon your assessment is part of the iterative process that entrepreneurs must implement into their daily lives.

A lot of your professional development can be maintained quite easily through the iterative process that I described above. Using the self-assessment formula and approving upon it is probably one of the very best methods. Taking this process one step further you could consider sales training since the majority of organisations will have a sales related task. Sales management courses can be an excellent source of improving all aspects of your personal performance. For instance, your communications and interpersonal skills can be developed to enhance your relations with future and present clients. You could also improve your leadership and project management skills if you are managing a team or just trying to improve your own skills.

Whilst as an entrepreneur it is near impossible to be the all-round complete business guru, you can improve your own performance and develop your skills by analysing your own performance with the scrutiny you would as if it were an employee. Make a difference today by looking at what you have done today, and how you could have improved it.

Why are trade exhibitions important to your business?

As a buyer:

• An opportunity to network with other buyers and potentially discuss & agree business deals.
• Lucrative opportunities to meet suppliers and product vendors from across the globe face to face, see product demonstrations, discuss pricing and product specifics and agree business deals.
• A chance to advertise your own business, exchange business details with buyers and sellers and take publications and pricelists away with you.
• Experience an industry standard trade exhibition made up of industry professionals and your competitors.

As a supplier:

• Much like buyers, this is your opportunity to showcase your products to a massive audience of targeted buyers from countries across the globe.
• An excellent opportunity to meet buyers face to face, discuss possible deals and make sales or agree future business arrangements.
• A chance to meet other suppliers, spy on your competition and compare the market or perform market research.
• Get your name about by giving away promotional material, samples or business cards. Also a chance to offer your stock-list/price-list to qualified buyers and gain their trust and contact details in exchange.
• When you have an opportunity as good as this to attend a trade exhibition (many are free entry if you book in advance) it is vitally important to ensure that you are prepared and have everything you need with you so that you can make the most of your visit.

How can I be best prepared when attending a trade exhibition?

Top Tips for Buyers & Suppliers:

• Revisit your business plan, make a list of products that you are actively trying to source, a list of products that you may wish to research and identify key areas where your knowledge is limited and you perhaps wish to find more information on.
• Consider what direction your business is going into, try to foresee which areas you could develop into and consider products either related to, or applicable to your current range.
• Prepare your contact information and ensure that you have it available to your potential suppliers. Ensure that you leave enough time to produce business cards and brochure printing, leaflets (if applicable) and so forth.
• Have a clear plan and idea what your objectives are at the exhibition. Never attend a show without a plan of action, aimlessly wandering around will prove ineffective and frankly is a waste of your time.
• Consider your startup finances before attending exhibitions where the objective is to place bulk orders with suppliers or manufacturers. You will need to have a clear idea of how much capital you have available or have access to in order to foresee what sort of quantities or range of products you can potentially purchase. Clearly there is no point in discussing purchasing goods that you can neither afford nor effectively distribute as a business.
• Get the most out of the experience. Pick up every leaflet, pricelist, supplier/buyer contact you can (within reason). Arrive early, leave late and get a good night’s sleep the night before. Consider your travel arrangements if you are travelling overseas or require a hotel to attend multiple venues or days.

Prior to even thinking about packing the day job in, you’ve been experiencing good levels of success with your own startup business, sales have been growing month by month and the challenges have remained fresh and interesting. Your profits are increasing as your sales tally and are starting to provide a very nice residual second income. You have also planned what you would do with the small business startup and where you would take it should you be doing it full-time. All that remains is making that last choice over whether you’re going to go for it and pack the career job in and go it alone or whether you are going to continue as you are by using it as a secondary source of income. Sounds familiar? ..

The law states that you are perfectly entitled to run a small business - or any size business in fact - alongside your career job just as long as you declare the income you are making to the relevant tax authorities. For the UK that would be the Inland Revenue through the self-assessment system. If you haven’t done this already and have been running a business for longer than three months, you are actually breaking the law and are strongly advised to consult with HMRC immediately and ensure your business is registered for self-assessment. So the question still remains over whether you are willing to risk it all and go it alone or stay employed and have the security of a long term job. But then, the flip side of that argument is just how secure your so called career job actually is given today’s financial climate? For arguments sake let us say that your job is secure and your small startup business is booming - where next?

Firstly, avoid telling your boss at all costs that you even have a small business running alongside your day job let alone that your planning on dumping him for a sweeter deal elsewhere. The chances are he/she will not share the same enthusiasm that you do and it may even lead to more problematic circumstances. It’s difficult to keep something from your employer, especially if you have a good relationship with them but you have to keep it to yourself and stay under the radar at all costs.

Secondly, don’t take the decision to tell your boss too lightly. Once you have told him/her the chances are you are going to become pretty unpopular pretty quickly, so avoid saying anything at all until you decide its time to leave. In fact, you don’t even need to tell them the reason you’re leaving. I guess it depends just how much respect you have for your employer, the chances are most wouldn’t divulge the real reason anyway!

Once you’ve told your boss that you have your own small business and are considering going it alone, there is no turning back. Consult our Small Business Startup Checklist before you think about making that call.

Why do you need to search for the availability of a business name?

There are a number of reasons why a startup business would want to perform a few checks before choosing a business name. The most common reason is that as a new business, you wouldn’t want to have the same name as an already existing business. Firstly this would be confusing for your customers to potentially see two companies with the same name and secondly, you may be encroaching on another company’s right by using their trademark. As simple as it sounds, you couldn’t start a new business and call yourself, Google Inc, as clearly this is against the law.

It would be fair to say that if you come across a business that goes by the same name as you, and this name isn’t trademarked or registered as a company and the business is located overseas or far enough away from your own operations you could potentially call your business by the same name. It is hard to choose a unique name for your business and I don’t think there is anything particularly wrong with sharing the same name as another sole proprietor, but ideally speaking, having a unique name has some serious benefits.

How can I perform a business name availability search?

• Search the Internet – Your first stop should be your favourite search engine. Type the keyword or exact name of the business you are considering and see what crops up.
• Search local and national phone books – Check your local phone directory and yellow pages directory to see if any businesses have similar or exact same names.
• Search business directories – Similar to the above, search as many business directories that you can get your hands on.
• Check with company registration websites – For the UK, you could check the Companies House website for businesses that are registered companies that may have the same name as you. For the US, you could check a site such as BizFilings.
• Search Domain Tools – Certainly under modern circumstances and the need for a web presence you should really check to see if the name you are considering for your business has a domain name available. If it does, that’s another tick in the box for your choice.

Which ever name you decide on, make sure its right for you and your business. Don’t rush the process and certainly don’t choose a name that doesn’t have longevity, you have to keep the future in mind when choosing a name for your business.

First things first – To save yourself a lot of heartache and potentially wasted time down the line, reading this guide is an absolute must. Let us begin..

How important is your business name?

Perhaps the very first thing a potential customer will see is your business name and instantly an impression or opinion will be made of your organisation. I happen to believe that the name of your business, in terms of short term visibility, is more important than your sales pitch, your inventory or even yourself and perhaps employees. You may have excellent customer service skills and a fantastic product but if you get your business name wrong, a customer and a potential sale can all be lost in a moment. Under most circumstances, the name of your business tells a lot about your business to a viewing customer. Remember we discussed earlier in this article how customers make instant judgements of your business based solely on its name. They do this even before they have even seen what else you have to offer them.

How do I choose a good business name?

The first thing to think about is what industry or market sector your business is operating in;

• Are you a service or product based company?
• How important is branding to your business in the industry?
• Are you ever likely to need to be able to brand your business in a specific way?
• How crucial do you think your business name is going to be for marketing purposes?
• How about expansion? Do you believe that there are other market sectors your company may diversify into? What about expanding overseas? What are the implications for that?

It’s essential that you appeal and strike the right tone to your customers with your business name. If you think for a second about the largest and most successful brands we have in our world today. The likes of McDonalds, Nike, Google, Sony and so forth, these are businesses that have developed a brand, not just a business name, and good brands practically sell themselves.

What other considerations are there?

Over the course of running your own business you are going to get a lot of practice saying your business name and seeing it associated with your own name. You may think that it’s a no brainer to choose a name for your business that you like the sound and sight of, but keep that in mind when choosing.

Something that business startups forget about is whether another organisation has the same name as you. For obvious reasons, having the same name as another business really isn’t a good idea, especially if trademarks or other rights are involved. Always check that the name you have chosen is not already in use.

Your business name needs to be memorable. Why? Because you want customers to remember your name and directly associate it when they are looking for the products or services that you tender. Keep in mind that the longer the business name, the less likely people are to remember it. You may think that something short and unique is the way forward, certainly most successful brands are like this but let’s not go too far off the chart it becomes too unrelated to the business sector you are operating within. Don’t chase a short name and sacrifice its relevance to your organisation.

As easy as it sounds – business names should be original, concise and coherent to the sector you operate in. Choosing a name for your business can be a tricky task but take time over it, it will hopefully be with you for a long time to come!

When starting your own small business it is important to make honest and realistic forecasts about your business’ potential. During the startup phase of any business and even once established, it can be very easy to make poor estimations. It’s important to remember one thing however, these are estimations and unless you’re extremely good at what you do or are very lucky, estimations remain calculated guesses. There is no easy solution to this common startup mistake, you simply have to calculate and calculate again until you are ready to take the plunge. Another possible solution is to let a third party review your expectations, perhaps an accountant, solicitor or business consultant. It’s usually a good idea to have a third party view of your small business matters.

2. Poor planning

The amount of startup businesses that simply do not plan is startling. It is a common misconception that startup businesses only need a loose plan in order to get started, this is incorrect. Poor planning (or no planning at all in some cases) will more than likely result in business failure, if not immediately, within a few months. You must produce a high-quality and structured business plan for your new startup venture. A business plan not only outlines the aim, objectives and structure of your business, it will also aid securing external sources of finance such as startup loans. A business plan will help you foresee potential problem areas in your business and measure how well your business is doing on a regular basis.

3. Poor market research

A lot of small business mistakes stem from a lack of market research. The market your small business is going to operate in is your sales venue, it is your home, your marketplace for the next X-XX years, you have to treat it as the holy grail. Inaccurate or poor market research will all most certainly lead to a misunderstanding of your businesses objectives and how you are going to successfully execute them. Put the time into market research, don’t walk into business blind of your surroundings.

4. Diversifying into new markets too soon

Your new startup business is quickly becoming a success and you are looking to expand into other markets to open up new revenue streams and increase overall profits. Well, not so fast cowboy! - There may well be a temptation to diversify into other markets when you have a taste for success, but don’t forget your roots. If you move at the wrong time (normally too quickly) your primary revenue stream can be left behind. Expansion is a necessary and extremely important step for small business owners, but diversifying too quickly can make you vulnerable to the many startup business risks.

5. Losing sight of net profits

When we talk about business growth, we normally associate this with increased profitability - Well, not always. Over-trading and chasing increased sales volume is a rapid expansion tactic but it also has its associated risks, and some of them can be catastrophic for your startup business. Unless you have adequate working capital or net current assets, chasing high sales revenue before thinking about profit is a dangerous game to play - Don’t be caught out, business takes time to come to fruition!

Have a good look at yourself and consider asking yourself these questions:

• Are you an individual that is looking to get out of the nine to five routine of a career under an employer?
• Are you an individual that wants to start their own business and has the hunger to be his/her own boss?
• Do you have your own small business idea that you really can’t wait to have a go at trying to make a success?
• Do you have the desire to work for yourself and think you can succeed going it alone?

If the answer is Yes to any of those questions, then it looks as if you have passed the first personality test it takes to be self-employed - Let us continue.

Starting a small business will be one of the most demanding challenges you as an individual will face in your life time, that I guarantee. The pressure and work load placed on small business owners and entrepreneurs is quite often too much, hence why so many businesses fail within their first two years. A lot of people work at their most efficient when they are under pressure. Pressure drives motivation and a lot of people need that sort of challenge to feel like they are really working towards a target. Some prefer not to be pressured but quite often these types of people aren’t risk takers and generally are left in full-time employment under the command of their seniors. You need to work out which type of person you are. Can you work under pressure and are you prepared to take risks? Or would you rather somebody else relieved you of those pressures? - If the latter, my guess is you’ve found the wrong website today.

Running your own small business is a big commitment to shoulder. It also has a responsibility that you have to be 100% dedicated and committed to, combined with having a hunger for success. Let us not forget that as a self-employed individual, it is up to you to bring home the bread each night, its up to you to hit revenue and profit targets - it’s your business.

I would imagine by this stage you have a number of questions floating around your head, perhaps even a few mild concerns over whether you are truly right for business. I’m not going to lie but so you should, too many small business owners underestimate what it takes to be a successful entrepreneur which is perhaps why failure rates are so ridiculously high. These doubts you may be having are perfectly normal and this is the reason why this is such a topical discussion to help you alleviate those doubts before you make the decision to consider a small business startup.

The thought of a challenge should always motivate you, so to should the thought of your businesses success. You should be prepared and absolutely committed to putting everything you can muster into making your business last through its early months, as these are without doubt the most important for your businesses future. If this isn’t you, that’s fine, but self-employment definitely isn’t for you I’m afraid.

To your success!

Once you’ve established that your small business idea is viable, the time has come to move forward with setting up the formalities. In a past post I gave you some quick fire tips on setting up your enterprise. I’ll now further discuss how to create your own small business startup checklist. A more detailed summary is below:

Pick a business name – and get it registered

This is the first step of the small business startup process that is exciting and fun! Get creative – your business name should be simple, catchy, and memorable, and it should sound like you. Remember, this is how the entire world will view your company, and you want to ensure that your name exudes your branding strategy and is easy to remember.

For example, Kodak’s name was created because the original founder read about a study that said the most memorable business names started with the letter ‘k.’ For good measure, he ended his company’s name with the letter ‘k’ as well!

Once you’ve picked the perfect name for your business, consider getting it registered right away. The costs are minimal – generally no more than a few hundred dollars – and it protects you, just in case someone else comes up with the same brilliant business title that you did.

Create a business plan

You need to clearly define what you’re trying to accomplish, and what earmarks will tell you that you’re moving toward your goals. Decide what success will mean for your business, and give yourself a deadline. Refer to this often, so that you know you’re continually staying on track. Remember, those that fail to plan, plan to fail - a business plan is of vital importance.

Establish a relationship with a bank you like

You want to keep your personal funds separate from your startup business finance. Create an account at a bank you have perhaps used before or comes recommended right off the bat. Do some research, and determine what type of small business bank account fits your needs. A good bank will want to establish a long term relationship with you as your business grows, and will work to do just that from the first. Keep in mind that your bank may be the biggest investor in your startup enterprise – and the earlier you can start relations, the better.

Develop your marketing strategy

Even the “best” product or service in the world will fail without marketing. Making consumers aware of your business is the biggest hurdle in growing your revenues. Create a solid marketing strategy long before you open the doors. Your marketing plan should include several elements: market psychology, target customer, and overcoming competitor strengths.

If your budget is limited, be creative in how you can reach your target audience. With the popularity of the Internet, there are plentiful ways to reach large amounts of customers that are very affordable. For example, you could start a blog, join a forum, or write articles in the industry – all these marketing avenues are essentially “free,” yet introduces you to the world of your target customers.

Establish your prices

Conduct market research to determine what the going rate for your product or service is, and establish your own prices accordingly. Consider what your branding strategy is. Are you positioning yourself as the “luxury” provider, and thus, will have higher prices? Or will you undercut the market rate and position your company as the “budget-friendly” company? Remember, the key is to ensure that your branding is in line with your pricing.

Network with other professionals

Attend events within your community that give you a chance to network with potentially valuable business contacts. Join the board of a charity you care about, or even host a networking event yourself in celebration of your business’s launch. Word of mouth still remains the most powerful form of advertising, exchange business cards whenever possible. You never know when an important business contact may become a powerful asset to your company.

Consult with a lawyer (if necessary)

If any of the legal aspects of establishing your small business startup seems confusing or dense, don’t hesitate to consult with a lawyer. Even if the legal fees may seem expensive, they will often offer a consultation for free, and in the long run, they can be worth every penny that you may have to pay.

Build your team

Your business is only as powerful as the talent that works within it. Recruiting talented individuals for your business creates the solid foundation that will allow it to reach its full revenues potential. However, if your startup funding is limited, you may not have an opportunity to take on employees. Nonetheless, there are many freelance independent contractors you can hire. You benefit from their specialty, but only have to pay them when you need them – making it a win-win situation for your company.

Once you’ve reached the point that you’re able and looking to hire, recruit the best talent you can find and afford - Your small business startup will thank you!

Starting your own small business while you are in full time employment is actually a very sensible route to pursuing your dream of running your own enterprise. The good news is, it’s absolutely possible to run a small business alongside your day job, the key question you need to ask yourself however is whether you have what it takes to take your business to the next level.

One of the advantages of pursuing this route over dumping your employer and risking it all are the financial security benefits. The vast majority of us require a moderate level of sustained income and depending on your financial or personal circumstances; it really may not be a sensible idea to risk you or your families lively hood by pursuing your startup business idea without some form of financial security. Running a startup business part-time alongside full-time employment is a viable starting route, sure it’s not easy to manage your own business, your day job and your family all at once but those who are committed will make it work.

Unfortunately you really can’t afford to leave your full time job (especially if you are on a career or development path) until your startup is truly off the ground and making adequate income to support you and your family. Of course some people do, but that is an extremely risky strategy and I would be inclined to say that timing is everything and leaving your day job premature carries heavy consequences should your startup fail.

The dilemma of balancing your own time will be what you will find most difficult, especially if you have a family to consider too. There is no hiding it, it’s a real struggle to manage a startup business whilst still being in full time employment and trying to fulfil your family responsibilities.

In order to move forward, you need to consider making the “big break” – a decision to pursue your startup business on a full-time basis.

A few of the questions you should be asking yourself before doing this are:

• Have I developed my business to an established and profitable level thus far?
• Do I have enough scope to develop this to support me financially?
• Have I developed my business plan enough to provide the direction for my businesses future?
• Do I have what it takes to run my own business on a full-time basis?
• Is the time right in my life to take things forward? Are the risks too high? What are the consequences if things don’t go to plan? How can I plan to cover myself in the event of failure?

It’s not an easy choice to make, as you can see – don’t take the decision to take the plunge lightly.

Now, before you answer the immediate cliche response of; “Yes, of course I have what it takes!” to that question. Perhaps first we should look over what that statement really means and how it will affect you, your family and friends for the rest of your life.

A successful startup business should contain the following personality traits. If you don’t have them, you either need to adapt yourself or seriously consider whether starting your own business is really for you!

Commitment

Pursuing your own small business idea will be without a doubt one of your biggest commitments you will make in your lifetime. Its right up there with buying your first house, getting married or starting a family. The amount of time and resources that you are going to have to commit to this enterprise are often overlooked, which is why so many startups fail to make the grade.

• You should be committed to achieving goals, both short term and long term.
• You should be 100% committed to your enterprise and nothing should get in the way of it when it needs you most.
• The balance of family life and running a business is often a hard one, but you’ll have to learn to balance both.
• You will have deadlines to meet and there will be more work for you to do than you have ever experienced before. Don’t just think that this is a one-time gig, this is a normal day’s work – get used to it.

Motivation

Self-motivation is crucial and without it, you’re heading for startup failure. Quite simply, you need to be motivated to work by yourself, for yourself and break your inner limits time and time again to better your business. Remember; this is your business, no longer are you an employee under management, you are your own boss and your business will rely on the work you put in to survive.

• You should be motivated by the work you do.
• You should enjoy what you do and be physically and mentally challenged. This will help to feed your motivation levels.
• You should be willing to put in long hours whenever your business needs it and you should be motivated enough not to second guess whether its really necessary.
• Your motivation will rely heavily on controlled discipline and professional focus – if you think you are up to the challenge so far, let us continue.

Patience

Even the most successful small businesses weren’t born overnight. Depending on your circumstances and perhaps the market you are operating in, your business will take quite a long time to develop and reach profit maturity, you need to be prepared for this.

• You should have an eye on the objectives at all times, but be patient enough to realise that success takes time to come to fruition.
• You should be willing to allow your business to take its natural shape and not try to cut corners through unethical practices, especially when the law is concerned.
• You may become frustrated from time to time, but do not allow this to affect your patience, you must remain objective at all times.

Resilience

Every business has set backs. Some are critical enough to destroy businesses, others are just minor enough to cause a headache and some extra time on your behalf to put right. Either way, you should be prepared for every eventuality and remember that those who fail to plan – plan to fail.

• You must be prepared for things to go wrong, problems and mistakes aren’t catastrophic if you have backup plans in place to put them right.
• You must be prepared to put right what has gone wrong and do it without emotional discomfort.
• You must be able to take criticism from your peers and pipe it into the good of your business.

By no means is this an exhaustive list but a lot of the startup advice we have discussed here will help you to decide whether you really have the personality a small business startup will require. You should by this stage have some idea of whether you will make the cut.