What does it take to start a business?

Small Biz Matters – a half hour program each week where you can work ON your business rather than IN it.
with Alexi Boyd from Boyd Office Management Services
Date: 21 May 2019

I always enjoy meeting with and learning about authors in our small business world. They are not only experts in their field but have further researched their area of expertise AND made sure it's clear, concise and understandable to those who want to learn all about it. And then they go through the publishing process!

One such person is our guest this week; ingrid Thompson. For the past ten years Ingrid has worked with hundreds of people to create, start and grow their own business. She is the author of “So You Want to Start a Business” and owner of Health Numbers.

This book is completely changing the way people think about getting started in their own business. When she is not spending time with her family and her 4 cats she can be found surfing at Bondi or on her yoga or Pilates mat.

Welcome to the show Ingrid.

 

What are typically the trigger points for Starting a business?

• Being made redundant, waiting for the opportunity
• 2^nd baby – stats, cost for childcare for two kids based on the expected wage for returning to work
• Can’t be bothered going back to university or just finishing studying
• Wanting to do something completely different or a professional who can say “I can do this myself”

 

What do you need before you start

• An interest in running a business
• A certain level of business acumen
• Your finances in order
• A basic business plan
  • How much do you need to earn
  • How much is it going to cost you
  • What to expect in terms of low income for the first couple of months
  • Work the NUMBERS!
  • Understand seasonality – monthly, weekly, daily – and evening it out
• Understand all the protocol in running a small business

 

Where to work

• Rise in working from home businesses – all you need is a mac and an internet connection

 

Thinking in a preventative way

• The reality – if you’re not paying yourself a wage / paying your own super and can potentially take on an employee you’re not running a business.
• What kind of reports are crucial for understanding your business & preventative
  • Making your clients visible – understanding your clients to acknowledge their attendance for example and improve retention
  • Hang on to your existing clients as well as looking for new clients
• Stop looking at what everyone else is doing and focus on yourself

 

The 7 steps in your books

• Who are you to start a business?
• What is your idea?
• Who are your clients?
• What is your brand?
  • Meet the maker
• Compliance
  • Systems
• Financials
  • How much do you want to make?
  • Revenue - How much is it going to cost you and how many clients do you need?
• Marketing & Sales
  • The fun stuff