The hardest part of starting a new business is finding the right idea. The second part is finding the right people and with both of these components in place you are 90% on your way. There is of course risk in any start up, but I do believe I have the knowledge to mitigate that these days.
This week I had a meeting with my new business partners making sure we were all on the same page with what everyone has to do. Thankfully I have learned from previous experience it is all about the team that you put together. Everyone has their particular field of expertise and has something to bring to the table otherwise there is no point of having them on board.
It is strange how things just happen and this all came about from an idea I had that was confirmed over a chance meeting at the barbers. The person sitting in the chair next to me I have known for many years and his business is the market leader in our region. Too early to reveal what this is about, but by the time we had our haircuts he was onboard. Normally with my personality I tend to hold on to ideas for far longer and have subsequently learned if your idea is any good then you have to also start being proactive and make it happen.
From that unpanned meeting things have kind of just snowballed and I have managed to bring a specialized team together. This may or may not work, but the odds are in our favor due to the team that is now in place. In the past with previous failed business ventures I have been involved with the team was not balanced and it was clear only one or two people were doing all the work whilst others added no value. Everyone was more worried about their shareholding even though the business had no value and 100% of 0 is still a big 0.
We would like to see is new venture up and running by the end of January, but knowing what needs to happen to make that a reality March is looking more realistic. Costings and getting those costings 100% correct is the most important part of this entire business along with marketing. The marketing I will leave in the capable hands of my hair cut buddy who has a sales team of around 50 people. All this guarantees is we will hit the ground running hard from day 1 and allows us time to prepare.
There needs to be a start up budget set aside and most likely will need to be increased as the business starts up in earnest. I do not expect to see a return on this for the fist 12 months even tough some of the stake holders will be earning some type of salary. This I am fine with as I am the brains behind this and most of them are the brawn and the business needs them full time.
The next meeting is due for the first week in January when our suppliers open up after the festive period. The new business needs to be registered which should be fairly simple and straight forward ,but does trigger cost implications. Costings will take place and a final retail offering with brochures will be in place by mid February. I am quietly optimistic about this new venture otherwise I would not be involved and have been thinking about this particular project for the last year.
I enjoy new challenges and working with people from all back grounds and why I am always looking for opportunities to stay busy. Lockdowns and being forced to sit on the side lines has given me a sense of added motivation which I am now gratefully grabbing with both hands. Opportunities are all around us and if you are not constantly on the look out then you are missing out.