Steps to self employment success

Of course, statistics show that more than half of all small businesses fail within the first five years, despite all the free advice and support on offer. Mistakes are costly, not just in time and money, but in relationships, frustration and stress.

So how do you ensure your business is one of the success stories? Global business coaching network Achievement Coaching International, believe the advice out there is good, the problem lies in being able to recognise it and apply it well.

Business coach Terry Murphy has over 40 years of business experience and says the most sensible place to start is getting all the paperwork and logistics in place which make running a business possible.

He said: “All good business advisors will get you started on your business plan – the most important document you'll ever put together when it comes to your venture – and within that will encourage you to thoroughly research your idea to make sure it's viable. You will then need to select your bank, appoint an accountant and solicitor if required, secure funding, find suitable premises, develop your marketing plan, and of course, network like crazy. If you do not do these things you will fail, but they alone do not ensure success.

“What will maximise your chances of success will be thinking and doing differently.”

Here are Terry's top five tips for business success:

1. Know yourself – this may sound like psycho babble, but understanding how you get things done is essential. After all, you are the single most important person in the business so understanding how you get things done and how you want to work is critical.

2. Know your team – you need to understand how you can work well with the people who surround you. You need to work to strengths and play on those when it comes to building a successful business model.

3. Use a process to get things done – make sure everything you do adds value, so it adds to something you've already done and prepares for the next task. Never leave things undone – it'll only cause you problems further down the line, Burying your head in the sand is not an option.

4. Value advice – think about the advice on offer and look for the value in it. Is it relevant to your business? Know what you need and know how to decide whether it's important to you.

5. Implement the advice – select the right advice, at the right time. If not, costly mistakes could happen and set you back. When you're ready to try something new, then be clear you know how to make it happen and feel comfortable implementing it.

Terry says: “This is all about giving things time and thought – not what you do but the way that you do it that makes the difference.

"These points seem so obvious when you think about it – knowing yourself and others is a point in hand.

"Working to strengths is such an obvious thing to do, but how many businesses take time out to look at the team and play to what they're good at, instead of expecting everyone to be good at everything.

“There are, of course, some obvious pitfalls to avoid, and these pretty much boil down to there being too much advice and the inability to recognise and apply the bits that are relevant.”

Terry has put together these top five 'don'ts' for any fledgling enterprise:

1. Don't – take decisions then fail to fully implement them. You need to have faith in your decisions.

2. Don't – be overwhelmed with advice and 'must dos'. A never ending task list doesn't help anyone.

3. Don't – try to do too many things at once. Take your time. Rushing about means you lose sight of the bigger picture and go off in the wrong direction.

4. Don't – take huge risks with the success of the business. Do act with caution. Times are tough at the moment and look like they'll remain so for the foreseeable future.

5. Don't – fall in love with your business offer, product or service. You need to remain focussed and not become so wrapped up that you fail to see its weaknesses.

Terry concludes: “There's no doubt things are difficult at the moment and taking the step to set up a business now is a brave one, but one we must encourage if things are going to move on.

“Key is getting the advice then implementing the right advice at the right time for your business. Make sure you know yourself and those around you. And most importantly, enjoy it.

"When the business becomes a bind and going into work leaves you with a heavy heart, you will not be effective and you will not turn your dream into a successful reality. Think differently, do differently and you will make it.”