andrewmrichards started this topic @ 14:00 on 21/01/2009
Firstly... Hello! This is my first post here, although I've been reading through some of the previous posts in the forum and some other of the content here.
My name is Andrew and I'm planning to start a business doing development work in Microsoft Office, focussing on Excel / Access, creating solutions primarily for SMEs and for individual departments within bigger companies. In addition, I'd be offering training on Excel/Access/XML and related technologies.
Now, apologies if that sounded like an advert - it wasn't meant to. But, I would like your thoughts on whether even thinking about starting such a business in the current economic climate makes me mad..... I've been thinking about it and making vague mental plans for it for years, and been doing some proper work towards it over the past 6 months or so. I have a website (www.theitservice.co.uk) and have one or two customers who I know will come to me for work.
For some time now, I've been planning to start up in April / May this year, and I reeeeeally want to.... but I know that if I get it wrong, it'll probably be the only chance I get. Therefore, I don't want to start it just "because I said I would" when every news bulletin would seem to indicate that this is the worst possible time.
Okay, I think I've gone on enough now - you get the idea. Your feedback would be much appreciated.
I do also have a second (related) question - I *know* that I'm good at what I do. I'm pretty convinced that I can sell to people. My instinct tells me (strongly) that this could really take off, or else why would I be thinking of starting such a business. But how do I go about doing the "market opportunity" part of the business plan? I'm not planning to borrow from banks, so it may be that I can get away without this being in vast detail, but it's obviously going to be essential to the success of the business....
So how do I turn my instinct into as near to "proof" as I can get?
Thanks again - your thoughts are appreciated!
Regards
Andrew
RE: Am I certifiable for thinking of starting a business in this climate?
jniven | 29/01/2009 11:53 PM
Andrew,
"Proof" of concept is something that will tend to remain elusive until the concept becomes a reality my good buddy.The biggest challenge in life is not just having a brilliant idea, but actually putting that idea into practice, and so the "proof" you're searching for will always remain just another excuse to stop you realising your dream. I can categorically assure you that in every single business model there is always an element of risk; Taking that risk is what makes us feel truly alive and is what separates entrepreneurs from the rest of the population.
Have some f***in confidence!
You said yourself that you don't need to borrow and you've already got customers. Grab your balls and get this set up now!
All the best. J
RE: Am I certifiable for thinking of starting a business in this climate?
niallobrien | 03/02/2009 05:02 PM
Hey Andrew,
I have actually been in the exact same situation as yourself. It is hard to make the leap. Unfortunetly the "proof" that you are looking for just isn't there until you get out there and give it a shot.
There will always be a reason to hold back just that little bit longer. For instance, you might want to continue adding to your savings or getting more preperation done, but there does come a time when you just have to go with your instinct, get out there, and give it a try.
As for the current economic climate , one way that you could look at it is that if you can make it right now you will be in a very strong position once things start to pick up again.
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Oxford Web Design
RE: RE: Am I certifiable for thinking of starting a business in this climate?
chrissychris | 04/02/2009 12:44 AM
Hi Andrew,
I am in exactly the same boat as you. I have had a dream for several years now and want to turn it into a reality (web design). I had some sucess in 2002 but was very young and didn't know what I was doing. Now, I'm older and have 5 years sales experience behind me. I just can't get motivated at work anymore knowing I could be working harder and smarter for myself.
I am viewing forums like this one every night for every ounce of inspiration and ideas I can get, but I really think this is my last month of working for someone else. I simply need to bite the bullet and give it a go.
I wish you all the best. We all need to remind eachother that the blood, sweat and tears will be SO worth it in the long run,
Many Thanks,
Chris
RE: Am I certifiable for thinking of starting a business in this climate?
onlinestock | 04/02/2009 02:01 PM
Hey guys, i cant understand, why people dont even think about investments? I know this is a hard time, but isnt good time for some investment? Every person with job or jobless, saves extra for future and also invest some in stock and trading. Take help there. you wont get depressed at all. The condition is of course going to improve, why dont just take small chances?
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RE: Am I certifiable for thinking of starting a business in this climate?
Alison D | 05/02/2009 07:00 PM
Don't do it! It is too risky and it wont work! Your don't sound ready and you don't have enough customers to bring in a wage! Not what you want to hear? Only you know if it is right for you or not. Think long and hard about it...best and worse case scenarios...get out options....weigh up the risks..be realistic and then decide. Not every business in the Uk has collapsed....yet!
RE: Am I certifiable for thinking of starting a business in this climate?
EmmaSilverBullet | 06/02/2009 04:57 PM
Hi Andrew,
If I were you I would think of the business and your own personal skills objectively and ask a person you know who will be frank with you to play the part of the Bank Manager (big hint: this person has to be someone you trust and won't just tell you what you want to hear).
Then write your business plan properly and fully and then pitch it to that person. The "market opportunity" you describe will only come with research, this has to be factual and not your own estimations, you have to have evidence and stats, do a SWOT analysis, but only include the information which you can truly relie upon- you have to be pretty tough and include activities that will threaten you as well as encourage your idea, also complete a competition analysis within this. As Stephen Hawkins said "it's not ignorance that prevents knowledge, but the illusion of knowledge." Or something like that! 
You could also gather some information by hosting some focus groups and take down some qualitative info.
You've taken this long to think about your business, why not commit to planning it properly, you would only fail yourself if you don't, you never know it may mean you have to refine your idea to meet the current climate or come up with a better idea all together.
Best of luck
Emma
www.silverbulletmarketing.co.uk
RE: Am I certifiable for thinking of starting a business in this climate?
bookbunnygirl | 11/02/2009 05:38 PM
My partner and I were facing the same question a week ago, having got to about the same stage in our planning and early prospecting for a new business. We decided to stick with the salaried job - Disappointed to feel we were selling out (stopped the new biz as he got a pay rise) but a week on I am so relieved not to have the pressure of building a new business but knowing we have the secure income.
I would recommend holding onto your pay packet as long as you can, building up some savings, putting out lots of feelers for your kind of work and seeing where you are 6-9 months from now. You're not going to miss the boat. Just my personal opinion.