Getting Started

[Business_bonus]

HI forum members.

I am looking at setting up business. I have an idea of the sector i would like to do business in. Also the reason i have chosen to be self employed is. I have always struggled with being employed due to my personal circumstances I found it very difficult in this regard.

I am looking at the technology sector engineering design. I have done market research on product trends and forecasts. I observed that the technology space is very competitive.
We are living in an information and technology era Where there's plenty to see and choose from. This is also one of my anxieties. Overwhelmed by too much choice influencing my decision making. This makes it difficult to enter a certain market with a particular product. Where you have to have confidence that you can deliver a product that stands out.

I am also socially anxious. I don't think I am good enough. So I spent a lot of time going over the same thing to improve my knowledge and understanding. I also find it hard to give up and let go. And so knowing when to give up and walk away when it's time to do so. Very head strong.

My plan of action is to look at a certain sector and to go for trial and error. Take my time just to test an idea. And not to put too much money into it. And try and learn from doing and observing the feedback, making adjustments on the way. Just a way of developing a map and a compass to give me some kind of direction and feed back. I have also noticed that fear and apprehension can be a real set back. Sometimes you can't just think about what will be. The only way to find out is to be in the reality of the situation. Imagination will only get you so far.

I wanted to be open and put my thoughts out there. For you to give some feedback. On my approach and understanding into entering the world of business.

Thank you for taking the time to read this. I wish you all the best on your adventure.

 

[Mark T Jones]

Hi @Business_bonus

Welcome to the forum.

If I can give a small piece of advise it would be to make your questions clear and specific for concise answers.

Broadly, identifying a clear niche/sector is always a good starting point - infinitely better than trying to target 'everyone', or broad, vague markets like 'SMEs'.

Over thinking/over-planning, less so. You will be familiar with the notion of MVP, which is used by many large companies. I heard the term 'perfection paralysis' some time ago - which kind of covers it.

In most cases, time and money spent perfecting something would be better spent getting out there, testing the market and letting them guide you.

Best of luck with the business.

 

[Business_bonus]

Hi Mark,

Thank you for your reply.

Best regards

 

[SMEMartyn]

You are good enough. That is the first thing you need to get firmly wedged into your head!

If you have the ambition and drive you will be successful. You need to be thinking what can I do that has maximum profit with minimal risk or overheads. A service based business would be a good idea.

Once you have an idea you NEED to develop a plan. You wouldn't go on a journey and not think in advance about the route to take or the mode of transport. Business is no different.

You will need to think about how the business will operate and that is not something I can help you with in a forum post. Work out how you can deliver your product/service with minimal input.

Whatever you decide good luck with it.

 

[MBE2017]

OP, you understandably are worried regarding income etc going self employed. The simple fact is, it is not for everyone, but you never fail until you give up.

All I can say is if you are willing to work just as hard for yourself, and preferably much harder, you have a good chance. I’m not sure what you are planning to do, or offer, but as mentioned you learn a lot doing things rather than procrastinating about it.

Do have a plan, a target, a road map,, call it what you will, but few people on their deathbeds complain about things they tried, more about what they never tried.

Best of luck.

 

[JamaC]

The best advice I could give is to embrace the journey.

Most people focus too much on the destination/money, which then affects the journey, as they are too focused on how the outcome will be. Which then causes doubt and hesitation

Once you accept this is the path you want to take, just do it, accept it and make it part of your life.

Your confidence will grow with knowledge and experience, so it's literally a case of time, so don't rush.

You will spend time figuring out what it is you want to do, but also remember to actually learn about the basics of business, such as marketing and its different methods, true understanding of branding (not just a logo), systemization, the importance of customer service and user experience, risk analysis etc.

When you start to learn the foundational aspects of business, you will start to feel more confident, as you will start to visually see what you are learning is being applied by other businesses.

You will also start to see gaps and opportunities, as most businesses are the same with a slight twist, which they consider their "USP". Be big different not just a little different, it doesn't cost more, it just requires a little more research and brainstorming.

Lastly, remember people like knowing you understand their problem, the more details you understand about their issue the better. Remember this when shaping your product/service and in your marketing copy.

 

[Business_bonus]

Hi SMEMartyn,

Thank you for your comment. The service sector is an interesting one.
I think being a time served and experienced tradesman, such as an electrician, building services etc. Can help when setting up a business. Doing a short two day electrician course or whichever trade course is no comparison to being a time served tradesman with years under your belt. Before starting a business.

I looked at these options and realised I didn't have the skills or experience to go down this route.
I am an electronics engineer by profession. So i decided to look around this option. The buzz word is IOT IIOT etc etc connecting almost everything to the cloud. This is a very competitive market. Software engineering is also very competitive in this sector. Expect it to get even more competitive now with machine learning and AI. I think technology design is a difficult one to succeed in. is this a reason you mention the service sector?

 

[DoolallyTap]

Can you afford to loose your cash? write your business plan and see if the idea works.