Top Tips for Turning Your Passion into a Sustainable Business 💛

Tip # 2:  Resource Yourself 

What’s one of the top reasons a small business will fail?

A lack of start-up capital (the other is not being able to manage cashflow).

Look at the whole picture and map out what you need to set up your business across all areas – finance, marketing, legal, HR, operations, IT etc.  What’s the total investment needed?

Prioritise your requirements and be discerning about what you actually need. 

What business expertise and support do you need?  Identify gaps in skills, knowledge and experience needed to set up and run the business at this start-up phase. 

How much time do you have to devote solely to running the business?  This is in addition to producing products / delivering client-facing services.  

Do you have financial support while the business is starting up?  It can often take longer than you think to have a financially viable business that can pay you.

What free resources are available that align with you and your business? 

Whatever the gap in your resources, this is where your focus will constantly be drawn to manage.  It’s like having a large hole you’re constantly manoeuvring around; you are focused on trying not to fall in.  Fill the gaps to free yourself to focus on running the business successfully.  Not to mention, saving you time, money and stress!