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We’ve been trading since autumn 08 but have been extremely unfortunate in our earlier attempts to secure a great-sounding name for our business. The result of this debacle is that we are now facing the third change of name, which is extremely frustrating, so truly this needs to be the last and decisive choice made that we won’t live to regret.

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My other half and I have recently started a small IT consultancy business. Earlier this week, I went on a 3 day business start-up course to recap on fundamentals of law, marketing, finance and accounting. The course was organised by a UK organisation called Business Link. Its objective is to provide free advice and coaching to new start-ups.

I was a bit sceptical of how useful the course was going to be, but I have to say it was quite good. I feel that it has left me feeling inspired to go out there and make money. They say that at least 50% of small business fail – it must be more than that though – and it’s not difficult to see why this is so. Our tutor said that we as attendees maximised our chances of being in the successful 50% by coming on this course. Judging by the responses of fellow students I am inclined to believe him.

People set up on their own for all sorts of reasons, but it seems the desire for independence and flexibility is one of the biggest drivers. However many are ill-prepared. The students on this course were full of enthusiasm and great ideas. Unfortunately a few were in for a rude shock when it came to the basics of accounting and finance. For example, as we were doing a cash flow forecasting exercise, there was a sharp intake of breath from one lady. She looked around shocked and announced that she just realised she could not implement her business idea for at least another year – she forgot about the costs of buying or leasing a van and other key equipment. And she already printed labels and logos for her products! She is lucky that she realised the problem now and not after investing even more into her start-up. But many more would not have a clue and launch straight in.

Granted, it is scary to make this step at the start of a recession however well-prepared one might be. The people I know – my ex-colleagues – are keeping their heads down and holding onto their corporate jobs for dear life. I really hope there would be no going back for me. I spent so many years dreaming about working for myself that making a U-turn now and running for the relative safety of full time employment is the last thing that I want to do.

It’s all in the mindset, it seems. Over the years, I have lost count of the “final straws” in my last job with my old employer, but I never thought I’d actually do it. Watching myself getting progressively more miserable has eventually tipped the scales in favour of drastic action. So here I am facing the unknown and the daunting ahead, trying to contain my excitement.

Doing a basic SWOT (Strenghts, Weaknesses, Opportunities and Threats) analysis on any new start-up is showing that Recession is a threat. However I firmly believe that it should also teach us rigorous cost control, discipline and focus, which will give us an edge in future years. Running a business with few frills but delivering a fantastic product or level of service to a customer is a very very worthwhile objective to achieve at any time of the economic cycle.

Wish us luck – and if you, my reader, need an IT project manager, maybe we should talk? 🙂

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