Entrepreneurship can be a very enticing career option for many people. The opportunity to make a living from your passion, and to call the shots yourself instead of fulfilling a function for someone else, is a huge attraction, but it is a rose not without its thorns.
Setting up your own company takes enormous amounts of dedication, hard work, patience, knowledge and self-belief. It is most definitely not something which you should take on without the most thorough of thought and preparation.
This infographic by Irish tax consultancy company All Finance Tax offers an attractive and well-informed summary of the key things that any person needs to know before they invest time and money in becoming an entrepreneur. Sadly, it is an all too common occurrence that many ambitious start-ups fail rather quickly.
This can be down to a number of factors – a lack of market demand for the product/service, insufficient cash flow, poor hiring decisions, inadequate marketing, or simply the power of competitors. Through meticulous planning and forensic research, many of these risks can be minimized.
There’s no guarantee that they won’t occur, but if you put the hours and sweat into doing all you can to make your business a viable venture, the chances of falling victim to these common pitfalls are lowered substantially.
The business plan, of course, is a crucial document that should epitomize the careful, concise work you have put into your enterprise.
Entrepreneurs should focus on saving costs, doing an online search for a coupon code every time they're about to purchase anything. Sites like Frugaa.com have codes for many of the purchases would-be entrepreneurs will do.
The infographic gives a very solid grounding of the contents of your business plan, which forms the cornerstone of getting your business idea off the ground and ensuring that it remains airborne.
Our thanks to Colette Cassidy from All Finance Tax for sending this to us; as an entrepreneur herself, she knows from experience the opportunities and challenges that come with setting up a company, and having been an entrepreneur for more than a decade, she knows not just how to set up a business, but how to maintain it over the long-term.