Tune in to today’s episode to hear Jay’s advice for anybody looking to go into business and become an entrepreneur. Following on from last week’s episode Jay shares tips from his own experiences and gives you 10 considerations when thinking about going into business.
Understand that a lot of entrepreneurs fall at this hurdle and enter the market unprepared or at the wrong time. Going into business is one of the most critical decisions you will make in life, and it could really make or break your business.
Look forward to an upcoming episode where Jay interviews American entrepreneur Patrick Bet-David.
- Have a vision – Map out your vision moving forward, if you were to have no roadblocks. Don’t hold back and make it exciting.
- Have your cashflow setup and budgeted – Make sure you plan out your 12-month cashfow plan. If you don’t have cashflow, you don’t have a business.
- The legal stuff – Do you need to be a limited company or a sole trader?
- Marketing budget – You must have a marketing budget, no matter how good your idea is. If you don’t get your product or service out in front of others you won’t have a business. You can leverage networking groups as a cheaper way of marketing.
- Keep money in the bank – Aim to keep 6-12 months worth of capital in the bank to cover your overheads and buy yourself the freedom to build/grow your business
- Tested the idea and it works – Do your customers like it and will they buy? You need to do the marketing research before creating and scaling.
- Know what your customers want – Understand the wants and desires of your customers, identify your USP and test the market. Question your business, does it serve a purpose?
- Mentoring – Make sure you have a mentor to help direct you and keep you accountable. You will need mentors to support you throughout the first five years of your business
Q&A with Jay
Jay answers a question from a listener wanting to leave his job and start a business.
Option 1 – Get an investor from someone who believes in you so you can grow your business.
Option 2 – Secure a business partner, ideally someone with a complementary skill set.
Option 3 – Start part-time and build your business in your spare time. Reduce the risk and ensure you have finance coming in to build your business.
Option 4 – Take time out of work and ask for employment break. Test your skill set and see what it’s like to be an entrepreneur.
“The more marketing budget you have the quicker you will grow”
“Nothing is sold in the office, you need to get out there”
“The more testing you do before you jump into business, the better it will be”
“Business can be lonely and you’ll go through times of challenge, get a mentor”
“Cashflow is the oxygen of your business”
#016 The Business Mentor Podcast – 16 Reasons You Should Go Into Business
ABOUT THE HOST
Jay Dhillon is a serial entrepreneur, investor and philanthropist based in the UK with a proven track record of growing businesses from start-up to success- and helping others do the same. From humble beginnings, Jay grew his first business from 0-500 employees and three locations, racking up sales of over £30 million – all without any investment other than a small amount of savings. The business went on to acquire major clients such as Landrover, Jaguar, Toyota and New Look, to name a few.
Its huge success inevitably brought about outside interest and at the age 33 Jay eventually sold the company to a London investment firm in Doyen Resources. Today, Jay owns several businesses in different sectors and helps entrepreneurs achieve success.
A calling to give back and help others led to Jay being chosen for the highly-coveted role as a Prince’s Trust mentor, where his achievements were marked by a personal invitation to Buckingham Palace to meet Prince Charles.
After helping several young entrepreneurs to success as a mentor for the Trust, Jay’s burning desire to bring his wisdom and knowledge to a wider audience ultimately triggered the concept of The Business Mentor Podcast.
Jay feels that anyone can achieve success in business with the right advice and mentoring and is now sharing his knowledge with his growing audience via his podcast.
In the UK alone 95% of business fail within the first five years and Jay’s aim is to reduce that number.
Backed with the hard-earned knowledge and experience from his time in business, The Business Mentor Podcast will share Jay’s personal business lessons as well those of other successful entrepreneur guests who share their wisdom and secrets on the show.