Do you have an idea for a business, but don’t know where to start? Well, listen in today as Jay explains the importance of having a business plan when starting up your new business venture. Learn today why it is important to create both a start-up and follow up business plan, how to structure your pricing strategy as well as the importance of investing in mentorship programmes to keep you and your business on track.
Many companies and entrepreneurs start up their businesses without a plan. Initially, during the start-up phase of your new venture, you will need to create a plan that coincides with your vision as well as creating a mission statement. You then need to create a plan which details the next step in the industry for your business; otherwise, you will get frustrated with your growth.
The planning stage can, at times be frustrating, as you are challenging your mind to think about something that isn’t there yet. You need to get in the mind frame of creating a vision and making this vision powerful and exciting. You might doubt yourself, but you have to go beyond those doubts to create something new and exciting.
When we are pricing or selling something, we often fail to factor in our own time and effort. If you are pricing something to be competitive, make sure you put in your time to be able to do that task. As entrepreneurs, you tend not to value your time, but you need to put time into your business model and pricing structure. Failure to do so will inevitably lead to you selling at a loss, as you eventually hire somebody else to complete the task you don’t have time for.
Look at investing in mentorship programmes to enable you to reach your full potential. Getting your business plans checked by a mentor allows you to ensure you are on the right track. If you create a fantastic plan and you have not had it checked, then you will not know if you are going in the right direction. Your mentor will guide you and tell you things that you have probably not thought about.
It is imperative that once you have your business off the ground, that you have someone that keeps you accountable. If you are running a business and following the plan that you have created and you fail to check in with somebody that has been there before you, you may find that you are making the same mistakes repeatedly. You need to be able to check-in with someone to make sure you are on the right track.
Always do your own research into business and the industry that you are in. The more work and effort you put into learning business, the better questions you can ask those who are supporting you. You need to be asking your mentors the right questions to make sure that you are getting the answers that you want and need to succeed.
“We need to have a succession plan for business and for personal.”
“Your time is your most valuable asset.”
“Get that insight of somebody who has been there before, that will really fast track your mistakes if you can sit with them and show them your plan and your journey.”
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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 to 500 employees and three locations, racking up sales of over £30 million – all with no investment other than a slight amount of savings. The business went on to acquire major clients such as Landrover, Jaguar, Toyota, and New Look, to name a few.
Its immense success inevitably brought about outside interest, and at the age of 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 succeed 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 businesses fail within the first five years and Jay aims 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.