#PyrotechnicBusinesses - Are You Bungee Jumping or Leaping Chasms?

 Being up close and personal with some bungee jumpers in Queenstown, New Zealand a couple of years ago only confirmed that I couldn't bungee jump to save my life. Flinging myself into the great unknown was not on.

Working in the business owner/manager space for a number of years, I've come across metaphorical 'bungee' jumpers - those leaping into space with a huge act of faith that the elastic lifeline will save them. But 80% of start-up businesses fail. Snap!

So, I prefer to think of the business journey as one of 'Leaping Chasms' - three to be precise - each with its own set of 'Do's' and 'Don'ts'.

Chasm 1 - Corporate to Start Up

The transition from corporate life to starting your own business is pretty traumatic. Nothing in your diary unless you put it there, no status inferred by your company or corporate job title and no regular income.

Do

• Get somebody to pay for what you're selling - even if it's just a promise

• Understand how to make the best of your time

• Build a supportive network

Don't  

• Wait for the money to come through like your salary

• Believe that being busy is enough

• Be too proud to ask for help

Chasm 2 - Accelerating Growth

OK, so you've survived. But up to now you've been the business and the business has been you. So, if you don't want to be 'pot bound' you're going to have to loosen up. And many businesses find more turnover doesn't automatically generate more profit!

Do

• Focus on 'profitable' growth

• Build a team

• Work out how to 'let go'

Don't

• Just chase turnover

• Rush into'toxic' hires

• Lose sight of the key metrics

Chasm 3 - Shipping Out

It's ok to get bored with what you're doing and want a change - many entrepreneurs do. But don't throw the baby out with the bathwater - make sure you get value for what you've built. Be prepared for the emotional 'let down' - after all you're selling 'your baby'!

Do

• Understand the real value of your business

• Find good advisors
  
• Value what you've achieved

Don't

• Take the first offer because life is too short

• Procrastinate

• Assume complete happiness will follow

Technology willing, I'm hoping to share this with you on YouTube in the not too distant future.

Keep lighting those fires!

Chris Farrance
Business Consultant, Coach & Mentor
e: chrisfarrance@btclick.com
w: www.chrisfarrance.co.uk

http://xeeme.com/ChrisFarrance