Partner Article

Is now the time to start a new Business?

In February 2013, I took the daunting decision to start my own business. I had just been informed that the fixed term contract that I worked in since 2006, would be coming to an end and the business would close, I would be made redundant in January 2014.

I had often thought about creating my own HR Consultancy business and on a weekend trip to Rome, whilst enjoying a coffee in Piazze della Rotunda, I finally decided to take the big step– upon walking into the Pantheon the sun was shining allowing a beam of sunlight through its Oculus into this fantastic building and the name for the company was founded. My concept of a HR business was developed over the following months, and Oculus-HR was born.

Over the next few months, there was so many things I had to consider that would develop and support the vision I had for my business idea, such as;

Can I do it?

Is now the right time?

Can I afford it?

What are the risks?

Am I prepared for the change to my family life?

I contacted the Sunderland BIC, (Business Innovation Centre). This team of people provide the support and guidance on your next steps, initially starting with a business plan, which helps you to develop your idea/ business. I believe this is the first crucial step in the development of any new business.

The Advisors encourage you to focus on;

What is my product/ service? What will the company name be? How do I want to look? Costs – cash -flow, lending and funding, how will I market my business? What social media will I use? What equipment is required? Where will I network? How will people find out about me and my business?

Two sound pieces of advice I received very early were;

What do you want as the end result? –Do you want to grow the business so you eventually become the leader of a team of people working for you, or do you want the business to provide an income but with the added flexibility of working the hours that your family life requires.

The forward thinking of where I wanted my business to be, gave me the ability of planning a step by step on how I will achieve this.

Find a business mentor, figures show that 70% of business survive 5 years or more if they have one. There are many people willing to help, I was introduced to 2 great people, who both own very different, but very successful businesses and are provide invaluable advice.

Once you have your dreams and plans in place you are ready to take the plunge. It’s time to actually start your business. If you have made it this far you’ve done a fantastic job – very few do.

This brings me to today, 7 months after the initial decision, I’m still working full time, a mother, wife and developing the new business – I work late most nights and over the weekend but the excitement is still there, the need and the desire to succeed is still keeping me interested.

I am committed to making this work for my family and for myself.

Good luck to any new starters reading this.

By Louise Kennedy

This was posted in Bdaily's Members' News section by Oculus HR .