Today is a special collaboration episode with Business Development Consultant, Marketing & Strategic Specialist and Innovation Promoter, Inbal Rahab

 

and

 

We’re going to be talking about starting your own business

 

What the challenges are, whether it’s the right time to start a business and what are the important things to watch out for

 

So, get the kettle on, and listen in to our conversation about the secrets of starting your own business.

 

Hello and a very warm welcome to Episode No 37 of ‘Your Bravo Career’

 

My name is Mark Crossfield, I’m a Professional Career Coach / helping you to love your job and build a great career.  

 

How you can enjoy what you are doing day each day at work

and how to build a great career along the way.

Scene setting

In this episode, I’m joined by Inbal Rahav, we will meet Inbal in just a moment.

As a business development consultant, Inbal creates new business opportunities & connections for startups. Based in Tel Aviv, Inbal works worldwide supporting new businesses to flourish.

And today, we are going to be doing a collaboration episode about starting your own business. What the challenges are, how do you get started, and what are the things to watch out for.

 

Welcome, Inbal,

 

We’ve been connected a while now and I have seen 

 

a.    How supportive you are to those contemplating whether they should start a new business and,

b.    The quality of your advice and the value you add to those conversations.

 

So, I’m looking forward to our conversation today.

 

Ok, let's help our listeners to think about the important things about starting a business. You’ve put together some key steps for us, haven’t you? - the 5 things you think are essential to succeed in starting your own business. What is the first thing Inbal?

Vision- Just like a startup, one has to have a vision in order to establish his/her own self-employed career. You need to have a clear vision about your services, target audience and future clients, but then also, at the same time be ready to mark your goals as tiny milestones to accomplish your vision, and just like a startup, understand that it will take time to get there.

 

 

Ok, what’s the next essential thing Inbal?

 

Agile- Learn about your market, be very flexible for market changes, and be open to people's opinions and advice as well as new opportunities. Be able to look for opportunities and make the most of them by adopting the ability to move fast and find new ways to create value. Expand your portfolio services if needed. 

 

So, what is the third essential aspect Inbal?

 

The importance of creating a simple plan for your business. This doesn’t need to be pages and pages of information.

 

It should include the following:

 

-       A brief description of how you intend to operate the business, how you will make money, find clients, etc

-       A budget for day-to-day costs

-       Sales projections, and

-       Likely income and expenditure forecasts

 

 

Tell us about the fourth essential thing, for starting your own business

 

Managing your own firm. Everything is up to you. At least for the first 2-3 years. Since you need to remain lean, you manage your own business, your finances, your marketing, and of course, your sales. This could be a tough task, but after all this hard work comes great rewards. From month to month your income increases by collaborating with your entire management team (well, It’s you, right…?). You are the brand. And a brand needs maintenance and hard work to succeed.  

 

Ok, what is the final thing, your final tip for starting a business?

 

Determination & persistence will get you anywhere. Sometimes, and exactly like a startup, things do not go as planned. Focusing on your goals, being resilient through rough times, but knowing that your value is great and you need to either work on your marketing plans, your personal connections, or on some other element of your business to provide yourself with the boost you need. Do not give up! Keep on moving forward with the same persistence that leads you in sport or any other hobby you enjoy.

 

‘The Dip’, a book about When to Quit (and When to Stick), Seth Godin explains that this is the stage when people are most likely to quit. And many times, this is the right choice. Only the ones who push harder and manage to overcome the dip can accomplish their goals.

 

Ok, let me summarise the 5 tips we have discussed today.

 

We started with the importance of having a Vision of the business

 

It’s also important to be both Agile and at the same time to have a simple business plan

 

Ultimately, it’s up to you to manage the business or firm and you need a lot of Determination & persistence

 

Thanks so much for these tips, Inbal.

 

 

So, that’s it! We’ve come to the end of another episode.

 

I hope you enjoyed the show.

  

You can email me at mark@bravocoaching.co.uk and you can find the show notes at bravocoaching.co.uk/podcast.

 

You can connect with Inbal on LinkedIn.

 

If you haven’t already subscribed, why not do that now. I’ve got a special guest on the next podcast with who I’m excited to talk. I think you will enjoy the conversation as well …

  

Have a wonderful week and I will speak to you again in a couple of weeks' time.

 

Bye for now.