Opening a business can be a daunting prospect. However, there are many entrepreneurs who have made the plunge and found success in opening their own business. Amy Lynden is one example. This success tip is a featured segment from a recent interview between Dale Beaumont and Amy Lynden. This is your chance to learn from someone who was once in your shoes and made it. You can do it!
Amy is the Managing Director of Bow Wow Meow, which today is a leading producer of fun and functional pet tags. Its products are distributed through more than 1,500 pet shops sold throughout the world via the internet.
What advice would you give to an aspiring entrepreneur who wants to get started in a business of their own?
- First things first, put together a great support team of other people in business that you meet with regularly and help each other out. Surround yourself with people whom you admire or can learn from. Create your own personal cheerleading squad – people who only want the best for you and who are prepared to help you shine and be the best you can be.
- Next, consider what you are going to do. Try to think of things that makes people’s lives easier. Life is getting more and more complicated, how can you make it easier? Also, as a consumer, what are some of the products and services that you want that others might too? This is how I got the idea for my business.
- Then, start researching. One of the key areas that I find people need to do extra research in is understanding the financials. This is absolutely essential. Often, new business owners underestimate or don’t understand cash flow. I highly recommend a course called ‘Beyond Survival’. It’s a two-day course put on by the Westpac bank. It is a highly practical, hands-on course designed to help business owners understand a profit and loss statement, balance sheet and the key ratios that determine the health of a business. Numbers do not lie, and if one doesn’t understand what they mean it can be a serious disadvantage. Many people block themselves in this area by saying, ‘Numbers aren’t my thing’ or ‘I was never good at maths’. This is very damaging talk. It is critical to understand the financial aspects of your business – this is one area that should not be abdicated to the bookkeeper or accountant. The bottom line is that no one knows your business better than you, even a CPA. I’m not suggesting that you micro-manage the financials, but you should at least understand the financial statements and cash flow of your business.
For more on this and Opening a Business check out Secrets of Female Entrepreneurs Exposed!