#Business “why you need to focus”

Finances are always tight when you commence trading, and often this is the very time you waste some of this precious resource.
It is easy to be “Sold” to at this point as many so called experts will give you many and varied reasons as to why you should part with your hard earned money. It is always going to be a winner.
Success often begins before you “Open” your doors. I see many ideas that are excellent on paper, but somewhere between idea and execution something goes wrong. The obvious one is lack of research, a subject I keep coming back to in my blogs, possibly as I still see this daily when I meet new clients. People simply do not take the time to think through the idea before they spend money. If you investigated who else was doing what you propose, physically calling in the shop, ringing the business, or looking on the web, you could establish a great deal of the good, the bad and the ugly in connection with that Business and potentially your own.
A great deal of people ignore things in the blind faith that they will do it differently and it will work for them, where it failed for so many others.
An example in point is the person that wants to sell their house in the South, where house prices are quite high comparative to the North West, and purchase a small guest house in Blackpool, 6 to 10 bedrooms. Now there is nothing wrong with that, and I am not denigrating our tourism industry nor it’s guest houses, however, the first thing they should do is research the whole tourism industry in Blackpool, which parts of the town is money being invested in, and which areas are vibrant for hotels and guest houses.
A giveaway is when most of the guest houses in the street they were planning to buy, we’re also up for sale. Once again, this is not a dig at these people, it is simply stating a fact.
People imagine owning their own hotel will be a nice little earner, and somewhere they can live Mortgage/Rent free(Business will cover this expense). What they fail to look at are the sound economic facts. Area, numbers of guest houses, occupancy levels, likely rate per person per night, rates, light heat and power. Cleaning, laundry, food costs and on and on.
Unless you have an established Business with a regular winter clientele, the season is quite short(longer than elsewhere!)
Find the right one, after careful research no problem, pick the wrong one, and you are stuck! It is a tough business with long hours and only the most committed succeeding.
Please do not think this is me having a dig at Guest houses, it most definitely is not. The message today is research the business, and pick the right one that meets your need and the needs of the consumer, bingo you will be happy and make some money, pick the wrong one through lack of research and you will live to regret it.
I hope this makes you wake up today. Money is hard to find, waste it and very hard to replace.
Thanks for reading


2 thoughts on “#Business “why you need to focus”

  1. Even if cash is limited it’s an invaluble service and highly recommended, I got lots of advice and encouragement on this course, and met loads of likeminded people, it’s well worth eating beans on toast for two weeks to save up for!!

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