If you have a desire for your business startup to be a success then you need to act hungry and urgent. This is according to Grant Cardone. A lot of people tend to get overwhelmed by the whole idea of starting a business, you got questions like where do I go, what do I do, can I do this and staff. I myself had these questions when I started mine or at least thought of starting one.
I will take you through some compulsory steps that are crucial for a successful start-up but first let me tell you something, one of the worst mistakes you can commit when starting a business is to talk yourself out or to suppress the idea that you want something great. STOP. STOP right there. When you suppress your ideas or vision it means you are demotivating yourself, you can’t afford that here.
So lets get right into it.
Step 1. Know what you want to do
A lot of people tend to take this step for granted. They think they know what they want to do when in fact they are fooling themselves. There is a big difference between being interested in something and really knowing what it is that you want to venture into.
Do not fall into the trap of, “Oooh this has money, this doesn’t or the money is there these days”. This can be a deadly angle for you if you are starting a business. Now don’t get me wrong here, I am not saying you shouldn’t be concerned about the money HELL NO. The whole point of a business is to generate profit but don’t let this idea cloud your vision.
What is it that you really want to achieve with your business. I think initially the whole point of starting a business is to solve a particular problem or to do something better or efficiently e.t.c but the most important aspect is that you are aiming to HELP someone somewhere.
Helping someone is really your goal here. Whether helping to do something or to get something or to grow/improve or not to do certain things, helping is the main objective in almost all the cases. And this takes us to the next step.
Step 2. Do thorough and extensive research
Now that we have established that we want to help people, it is only ideal now to know who those people are, where are they located. When coming up with a business idea, of course you should know what your target market is and how you are going to reach them or else you are dead in the water before you even start.
Next you need to do research on your competitors. Ain’t no question that business is competition and before you can think of outdoing them, you need to know everything about them. You need to know their strengths, probably copy if you can, you need to know their weaknesses so that you can capitalize on them. If not then you are going to be out muscled before you even know it.
Inherently, research is the most difficult but also the most crucial element in a business start up. You can not afford to be guessing or get biased about this. You need to be curious and hungry about every aspect of your business start-up
Start your own business today, Read the entrepreneur’s guide to starting a business
Step 3. The legal work
Never underestimate this step here, a lot of people do. There is nothing more painful as having your business up and running successfully only to get huge amounts of fines and lawsuits. This will be a nightmare.
When establishing your business, you need to get straight with your licensing, insurance and all the legal requirements. Ensure that what you want to do is approved by the legislature. You certainly don’t want to start your venture on the wrong side of the things here.
There is need for you to be knowledgeable about the law, you surely need to establish your legal team, advisers and lawyers. It is so ironic that as soon as you start making a lot of money then everybody wants his share of that money, and that includes the government and all the other culprits like competitors trying to bring you down.
You need to get fully prepared to deal with such bullshit that will surely come along the way.
Step 4. YOUR BUSINESS PLAN
We have all heard the saying that failure to plan is actually planning to fail. This is why is most of the times we plan something but still seem to fail. I put this heading in capitals because this the beginning of your or your failure but we are going to focus on success because we are going up with a master plan for your start-up.
Now we are tackling those questions which we encountered during our research.
Here are 10 key things you will need in your business plan.
1. What is your business about (Be very precise on this one)
2. Table of contents.
3. Objectives and aims (what your business wants to achieve)
4. Goals. What are the short term and long term goals.
5. The location of your business and why that particular one. For instance if you are going to start a fast food outlet then you would consider where best can you locate the outlet, ideally where people pass by or gather around.
6. Your target market. How best are you going to reach it, and how can you increase your target market.
7. Costs. What will be your opening and start-up costs. How best can you allocate your funds for this start-up.
8. The Numbers. This also includes the costs but here you are worried about sustainability. How much money are you going to make, your break even, margin of safety and so on.
9. Your suppliers. Your suppliers are your backbone, if you run out of suppliers then you are doomed. How are you going to get the supplies you need, how are you going to pay your suppliers, can you get materials on credit, payment periods and staff. You surely need to be spot on with every bit of your supply before starting your business.
10. Where you will get your funding and if it`s a loan how you will pay it back. If you want to find out how you can get the capital you want, click and get it in this book
Bonus. How you are going to grow your business
I just picked 10 of the things (and a bonus) I think are the key for a successful business plan but if you are not sure about a business plan, then seek advice from experts or competent individuals. You can also get strategies and secrets to business planning here
Step 5. Marketing and Launching
Congratulations! Your business is ready to be unleashed once you get your funding.
But first, you need customers right, how are you going to let people know about your business. Is it through the word of mouth, banners, fliers, social media (Facebook, Instagram, tweet), YouTube, radio or television ads generally all the ways to get to your market.
You could even start the marketing before the business is opened. You can also consider a launch event if necessary. But otherwise…
You are cleared to take off! Grab your entrepreneur’s guide to starting a business here
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