Part 1, Get set and Go
Most people regard capital as the only way they can establish a business. I differ with that, but do acknowledge that depending on what solution you are launching, you can have other methods of starting up with little or no capital. There is more to starting up a business than just capital. Today l want to help you with the first 3 steps to start activating your business idea and how to sustain growth. In part 2, I will give you the final 2 steps.
Step 1: Idea and Opportunity Screening: We all have ‘great’ ideas. But at times we miss the real boat by not honestly assessing if our idea can turn into a profitable business. So part of step 1: Make sure of the following about your idea or the opportunity you are seeing:
• That the idea meets a specific need of potential clients.
• That there is someone/people who want your product/service (potential market).
• The idea has potential to turn into a profitable business. You need here a basic understanding of a few numbers.
Step 2: Planning – There are business areas which need proper planning to make your idea/business successful. With my experience, I have come to understand that marketing, operations and financial planning is critical. It will determine how you grow and eventually break even and get into profitability. I always find marketing the easy part, I guess it is because that is my area of strength, but how you get the product or service into the customer’s hands and how effective and efficient you are in operations can make or break your business. You just have to get it right or you can easily make losses. Financial planning will help you with forecasting and managing cash flows in the business. If your numbers are way off, especially where you project high income and yet your costs are too high, you can land in a loss. Let’s chat more on planning directly with me. Also make sure you have a copy of my FREE gift to you, Power plan. Click here to get it.
Step 3: Monitoring, follow ups and corrective measures.
Successful business owners are to an extend ruthless at this stage, which means it is very crucial. You just have to monitor what you are doing as a business, and how you are delivering service.
• Make it a point to put success measures and then monitor where you are against these measures periodically.
• Make sure you understand why you have missed a target or why you are doing so well. This will help you in critical thinking over what to do to improve, or replicate elsewhere if it is positive.
• As a small business, you could be doing everything, and so monitoring may seem hectic. My tip is, get someone to give you the results, and then you plot them yourself against your success measures. Do a quick power discussion with your team if you have one on the reasons behind the outcome. Decide corrective measures and action them.
So all the best with the above 3. I want to help you succeed.
So get going!
To your success