Do you want to start your own business? Thinking of getting out of the Rat Race to be an owner of a company? Do you admire top billionaire entrepreneurs such as Mark Zuckerberg and aspire to be like them? Go for it! But before you do, here are some very basic, yet vital aspects you must figure out before kickstarting your new business venture!
- Ideas ideas ideas!
Big things often have small beginnings. So also, all great innovations start with an idea. It is important to throw your thoughts onto paper so you can keep track of where you started. No matter how small you think it is, you can build your business from thoughts penned down on a piece of paper. That being said, once an idea is written down, it is important for you to believe in your capabilities.
Another very important aspect to consider on your ideas is if there is market demand for your service or product? Business rise and fall due to two main factors: the lack of funding and a lack of market need. So it is very important to substantiate the demand for your idea before going all out for it.
Once your idea is formed, come up with a practical plan of execution. Once the plan is worked out, extrapolate it into action. One way to get going with a plan is to follow the SMART model:
S – Specific
M – Measurable
A – Achievable
R – Realistic
T – Time-bound
The smart model will guide you into making the right decision. Be sure your plan is specific to determine what exactly you intend to accomplish with your business. Next, determine what the parameters are to measure your action. If the plan is achievable, you know you’re on the right track. The plan of action also has to be realistic enough to be accomplished. For example, if you intend to space jump to Mars but are not working with NASA, your goal is too far-fetched. Also ensure you have a deadline. Deadlines must be kept so as to keep track of your progress. Once you have mastered this model, you will see results.
Action also means identifying how much work is to be done within the allocated timeframe. For example, if you intend to sell $100,000 worth of products in a month, divide that figure by the number of weeks worked and further to the number of working days per week. Then you get your daily goals. Too easy!
Insanity: doing the same thing over and over again and expecting different results – Rita Mae Brown
This saying is true as change is required for progress. If you find that the method you have employed in the business is not working out, it’s time to think of another. Much like a caterpillar that forms a cocoon and later emerges into a butterfly, you and your business have to undergo a metamorphosis of mind and body to start moving. The process of change may not come easy, but for every business to flourish, steps must be taken to move away from the old.
One practical way is to conduct progress reviews periodically. Progress reviews help the company determine where you started and how far you have come. Also, you will be able to determine which direction you are headed. For sales and service line, progress reviews should be done weekly and monthly. For other businesses, it is advisable to a progress review quarterly especially if you have a large team of staff. Regular goal-setting also helps keep the progress of the team towards success.
- Helping others along the way!
Going into business puts you in a prime position to do some good. Whether it’s in your local community or society at large, you have the opportunity to help others with your business. Particularly in the service line, there are plentiful outlets to channel altruistic values. When hiring staff for example, always give the underdog a chance. Think of those under-privileged and shunned by society to give them a shot at working life. Helping others also comes in simple but meaningful ways such as allocating a portion of proceeds to charity. For those in the service line, do remember to be prompt, put the customer first and always give you best service with a smile.
Overall, growing your business involves effort and much creativity. Bringing the two together in perfect harmony can be a struggle, but with much patience and endurance, you will succeed. Whether you are just thinking of taking a leap of faith into a business or you are already a business owner, simply keep these four tips in mind at all times. You can’t go wrong with these simple guidelines in business.