We all go into business to succeed; we believe we have a product or service that customers will be happy to pay for. But it takes more than a big dream or a good idea to make it happen.
Here are 5 steps to follow to create success in your business.
1) Be clear on your intentions. Why are you starting this business? What do you want to accomplish? How do you want to feel as a business owner? The deeper you go onto answering these questions, the clearer you’ll be on what you’re doing and how you want to do it.
The answers to these questions will form the foundation of your business. This gives you a basis for decision making that will match your business’s purpose.
2) Take the time to figure out what your business weaknesses are. Since it’s common for us to not know what we don’t know, find a mentor or business coach to guide you through identifying where you lack knowledge or skills.
Anyone can start a business but not everyone knows how to run one. Operating a business is complex; it’s not just about the product or service you’re offering. There are many areas you need to be knowledgeable about to successfully run a business including social media, branding, bookkeeping, web design, and hiring and staff management.
Once you identify your strengths and weaknesses, you’ll know what you need to learn or who you need to hire or team up with to create a successful business.
3) Have a business plan even if you’re not borrowing money. If you don’t know how to put one together, get someone to help you. A business plan puts all your ideas for your business together in one document. It will include an overview of your business concept, identify your key objectives, describe your product or service, establish your target market, lay out your marketing strategies and summarize your financial projections.
This will allow you to stay focused on a plan for success. From it you can do long range planning, allocate resources and watch for problems and opportunities.
4) Stay focused on what is going to make you money now. Have a list of what your main money makers are and what you need to do to support them. These are your priorities!
Don’t let yourself get side tracked spending time on ideas that may add to your business eventually, but won’t make money now. If a new business is going to succeed it has to start making money quickly. As your business grows and targets are met, you can schedule time to work on new ideas.
5) Set goals for your business and break them down into manageable chunks.
Here’s an example: Let’s say you’re a nutritional consultant just starting your business. You set your first year’s revenue target at $50,000. You know you’re going to charge $40/hour, so start by dividing $50,000 by $40 which equals 1250 hours/year you need to work to make $50,000. Now divide 1250 hours by 50 weeks and you’ll see that you need to work 25 hours/week at $40/hour to make $50,000/year. Your target is now to book 25 client hours/week. This specific weekly goal becomes your focus.
If you don’t set sales or revenue targets, it’s easy to become complacent and just accept what you ‘happen’ to make. Financial goals drive motivation and action.
We know we want to succeed so put a plan into action to make it happen.