So you want to create a business. You are in luck. This article will assist you regardless of whether you plan to start a business new or expand an existing company. This step-by step guide shows you how to create, improve, and expand your business with minimal risk. If you are just starting out, read the entire article from the beginning. This section is for people who already have a business that they would like to grow or improve.
Every business is born from an idea. I’ve emphasized the mental aspect of people throughout this article more than the physical and financial aspects. Although you may call me philosophical, the mind is where it all happens. It is something that I have experienced time and again. With your mind fully focused, you can accomplish anything. Let’s begin.
Step 1, Find Your Passion
Before you start a company, it’s important to identify what you truly love. You may be asking, “Why are you so passionate about that?” The answer is easy. You do not want to become entangled in work that isn’t enjoyable. It is not easy to start a business. But if you are passionate about your business, you will find it less stressful than a business that you don’t enjoy. Happiness is the outcome of all we do in this life. Why not find a business that will make you happy and help you succeed?
“When you make your vacation your vocation, then you have succeeded in your life.”
Step 02: How To Sell It
Once you’ve found your passion, let’s figure out how you can bill people who require the service. Your passion might seem ridiculous, but there are millions of people who would appreciate your services. Because this type of business isn’t yet available, the more unique your passion will be, the more likely it will be that you succeed. It doesn’t necessarily mean that you shouldn’t pursue your passion even if it’s something you’re familiar with. If you truly love something, it doesn’t mean you shouldn’t do it. You will always find different ways to do it than the rest, and that is what matters.
Let’s say you are passionately involved in cars. If you are passionate about cars, it is more likely that your business will succeed. While there are many options, you’re more likely to find one that you like. Your shop may offer a place for customers to sit down and have a drink, or they might get stickers to help with their repairs. Once you are in business, you will know what to do.
Create a presentation of your unique ideas. This is a tedious task. Take your time. Don’t rush this step. Don’t hesitate to make changes if you have a new thought while you’re still in the planning phase. Make changes until you are satisfied. Once you have a clear vision of your business, you can continue editing and modifying. This is a crucial step. It is important to be completely clear and sure. If parts are unclear, you can take a break, do another thing, and then come back to your planning table when everything is clear. Later, you’ll see that this step is repeated many times.
Keep in mind that I am not referring specifically to the “Hows”. At this stage, you aren’t thinking about how you will launch the business. You’ll get to that later. This stage should be about the “Whats”. The “Hows” will ruin your plan if you get distracted by them. You’ll start to wonder about “How can I get the capital”, or “How will I find the ideal place?” If you’re clear about the “Whats”, then you will see the “Hows”.
Step 4. Visualize Your Success
Now that you’ve got a clear picture, think about what it would look like when it’s fully operational and is thriving. You must feel the success. This is another important stage. Why-you ask? There will be many obstacles that you have to overcome on your journey to success. This is what will keep the wheels turning. It will keep your team inspired in difficult times and help them stay motivated. As a leader, you must always have that image of success at your fingertips.
Step05 – The Needs
You know exactly what you want for your business and can see the path to success. Now you’re mentally ready to get physical. Infrastructure, personnel, as well as finance are the three main physical requirements of your business.
InfrastructureIf you own a local business such as an automotive shop, you’ll need a place, an office, storage space, and furniture. A website or other computer-based applications will be required if your business operates online. In any case, once you have the overview (Step 03), you can make a list to determine your infrastructural needs.
Human Resources: If this is a business that you can run completely by yourself, then it’s for you. If not, assistance is required. You can use Step 03 to find out how many people will be needed, what their jobs are and their qualifications. Consider asking your friends, family, or acquaintances if they have any relevant qualifications. A good friend or partner is a great help at this stage. It is possible to find a friend who has the same vision as yours and you will have the best luck. You will find it easier to make friends.
Finance Many people find this part a bit uncomfortable. This is why many great ideas never get realized. Many would give up on this sector as they don’t believe there is enough money. Do not let that discourage you. Financial industry was founded on great ideas. It is their purpose. The Empire State Building would not have been possible without their investment. One individual didn’t invest all of his money in it. The idea was fantastic and was supported by multiple financial institutions. You will find many investors, lending agencies and banks looking for great ideas.
However, the ideal situation is for you to have at minimum half the initial capital. If you are employed, you can begin saving. If you have the money, start immediately. Use your Step 03 presentation to attract wealthy relatives, friends, or investors if you do not already have the money.
I have already spoken out at the beginning about how important mental health is for people. This is why finance is so important. Fear is the true enemy. This is the one thing you must conquer and it’s something you should face no matter what. Although I can offer some tips to help you, it is up to you to follow the path.
First, it’s okay for you to be afraid. It is an integral part of who we all are. Be aware that courage does NOT mean having no fear. It is having fear, but doing the same thing that you are afraid. To put it another way, FACE IT. It’s true that “At the end our lives, we only regret what we haven’t done or the opportunities we didn’t take”. What is the worst possible thing that could possibly happen? It is better for us to die soon doing what we love, than live a long boring existence doing things that are safe or comfortable. Step 04 is the best way to get that taste of success. These are some common fears that you might face and the best ways to overcome them.
Fear or Rejection: It is possible to be rejected. Most people won’t understand what your presentation is about. So don’t be discouraged and continue on with the next step. You should prepare well for your presentation and be passionate about it. People invest in sincerity. I know I would. If I had the opportunity to meet someone passionate about a business venture, even though I don’t understand it all, I’d invest my own money. Why? Because he would not quit until he succeeds, so it is important to have your Step 01
Fear of LossThere are always risks. Because it is a new industry, you may not be able to anticipate all the pitfalls and falls. Believe in yourself that even if there is a mistake or a loss you will know how to recover. It’s your decision, and it is up to you. Loss will come when it happens. But you’ll be able to know what to do in that moment.
Fear and embarrassment: You will find people who are always able to offer advice, especially when it is difficult. You will be ridiculed or laughed at. You will be ridiculed and laughed at. But it is so much better when you are victorious. What good is it to win when you’ve never been defeated? Take the humiliation and defeat, and use Step 04 to help you come back victorious. People remember heroes more than an average person.
I hope you find the tips to overcome fear helpful. You have now found the capital provider/s. Here is what you need to do next. Look for investors who are willing to wait 6-8 months before the business can run properly. There are lenders, banks, and investors who will lend you the money. However they want your interest or return of investment (ROI), almost immediately. This is shortsighted. A wise investor knows that if a business isn’t fully functional and he starts to collect his money, neither will it succeed nor will he receive his money back. So choose someone who will be patient. The business will be safe, and the investor will get his full ROI.
Find your place and find your staff. Then, go for it. As a right hand man, you can divide the tasks with your partner. One person can buy the furniture and find the place, and the other can handle the hiring. You must hire the best employees you can. Your core team will comprise the first employees. Therefore, you must feel comfortable working alongside them. Refer to Step 3. You will be able to calculate how many employees you need and the qualifications they should have.
Make sure everyone is clear on what they are doing. A fair employment policy should be created where high-quality jobs are recognized. Before you let someone go, give them training opportunities and chances to improve their skills. It can be beneficial to pair one person who is good with another one that is not so good. This allows the bad one to learn from his or her good. Also, you might consider a profit sharing program. This allows employees and contractors to take care your business like their own.
Step 08: Market
You must market your business professionally. Once you have established the business, you will need to reach as much customers as possible. It is possible to ask a professional photographer to photograph your business, or a graphic designer for brochures.
An online presence is essential. You should have a website. It’s easy to create a website these days, but it’s worth asking an IT professional. Check to see if it is possible to make an app for smartphones that provides the services you offer. You can offer promotions and discounts to your website and brochures.
Meeting regularly with your core group to discuss improving services and reaching more customers. Be open-minded, consider all ideas and choose the ones that suit you best. There are many options to market your company: Door to Door Marketing. Telemarketing. SEO. API (Create an App). Advertising.
My next article will focus solely on Marketing Strategies.
9th Step: Expand
Expand your business. Do not turn down an opportunity to expand your business. If the local business only serves its local customers, then open another branch. Finance should not be a problem at this point. You will find many financiers and investors who will give you the money. If it’s an online company, grow your SEO team or Customer Support and you will have a global market.
Step 10 Balance
Balance in everything that you do is key. Balance is the key to success, from the very beginning to the end. While the lesson about balance is profound, I will only touch on it briefly.
It’s bad to have too many things. It is not a good idea to work so hard you endanger family, friends and your health. You can’t give your money to people you love or spend it in hospitals. Money doesn’t mean anything. Your personal and business lives must be balanced. Overworked and exhausted can make it difficult to have a great idea. Take a break if you feel stuck. Then, come back later. You will find a way out.
There are ups, downs, and everything in between. The lesson about balance is that you need to be cautious when you’re succeeding, and patient when your failures occur. You should not waste money on things you don’t use when you are successful. You can also fail but don’t give up, success is always around the corner. It is the darkest hour before dawn. But, “This too shall Pass.”
Your employees must be able to see the difference between you and them. You are their leader. If you’re too hard on them they will quit, or worse, ruin the business. If you’re too soft they will play more than just work.
Businesses are ultimately about people. Balance all relationships. From your employees, to your investors, to your customers. You can share your success.
This article is a compilation of information from life coaches, motivational speakers, business developers, and personal life experiences. I hope this helps. You can dream big and you should go after it.