Starting A Business Aug23


Related Posts

Share This

Starting A Business

Start-Up Strategy

Starting a business whether you are a seasoned pro or a new entrepreneur coming to the world of
business, is a tough job. For the most part it is sitting alone staring a blank piece of paper, with an
idea and lots of gusto; but no focus. And focus is the key word here, unless you “know” what you
want to do with your business; it’s impossible to define it. And without clarity, you have nothing.

Some entrepreneurs ride the bull by the sea of their pants, they have an instinct, they “know”
without having to know. But for the 99% of us who don’t have a seventh sense, we have to plan.

Here are some steps you should tackle right out of the gate.

1: Definition.

Who is your customer? The best way to do this is to imagine yourself on the other side of the desk.
What does he/she look like? What is that persons income? Why are they buying from you?

What do you sell? What is your strategy for expansion over the next 12-24 months?

2: Goals

Where do you want you business to be in 6/12/24 months? Are you aiming to be the best or the
fastest or the cheapest? If you have a unique product you may not have to worry about this, but if
you are a small fish in a big pond, then you need to aim for one of the above. Let’s face it, of you
are not the best or cheapest or fastest in your field. What are you?

3: Watch The Watcher

Your competition is watching you. So watch them back. It is crazy to think that you can go under
the radar and steal customers without your enemy knowing anything about it. They know who you
are, what your worth and how you work. They will second guess you, price cheaper than you and
adapt faster. Do it back. Start up doesn’t mean up start.

4: Get Your Finances In Order

How and when will you make money? When is your break even point? How long can you survive
without making a sale? These numbers should be drilled into your brain. I know people that
struggled to make $400 in their first year, and others who made $22,000 in their first week.

Why? Because the second guy “needed” that much to save his house. He knew the number and shot
for it, know your numbers and never forget them.

5: Have A Plan

Filling out a business strategy plan can be tedious and boring, if it is, you aren’t ready to run a
business. If the business plan keeps you up at night and you find yourself filling it on on the bus or
at lunch, then roll with it. You are going to need that drive. Grab a free template off the web and
start writing everything down, to the last detail.

6: Throw The Plan Away

Planning is fun, its safe, its brain crack. All those little ideas that you would do if you only had the
time, the money, the health. They sit around in desk drawers over the world, feeding the creator like
a drug. The world might be harsh but at least I have “the idea”. But you have to let them breathe,
you have to get the idea out into the world. Only then will you find out if the idea, and you are
ready for the road ahead.

Sometimes it’s best to just do, and adapt along the way.