WHY YOU SHOULD SET A FOUNDATION FOR BUSINESS SUCCESS
We’ve all heard those seductive success stories about women who turned their passion into a thriving business with nothing more than a good idea and a whole lot of love, but the truth is it takes a whole lot of blood, sweat and tears to create a viable business, and most importantly a solid foundation. If you’re really serious about getting your business up and running to the point where it is not only sustainable but also flourishing, a strong business plan and foundation is a must. Here are a few tips to get you started!
WHY YOU SHOULD SET A FOUNDATION FOR YOUR BUSINESS SUCCESS
1. DEFINE YOUR GOALS
Before you even start thinking about setting up a website or opening up shop, you need to have a clear idea of what it is you want out of your business and why. What is your drive behind building the business and how does it connect to your values? What is it that you ultimately want to achieve and how will you go about achieving it? And how are you going to stay motivated even when you experience bumps in the road? Create a list of your short-term and long-term goals and outline the steps you will take to achieve those milestones. As you move forward, keep referring to your list to keep you on track.
2. BE CLEAR ABOUT WHAT YOU HAVE TO OFFER
No matter what type of business you set up, you’re always going to have some sort of competition, so you need to think about how you are going stand out from the rest and then actually deliver. What skills, knowledge and experience do you have that you can bring to your business? What will make your business unique and special? Be honest with yourself about what you are capable of and how much help you will need. The more realistic you are with yourself, the better equipped you will be to give your customers something of value and follow through on your promises.
3. DEMARCATE THE DIFFERENT ASPECTS OF YOUR BUSINESS
Even though it may be just you behind the reins for now, you still want to look at each aspect of your business as a separate entity. For example, product development, marketing and customer service are all parts of the greater whole, but they each require different strategies and actions to be effective. By giving individual attention to each component you can see what areas you need to work on and develop a better understanding of how your business runs on every level. This will also make it easier for you in the future when you reach a point where you need to hire people to help you expand.
4. RESEARCH YOUR MARKET
Market research is integral to a strong business foundation, yet so many people neglect to really understand their customers, so they find themselves coming up short when it comes to reach or sales. Who is your ideal customer? Think about what age group they are in, where they live and what their interests are. What kind of things do they search online, and what draws them to your competition? And most importantly, what do they really want and need? Once you know this, you can make informed decisions about how to find your people, what imagery and language to use to reach out to them, and what kind of things you can offer them that they will find informative, entertaining and useful.
5. GET REAL ABOUT YOUR RESOURCES
One of the biggest mistakes that people make when setting up a business is underestimating the amount of resources it takes to create and maintain a business. Money of course does help, so be realistic about how much money you will need to invest in each component of your business. Be realistic about potential costs before you think about quitting your day job. You can also consider finding an investor or look into crowdfunding. Time and energy are also crucial resources that many people overlook. If you have enough money you can outsource, but if you’re low on funds, you’re going to have to put in a whole lot of hard work yourself.
Media may have us believe that setting up a business is as simple as creating a website and a social media page, but almost any successful business owner will tell you takes foresight and planning to make your business really go places. Lay the groundwork ahead of time so that you know your business inside and out and are prepared for the challenges that come your way. You will most probably need to tweak your plan as you go, but trust us—it’s easier to make small adjustments to a business with a solid foundation in place than to start over from scratch if your venture crumbles.
