Some say that anyone can start a business – Simply fill out forms, get the necessary permits or licenses, start advertising your business and the sales are bound to come through. Running a successful business, is an entirely different story though. The truth is that there are many differences between starting a business and running a successful business, in which a variety of skills are needed.
To succeed; you need to be flexible, have patience, be willing to constantly learn and have that “go-getter” attitude. Many people start a business thinking that they’ll open their doors and start making money instantaneously, but it is a lot more challenging than that. If it was that easy, everyone would start their own business.
Listed below are several key points that will assist you in running a successful business that you’re passionate about.
1.You have to really want it!
If you think starting a small business would merely be “a fun thing to do” or something that you simply want to try out, you probably aren’t dedicated enough to ensure success. You need to be completely committed to it – the cause and the product/ service that you’re selling.
In saying that, that doesn’t necessarily mean that you can’t and won’t have second thoughts. Doubts are completely normal, as it’s a big plunge to take. As long as the decision to go on your own has been carefully thought through and you’re able to financially support yourself during the first few months/ initial start-up phase, then you’re good to go. The other option is to start it off as a “side hustle” and only completely go on your own once your business is already generating income.
Once you have made that decision to whole-heartedly launch your own business and forego your full-time job, you need to be determined to give whatever effort it takes (within your own limits), in order for it to succeed.
If you have a really strong drive to make it work, then you have the number one most important trait and mindset to succeed.
2.Choose Your Type of Business Carefully
People more often than not make a lousy choice on their very first business decision – That being which industry to enter into. In fact, it is often given little consideration. A choice that people may drift into, without consciously looking at the wide array of alternatives.
Too many people choose a particular business for the wrong reasons. Reasons that reflect their limited experience in the chosen industry, their familiarity with someone who made a lot of money in that chosen field, or that the idea of being in the industry seems fun and prestigious. It doesn’t hurt should you have experience in a particular industry, but that alone doesn’t necessarily mean it is an excellent choice for you.
You should carefully consider a broad range of factors before committing to starting a particular business. For example: Your evaluation should include factors such as the state of the market, market segments, the competition, your strengths and weaknesses, available investment budget and opportunities.
3.Have a Business Plan to Follow
Having a well thought-out business plan is an imperative factor for starting a business. In fact, much of the work that goes into a solid business plan you should have conducted before deciding on your industry. A detailed plan of action is vital for every business’s longevity and success.
Below are some steps on how you can effectively write your own business plan:
Executive Summary
The executive summary is an overview of your business and your plans going forward. It comes first in your plan and is ideally only one to two pages.
Opportunity
The opportunity section answers questions such as: Who is your target market and competition? What exactly is it that are you selling and how are you solving a problem (or “need”) for your target market? What’s your unique selling point?
Execution
In the execution part of your business plan, you’ll answer the question: How are you going to take your opportunity and turn it into a successful business? This part of your business strategy will cover your marketing and sales plan, operations, and your milestones and metrics for success.
Company and Management Summary
Investors look for great teams in addition to great ideas. Use the company and management part of your plan to describe your current team and who you need to look at hiring. You will also provide a quick overview of your legal structure, location and history if you’re already up and running.
Financial Plan
Your business plan isn’t complete without a financial forecast. Start with a sales forecast, cash flow statement, income statement (also called profit and loss) and your balance sheet.
Appendix
If you need more space for product images, pricing or additional information, use the appendix for those details.
4.Compile a Solid Strategy
A strategy goes hand in hand with your business plan. Many businesses do not have a strategy at all, yet it’s extremely important for increasing your chances of business success. You want to have compelling answers to questions such as, “Which market am I going to target?” and “How am I going to compete in a unique way in comparison to my competition?”
Below are 3 of many strategies that you will need to consider when compiling a solid strategy for your business.
Business Strategy
A business strategy is an outline of the actions and decisions your business plans to take, to reach its goals and objectives. The strategy defines what your business needs to do in order for it to reach those goals, which can help guide the decision-making process for hiring new employees and resource allocation.
Marketing Strategy
A marketing strategy refers to your business’s overall game plan for making your business known, and reaching potential clients/ leads. This also includes your conversion approach to turn those leads into clients.
Financial Strategy
A financing strategy is integral to your business’s strategic plan. It sets out how your business plans to finance its overall operations, to meet its objectives both now and in the future. It summarises targets, and the actions to be taken over a three to five-year period, to achieve your business’s targets.
5.A Subtle Approach to Marketing
Your mindset and approach to marketing will also greatly impact your chances of business success. You don’t need a Nando’s marketing team behind your campaign, to create a powerful marketing strategy, but you’ve got to have a plan of action. Perhaps you need to try different approaches to see what works best for your business. This takes time and patience. Work with businesses whose values match yours for the best possible outcome.
Starting your own successful business is not a necessarily an easy process, neither is it a quick process. There is a lot of planning, research and strategizing that goes towards this new adventure. Cube Workspace offers many office space solutions to suit your needs, in the best locations. Find out more about Cube Workspace and our solutions.
