What do you have to do to start a business? There are scores of websites such as ours which have checklists that remind one of the many tasks you need to do when starting a business. Though such checklists are extremely useful because they enable you to remember significant startup steps, they’re just To-Do lists. They tell you exactly what to do, but don’t supply any suggestions about what makes a business successful.
Unfortunately, you do not succeed in business just by finishing a list of tasks. Nor will your business be a success simply because you believe it’s a good idea.
What’s going to make or break your business? What determines if it’ll be a success?
Know your self, your true inspirational level, the sum of money you can hazard, and what you’re willing to do to be successful. Sure, we all wish to produce millions of bucks. But what are you ready to give up to accomplish that goal? How many hours a week will you work on an ongoing basis? Just how far out of your comfort zone are you prepared to stretch? How far will your household stretch with you? To be prosperous, keep your business plans in line with your own personal and family goals and resources. The old formula — find a need and fill it still functions. It will always work. The key to success is discovering needs you could fill, that you would like to fill, and that is going to create sufficient income to build a lucrative business.
Make sure there really is a market for what you want to sell. Among the biggest mistakes startups make is to assume a lot of people will want to buy a specific product or service because the business owner enjoys the thoughts or knows one or two people who want the item or service. To minimize your risk for loss, never presume there is a marketplace. Research the thought. Speak to actual potential prospects (who are not family and friends) to find out if what you would like to market is something they’d be interested in buying, and if so, what they’d cover the item or service.
Strategy to succeed. If you are not searching for investors or putting a huge sum of money into your business, you may not require a fancy business plan, but you still do need a strategy – one which defines your own goal — your destination — and then lays out at least a skeletal roadmap for how you’ll get to where you wish to go. The strategy will change as you progress and find out more about your customers and competition, but it will still help you keep focused and headed in the ideal direction. Use our business planning worksheet to help develop that simple plan.
Do not procrastinate. I have heard some people today advise prospective business owners to not move ahead with their business until they have investigated every last section of their business they wish to start and are absolutely sure it is all going to work and be more profitable. The issue with that approach is that it leads to procrastination. Nobody ever really has all the pieces in place — even after they have started their business. Yes, you have to research the market, have a basic plan in place and do things like get a tax id if necessary, register with local officials, if required, etc.. But should you attempt to create every thing perfect before you start, you might not ever get around to beginning the business in any way. Some people think that entrepreneurs are risk-takers. But for the most part, successful entrepreneurs do not like walking on a sidewalk. Instead, they take controlled risks.
Do not fixate on mistakes or get them. The difference between successful people and everybody else is successful people learn from their mistakes and move on. They don’t live on failure, blame the economy, curse their bad fortune, or blame others for their destiny. In case the path to their goal is blocked, they search for an alternative path, or occasionally select a different, more achievable goal.