The success of your business is in your hands. The path to success is a journey you can chart. And you can start right now. Change may be the only certainty in business, but you still need to know where you’re going.
To plan for success, write it down or create a visual image of it. Then make sure you print it out, frame it, or put it somewhere so you won’t lose sight of it. This will ensure you stay focused while you’re busy with the day-to-day of running your business.
Make sure that you are ready for challenges along the way. In the same way you can plan for success, you can also make contingency plans. For example, you’ll need to plan in case of economic downturn, or for lack of inventory if you sell a product. If you know what kinds of obstacles you might encounter on your way to success, you’re more likely to avoid or overcome them.
So when starting your own business is a BIG leap of faith. Will you find any customers? Will you make enough income? These are questions that any founder will ask themselves.
But with the right planning, preparation and support, you can set the best possible foundations for your new enterprise, and take some of the guesswork out of becoming a business owner.
Building the right foundations
So, if you’ve got a great business idea and you’re eager to get your company off the ground, what are the key foundational elements you need in place?
To get your new company trading smoothly:
- Define your vision and goals – so you know WHY you’re in business, what success will look like and who your target customers will be. If you’re clear about the ‘why’ from the outset, every decision will be easier. Think about who your product or service is aimed at, what their needs are and how your solution solves this.
- Have a robust business plan – providing you with a clear route map for achieving your goals, with budgets, targets and pre-agreed timelines to meet. This doesn’t need to be a huge undertaking but it will need some thought. A good business plan will evaluate the idea and feasibility, as well as identifying opportunities and obstacles.
- Get the finance you need – so you have the capital required to start trading, with enough in the bank to cover operational overheads and start generating income. A solid business plan will help you gain buy-in by proving the idea for investors.
- Measure your performance – once you’re up and running, record and track all financial and non-financial data, so you can measure how well you’re performing and identify, early on, the areas that need attention.
Talk to us about business
If you’ve got a world-beating business idea and the ambition to become a better business owner, come and talk to us. We’ll help you flesh out your vision, write a workable plan and get your finances in shape for the next stage of the startup journey.
Get in touch.