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On starting your own business

Starting a Business

Many people decide to venture into their own business with little or no knowledge of what it takes to run a business. These brave souls generally are proficient at a particular task or, one simply chooses to be an entrepreneur. Sometimes, little thought and or preparation is given to the business function itself.

Perhaps fueled by the need for independence, they no longer will be required to answer to anyone other than themselves. They may now make their own decisions that will charter the course of their business, changing their lives forever. They alone will make the choices that will create an identity for their new business. They are embarking on a new venture and freedoms not yet experienced, which require different skills than were needed before to maintain this new freedom.

Does this new entrepreneur know the challenges that lie ahead? Do they foresee the challenges, the hidden forces waiting in the darkness of their future that will challenge them to the limits? Likely, they do not.

Starting with a Business plan of action coupled with a Marketing plan of action, these instruments if properly prepared, will guide the new entrepreneur successfully into the future.

The most important question to ask is “Why Am I in Business?” Most people will answer “To make money”.

If this is the reason you are going into business, YOU WILL FAIL!

If you do not have a clear understanding that a business exists to serve its customers, you will fail!

If you do not completely understand that you must provide a useful service or product to mankind, you will fail!

And, I urge you to completely understand the concept of Perceived Value! It is that value that a customer or client will put on your goods or services. You must be cognizant of, and on top of, exactly what that perception is relative to your goods or services, in order for you to be successful.

Your business plan, if properly utilized, will set the course and tone for your business. Your mission statement and purpose will explain WHY you are in business and what you will do to support that mission. Your objectives will be clearly set and a pathway chosen to reach your objectives. Your Marketing plan of action is the fuel needed to drive your business to success.

Within the marketing plan, you will outline the actions needed to obtain the revenue to run your business, the inventory replacement funds, the money necessary to pay all bills as due and, the money needed for salaries. Essentially, where and how will you sell and distribute your products or services.

Ponder if you will: it is not good enough to be great at making widgets you must also become proficient at operating the business that is necessary for you to make the widgets. Without the successful operation of the business, your widget making will come to an abrupt end!

Where to start?

You must first decide why you want to be in business. What service or product are you providing to a customer base that they will need and want? How will you distribute this product or service to the customer? What price will you charge for this product or service and what are the operating expenses? Will your profit be sufficient for you to effectively operate your business? What will it take to do what you want to do?

Charter a direction for your business. Where do you want your business to be in one year, five years, and ten years? Have you planed to be successful by preparing a valid business plan of action and a marketing plan of action? A qualified business consultant or attorney may help with the business plan however; you must also work with a good Marketer to compile the marketing plan of action.

A business coach and consultant such as me with over twenty-seven years of Marketing experience I will be able to assist and compile both plans of action for your new business.

March 27, 2013 This post was written by Categories: February 2010 No comments yet


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