Starting a business is fun, challenging, awesome, shi*, inspiring, defeating, encouraging, and every other emotion...
Let me be clear: BUSINESS OWNERSHIP IS NOT FOR THE WEAK OF HEART AND MIND...
That being said, it's worth it...
With careful planning, commitment, and execution, it can be extremely rewarding!
It's one of the only ways I know of that can enable someone's freedom from the typical life most people accept.
If you're thinking about launching a company, here are a few things I think you should consider to set yourself up for success.
- Develop a solid vision plan. A vision plan is a document that outlines the goals, strategies, and financial projections of your business. Most people call this a business plan... but a "vision plan" sounds way less stiff in my opinion. Basically, you need it to act as a guide or map for your startup and help your distracted brain to stay focused and on track. When putting together your vision plan, be sure to include a clear description of your product, service, your target market, and marketing and sales tactics.
- Research and identify your target market. Do what I call "Recon" It's important to have a deep understanding of who your customers are and what they need... Ask yourself "Hi self, what sucks for the people I want to sell stuff to. What's tough about their current life, or things they deal with in the market?" If you want, you can even conduct market research to identify your target audience and gather insights about their preferences and behaviors. This will help you tailor your marketing and sales tactics to effectively reach and serve customers. You will be paid well for your ability to solve problems... Keep that in mind...
- Secure funding. Some startups will need funding to get off the ground. There are several options available, including loans, grants, and investments from venture capital firms or angel investors. Determine the amount of funding you need and create a plan for how you will use it to grow/profit. I am a big fan of bootstrapping to avoid the various complexities of the service of money. This requires you have a proven method of distribution to earn revenue. (Book a call with me if you want to dive into this topic together.)
- Build a strong team. As the saying goes, "teamwork makes the dream work." Surround yourself with talented, passionate individuals who share your vision and are committed to helping your vision succeed. (Easier said than done, this will require that you intentionally put yourself in environments and prayers to attract these rare people) I call them, your "Eagles amongst pigeons... "
- Develop a marketing and sales strategy. Marketing is key to attracting and retaining your ideal customers. Develop a plan that includes both online and offline tactics and that aligns with your overall goals. Don't overcomplicate this... My suggestion is to choose one method, find out what converts prospects to paying customers, and then do more of it again and again... and again... again and again some more... then do it more... and again... then outsource what you find out works well.. then do even more of what worked... :). *Tip: I made millions using ONLY Instagram DM's to direct-market to our ideal clients.
By following these steps, you'll be well on your way to launching a successful business...
Thank you for reading. My best wishes are with you as your go forth on your journey toward your dreams!
God bless your gifts and efforts!
