If you are planning to start your own business then be prepared for the many highs and lows in your near future. Of course it will be stressful but it will educational and entertaining as well. Kudos to you, for venturing out in the great unknown. You are new to the business world but it is this courage and enterprising spirit that will be your friend for years to come. You will learn very quickly that it is not just in the initial stages that you have to struggle or face challenges. As an entrepreneur you will do that every day. It is this hands-on experience that will create the foundation for your success. But before you get there you need to take baby steps to start. Make sure that these steps are in the right direction so that you progress unimpeded from day one. A look at some quick but essential business advice for start-ups.
#1 Business advice – Focus on your goals – The very first thing that you need to do is to focus on your ultimate goal and vision for your business. Where do you see yourself and your brand in two to five years, how much do you want to expand and what you want to add to your business identity.
#2 Business advice – Create a business plan – You have started with an idea and now you have a definite goal to look forward to. It is time to put these thoughts and ideas onto paper and create a solid and focused business plan. Don’t rush and create a run of the mill document. Use your heart because it is this document that will impress and inspire financiers to back you up.
#3 Business advice – Identify your market – There is no need to reinvent the wheel as long as you are clear about the quality of your products and services and more importantly your target market. Every product has a specific reach and target, make sure you know what yours are. Once you hit the target audience you can garner a bigger and better market share quickly and easily.
#4 Business advice – Build a team – You cannot do this alone so it is time to build a team. Choose your employees wisely because the right team will be fundamental to your growth and success. It doesn’t necessarily have to be qualifications all the time but experience in upper management and the zeal to work hard and make a difference in the younger team members that count. Go with your instincts when it comes to people so that every individual member can make a difference.
#5 Business advice – Be ready to bootstrap – That said, there is no guarantee that you will get a complete loan or a great financier. Neither should you use your personal funds to start your business. Instead focus on services that could be used as loan to help you start, learn to bootstrap and start with the very basics. It is not a cakewalk but if you are honest in your deliveries then it profit and success are quick to catch up.
Gary Takacs is the founder of The CEO University is a US-based, CEO and Executive Peer Group Organization that creates opportunities for accelerated business growth and personal development through CEO Peer Group Meetings that are CEO-led, one-to-one mentoring focused on unique business and personal challenges, and purposeful learning events.