5 Critical Steps to Starting a Successful Business
Rachel Panther Business Coach at Harborough Innovation Centre shares the 5 Critical Steps to Starting a Successful Business
Congratulations! Setting up your own business is an exciting time. But it is also quite daunting and often high risk. We want to help you to start a successful business. A business that delivers everything you want to achieve and more. We suggest that if you follow these 5 critical steps you will minimise your risk and increase the chance of achieving your dreams.
Step 1: Set Goals
In order to understand HOW to achieve success, you need to know what success looks like. What exactly are you trying to achieve? Once you know where you are aiming to be, it is much easier to work out a route to getting there.
- We suggest that your Goal #1 is to create a business that covers your personal income needs.
Other goals you might want to set could be in terms of number of sales, profit percentage, number of customers and so on. Always state a specific number and a time frame.
Step 2: Understand the market need
If no one wants your product or service, you’ve got no business. Do your research. Think about how you can help people. There are some basic needs that resonate with almost everyone. Which one of these does your business aim to meet? :-
- Money – save it , make more or avoid loss
- Time – save time
- Life – prolong it or enjoyment of it
- Appearance to others
Step 3: Know your numbers
Whatever business you decide to go into, it is essential that you know your numbers. If you run out of cash, it is game over.
Understand all of your costs. Your profit margins. Your breakeven point and your cash flow.
Step 4: Focus
Focus is incredibility powerful. Target a specific customer segment. Focus on a particular strength. Concentrate on what makes you the most money.
Whatever you decide to make your focus – align it clearly with your ultimate goals.
Step 5: Get support from others
You are not in this on your own. Ask for help. Share your ideas and really listen to your potential customers.
Work with others for joint success – partnerships, joint ventures, networking.
Understand that you can’t be good at everything, so seek support to fill those gaps. Remember, as a small business owner, you represent the brand. You are the company. You need to be the biggest advocate of your business: its best marketing tool.