So, you’re a scrappy go-getter who’s decided to start your own business; good for you! You have likely spent countless hours plotting your exit from the 9 to 5, crafted your passion and purpose, and made the leap into the world of entrepreneurship with all the vim and vigor of a business “newlywed.”
Passion vs. progress
Many business owners jump into their vision with such a burning desire to succeed that they fail to take slower, more methodical steps that can lay the foundation for success. Little action steps such as paying bills, acquiring capital, and assembling a dream team of employees who will go the distance with you must be attended to in order for you to build the kind of business you see in your mind’s eye.
Some assembly required
Before the blast-off, all parts of a rocket launch must be attended to in order for the event to go as planned. Missing a critical piece of mechanical maintenance, a faulty call from mission control, or failure to follow directions in the cockpit can all spell disaster for all involved if proper preparations haven’t taken place.
Similarly, your business has a “to-do” list of items that must be crossed off as you prepare to take flight. Assemble these “parts” in preparation for your launch, and expect great things as you blend your passion with quantifiable action steps that can propel you forward. Setting some of these critical building blocks in place will lay a strong foundation for future success, consistent success that will keep bringing in profits year after year.
Draft a realistic personal and business budget. It can be very difficult to separate personal and business finances as you begin your business venture. You’ll likely be using some of your own personal funds to keep your day-to-day operations afloat. As such, you’ll need to focus on paying your business bills and managing personal obligations by paring down unnecessary expenses and funneling extra capital back into your business. Do you really need 200 cable television channels? Is it possible to get along with a single car for a while? Scrutinize your monthly expenses and make changes as necessary to make sure your business stays afloat. While you’re at it, plan on not taking home a paycheck for at least two years after startup, so you’ll need to have something to live on while setting up shop. If you have business and personal partners, now is an excellent time to have sit-down conversations with all involved to ensure you’re on the same page with financial appropriations. Teamwork makes the dream work.
Plump up your savings. Because you may not receive earnings in the clear for a while, it would be a great idea to plump up your savings before you quit your day job. Some entrepreneurs choose to keep working reduced hours while getting their business up and running, while others choose to stash money away that they can use for daily living expenses and other bills during this dry spell. Not to worry; if you take the right daily actions toward financial independence, you’ll see consistent profits coming in.
Draft a marketing plan. Many startup companies fail in the first few years of operation because they have no idea how to put their products and services out there. If customers don’t know about you, they can’t purchase your stellar wares. Draft a simple yet effective marketing plan that will start the ball rolling, and make sure that you have budget money going toward its expansion as you continue growing your business. Resist the temptation to spend extra income on yourself, and place it back into your business by paying bills, marketing, and product development. The more you can devote to marketing, the more likely you’ll consistently attract new customers.
Conceptualize a brand. Everyone who is anyone these days has a “brand.” A brand tells people who you are, what you stand for, and what you have to offer. Conceptualizing your brand, your story, is what will set you apart from your competition. Focus on building a relationship with potential customers that puts you in a position of trusted authority, one who is interested in addressing a legitimate need. While you don’t have to have all the details in place, bring to the table a solid idea for making your business unique and relatable to an ever-widening audience.
Improve your stamina. When starting out, it’s not uncommon to work 60-80 hours a week on your new business. If you’re not used to putting in this type of work, it’s time to buckle down and put your nose to the grindstone, dear entrepreneur. It may not be the right time to launch if you’re battling with health or personal issues, excessive financial obligations, or other pressing obstacles. Take a detailed look at what you have going on, and then decide if you have the time and energy to give that will ensure a victorious send-off.
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MaxGroup Business Solutions has the passion, performance, and perseverance to help you make your dreams come true. Cutting-edge marketing plans, sales strategies, and a commitment to your success are what set us apart from our competition. Join forces with us and see just how we will exponentially increase your success! Visit www.maxgroupbusiness.com for more information.