I see many businesses in my role as a coach and trusted adviser. Unfortunately, many businesses I see are well on their way to failure. Failure that is driven, often by what they don’t know. Failure driven by the desire to start a business, without a clear idea on what it takes to operate a successful business. The clear plan should be to start successful business, not just start a business. This is a clear mindset shift.
Common causes of failure are clear, follow me as I walk throught his all too common scenario.
Potential business person (PBP) gets an idea. His friends and family agree that this idea is what the world is waiting for. The potential business person starts to dream. PBP gets a logo, as that is certainly what every business needs. They emotionally invest in the right branding and feel and start work on their ground-breaking website. They create their social media pages and pay for followers as one of their friends says they need large followers to create credibility. They launch amongst much fanfare and many likes and comments from their friend’s network.
Anytime in their first year, they come to see me to find out what went wrong.
Start Successful Business
Before you make this mistake, let’s talk about what I consider the first three things you need to be clear about and will make the process better. Lets start successful business and build something sustainable.
- Congratulations, you have an idea to make the world better. That’s awesome. Ask yourself, what problem does it solve. Clearly identify the problem.
- Research the problem and what solutions are currently available to solve the problem. Are people willing to pay for the problem to be solved? Remember, you don’t have a business if you don’t have a paying customer. Side-Note. You will need to expand your research past the first couple of pages of Google. It’s a good place to start, but don’t accept that is the only search you have available.
- Understand who you will be targeting with your product/service/idea. This is critical as many marketing endeavours fail because of a lack of a clear understanding who you are marketing to. Know your potential customer.
Notice I haven’t looked at logo or web design or even social media. The first steps is to identify whether the business idea has legs. This way we operate and start the business based on research and sound facts as opposed to emotion and gut feel. I also haven’t spoken about getting external help, but these steps are critical to understand the potential success of your business.
Stay logical early and build passion once you have a foundation of facts that support the need for your business.
To help you start successful business, some resources to help you are available on our free business resources page. I would recommend downloading, The Business Plan, The Business Analysis, Competitor Analysis and Personal Strengths and Weaknesses to obtain clarity. Good luck with your business endeavours.