A failed business has extensive ramifications for all stakeholders and associated families which can have long term consequences, however it doesn't have to be that way.
The following are my top tips for starting a business, and if followed, will significantly increase your likelihood of success.
Before you start your business
- Seek out a business mentor who has been there and done it already.
- Evaluate your business idea to ensure the opportunity to make a profit and grow is real.
- Develop a business model for your idea to ensure you understand how you intend to make a profit.
- Write a business plan to bring your business model to life.
- Ensure you are incredibly passionate about what you are going to do.
Establish your business
- If you are unsure about any item seek professional advice.
- Start your business using a check list, there are a number available on the internet.
- Implement a financial management system including software, procedures, cash flow forecast, budget and reports.
- Write and implement a marketing plan to generate leads.
- Develop sales process and procedure to convert the leads into orders.
- Develop delivery processes and procedures that will result in meeting or exceeding your customer’s expectations.
It may seem a lot and difficult to do as a start-up, but it is what you have to do if you want to ensure success.This is where a mentor will help show you how, and in particular, provide accountability to ensure these essential items are completed, in the right sequence and when they need to be done.
If you would like some assistance with your start up business simply contact;
The Profit Coach
+61 419 834 678