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It is not easy to find a job in this economy. It is even harder to start a business to in this economy. Business owners will tell you that starting a business is one of the most challenging things that they have ever done. Many books and articles will display small business start up failure rates that are almost unthinkable. It is hard to believe that anyone attempts to start a business with so many visible barriers in the way. If you are going to start a business, follow and apply the following five steps in order to ensure that you don't become just a statistic.
Step 1 - Validate your idea, product, or service
Most people really like their own ideas. Unfortunately, that doesn't mean that everyone else will. It is important for you to be dedicated to your own idea so that you can place the requisite amount of time and energy into the idea. One you are dedicated to your idea, you need to validate it with others. Start with your family. They will most likely give it to you straight up. If your good there, move on to your friends. Ask them to give you an honest opinion of your idea and disregard your feelings. Then move on to co-workers or academic peers. If you receive positive honest feedback from all of the aforementioned groups, then you are probably on to something.
Step 2 - Financial Projections
This part is not very fun, and for that reason, it remains one of the principle reasons that a start up business fails. Any person with an idea or an intention to start a business must first crunch some numbers. It is foolish to start a business that you are not sure can turn a profit in a reasonable amount of time. By doing the numbers and making financial projections, you are able to determine whether or not your idea can actually turn into a lucrative venture. If you find out that your idea is not likely to turn a profit or is to expensive to get started, you may be able to save yourself a considerable amount of time and energy. Crunch the numbers, then proceed. Do it first, and not after you have invested the time and money.
Step 3 - Develop a Website
Does it seem strange that building a website would make it into the first five steps for starting a successful business. A few years ago, a website was only an after thought from the marketing department in order to help the company develop a presence online. Today, your website can and should be used for so much more. Because of the centralized role that a company's web presence now plays, the website should be developed first, before the company opens it's doors. Failure do so could result in the loss of many first time clients and customers. A website structure can act as a preliminary business plan, and enable a business owner to organize his or her thoughts. If the website is well thought out, and developed properly, it can act as a blueprint for how the product or service is presented to the public. Your website is now your storefront, and no one would ever open their doors unless they had their storefront in order.
Step 4 - Develop Company Procedures and Build Systems
After the website is developed, and your ideas have been organized and presented properly, you must develop effective and efficient systems to facilitate future growth and development. Having systems and procedures in place from the beginning will give the business owner a solid foundation to build upon when the rain begins to pour. Systems and procedures will act as a shelter against imminent failure coming from an influx of business. If you do have a really great idea, and you cannot handle the requests, your reputation may suffer and cause your company to implode. Many people think that business only suffer from a lack of customers, but in reality, many fail because they neglected to first build an infrastructure capable of handling many customers.
Step 5 - Don't Give Up
It is only through relentless persistence that businesses survive in this economy. If there is one attribute that is readily visible in all successful business men and women, it is persistence. You are going to run into road blocks regardless of how great your idea is, or how nice your website is, or how organized your systems are. It is never easy to start from scratch and go to market. There will be naysayers and knockoffs ready to make your life miserable. Your natural inclination will be to throw in the towel, but you must not, and cannot if you wish to stay in business and be successful. If you know you have a good idea and you have received positive feedback, then be persistent, and you will see the fruits of your labors.
Step 1 - Validate your idea, product, or service
Most people really like their own ideas. Unfortunately, that doesn't mean that everyone else will. It is important for you to be dedicated to your own idea so that you can place the requisite amount of time and energy into the idea. One you are dedicated to your idea, you need to validate it with others. Start with your family. They will most likely give it to you straight up. If your good there, move on to your friends. Ask them to give you an honest opinion of your idea and disregard your feelings. Then move on to co-workers or academic peers. If you receive positive honest feedback from all of the aforementioned groups, then you are probably on to something.
Step 2 - Financial Projections
This part is not very fun, and for that reason, it remains one of the principle reasons that a start up business fails. Any person with an idea or an intention to start a business must first crunch some numbers. It is foolish to start a business that you are not sure can turn a profit in a reasonable amount of time. By doing the numbers and making financial projections, you are able to determine whether or not your idea can actually turn into a lucrative venture. If you find out that your idea is not likely to turn a profit or is to expensive to get started, you may be able to save yourself a considerable amount of time and energy. Crunch the numbers, then proceed. Do it first, and not after you have invested the time and money.
Step 3 - Develop a Website
Does it seem strange that building a website would make it into the first five steps for starting a successful business. A few years ago, a website was only an after thought from the marketing department in order to help the company develop a presence online. Today, your website can and should be used for so much more. Because of the centralized role that a company's web presence now plays, the website should be developed first, before the company opens it's doors. Failure do so could result in the loss of many first time clients and customers. A website structure can act as a preliminary business plan, and enable a business owner to organize his or her thoughts. If the website is well thought out, and developed properly, it can act as a blueprint for how the product or service is presented to the public. Your website is now your storefront, and no one would ever open their doors unless they had their storefront in order.
Step 4 - Develop Company Procedures and Build Systems
After the website is developed, and your ideas have been organized and presented properly, you must develop effective and efficient systems to facilitate future growth and development. Having systems and procedures in place from the beginning will give the business owner a solid foundation to build upon when the rain begins to pour. Systems and procedures will act as a shelter against imminent failure coming from an influx of business. If you do have a really great idea, and you cannot handle the requests, your reputation may suffer and cause your company to implode. Many people think that business only suffer from a lack of customers, but in reality, many fail because they neglected to first build an infrastructure capable of handling many customers.
Step 5 - Don't Give Up
It is only through relentless persistence that businesses survive in this economy. If there is one attribute that is readily visible in all successful business men and women, it is persistence. You are going to run into road blocks regardless of how great your idea is, or how nice your website is, or how organized your systems are. It is never easy to start from scratch and go to market. There will be naysayers and knockoffs ready to make your life miserable. Your natural inclination will be to throw in the towel, but you must not, and cannot if you wish to stay in business and be successful. If you know you have a good idea and you have received positive feedback, then be persistent, and you will see the fruits of your labors.
About the Author:
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