If you’ve decided to take the plunge and set up your own business then congratulations! Be prepared for a long and bumpy road, that is filled with a whole variety of different experiences. Some good and some not so good. If you want your business to succeed and flourish then there are some things you need to know. To make it easy, and quick, here are the 3 steps you need to start up your thriving new business.
Step 1: Plan of action
It may be an obvious step, but one that you’re not going to get very far without! Putting together a business plan needs to be done before anything else, if you want your new venture to be a success. Your plan needs to include several key areas, which are:
- An Executive Summary – Although this is at the beginning of your business plan it is most likely to be the last thing written. This summary should effective sum up everything included in the plan, telling the reader what you want to achieve.
- Business Description – A look at the industry your business will be in, future possibilities for the business, products and services within the industry and what your business will provide that is different.
- Marketing Plan – Within a business plan comes a marketing plan. This section looks at your marketing strategies, any research you have done into the market, the target market of your business and how you will advertise the company.
- SWOT – Strengths, Weaknesses, Opportunities and Threats, is what SWOT stands for. Take a few of your competitors and weigh up how your business will compare to them in every aspect.
- Finances – A key part of the business plan that any bank manager will head straight to. This should outline your pricing structure, an initials funding plan and a three year forecast.
Once your plan has been put together, read through it again and again. There will be holes to pick, so pick them. Only when it is perfect can you move to the next step.
Step 2: Fill in the gaps
However much research you do on the internet, there will be some skills that you need to learn in order to be successful. Everything from public speaking to marketing; not to forget sales and networking. Using training companies that provide business coaching will help to fill in any of the necessary business skill gaps. Don’t fool yourself into thinking that there’s nothing to fill, even the billionaire business men and women continue to learn and receive coaching all the way through running their company.
Step 3: Take a leap of faith
You have fully prepared yourself for this moment, although that doesn’t make it any easier. When it actually comes to launching your business it can be an extremely daunting moment. Business is all about taking risks and the most important one will always be the first. If you’re happy with your plan and have filled in any skill gaps, there should be nothing stopping you from becoming a world class entrepreneur. Good luck!
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