The prospect of starting a new business and becoming your own boss is an exciting journey to contemplate. Realizing a dream and building an empire from the ground up has limitless potential, but there are things that need to be considered as you make the change from “worker” bee to “queen” bee. Making sure that you are ready to weather these changes will ensure that you are a business owner that establishes long term success in the marketplace.
Make Sure You Have A Winning Idea!
Do your research before launching your business----if other companies are struggling to promote a product similar to yours, then chances are you will too. An original idea has potential to gain a footing in the marketplace, while a recycled version of an already tried and true product is less likely to make an impact. Look at current market trends and see what is in high demand, what people are looking for, and what they will buy. Longevity and consumability are things to be considered as well when designing a product or service. Will people continue to need and purchase what you have available? Is this a product that stands the test of time? Is this a product that you can stake your integrity and business structure on? The more time you spend thinking about the answers to these questions as you craft your miracle product, the more prepared you will be to handle market ebb and flow.
Have A Business Structure And Plan In Mind
A solid business plan and structure are going to be the foundation of a successful company. It is an organized way to think through and plan key elements of your business. Startup ventures can acquire more capital from investors with business plans that show thoughtful, prepared planning and knowledge of the market they intend to occupy. Choose either a traditional or lean startup format, which provides investors less information yet emphasizes the important aspects of your plan, to highlight how you plan to start and then grow your business. Adhering to a plan will provide you structure and a timeline for project completion, two critical components for organizing your growth effectively.
Realize The Need For A Mindset Shift
You are most likely taking steps from a traditional job, where you take orders and follow instructions, to becoming the person who gives the orders and creates directives. This is an enormous mindset shift, and it takes time! Spend the time necessary to ask yourself some key questions, such as:
Am I willing to fail as I travel along the learning curve of owning a business?
Am I willing to put in the extra time needed to make sure I grow with demand?
Am I comfortable managing and inspiring others?
Is my business plan and system easily duplicated? Will it become autonomous at some point?
Do I have the organizational skills necessary to manage all aspects of a business? Do I know who to hire that can specialize in my areas of weakness?
A true business leader recognizes his strengths, and knows when to hire out in areas where he feels he does not excel. Knowing yourself well enough to play upon your strengths and ask for support in areas where help is needed. Do not be afraid to surround yourself with people who enhance your skills and add to your business in constructive ways.
Stay Passionate, Strong, And Don’t Give Up!
A successful business empire fulfills a need in the market that others are simply unable or unwilling to do for themselves. By you providing a product or service that you can stand behind, and managing your road to success with all of its bumps and potential pitfalls, you will see your business grow…..if you don’t give up. Let’s not kid ourselves; starting and running a business is hard work and may require several hours of overtime, delayed vacations, and costly mistakes as you figure out how to navigate the world of working for yourself and managing others. Passion is key here---if you do not feel strongly enough about changing the market, and the world, for the better, then failure is likely. Choose a passion, product or service that you can stand behind, and keep negative self talk at bay by focusing on what you wish to do with your empire. Let Sir Winston Churchill’s comments on persistence pervade your days when the going gets tough: Get out there and conquer your business world!
“Success is not final; failure is not fatal:
It is the courage to continue that counts.” ---Sir Winston Churchill