Tag Archives: start up

Starting a business, whether it is a 'small business' where you work out of an office or a 'home based business' you run out of a corner of your bedroom, you can drastically change your life through a very simple plan.

Starting a business is not something you jump into. When you are working a simple plan, starting a business is something you GROW into.

How do you make a simple plan for growth when starting a business?

1. Groundwork of your simple plan is crucial when starting a business.

Find someone that was successful in starting a business in your industry, watch them, interview them, find out everything you can about what they did when they were starting a business. Then, write a simple plan outlining what they do all day.

In order to have what they have, you must do what they do, so find out what percentage of their day is spent, for instance, on the telephone making calls, receiving calls and the type of calls.

2. Divide your time.

The next step in your simple plan as you are starting a business is to divide your time like your mentor. Use the same percentage of the total hours, as you will not
work the same hours they do.

The 'secret to success' is not in the hours, it is how you spend them! By following the simple plan outlined here, you make the most of your hours, and get the most out of everything as you are starting a business with a simple plan of success.

3. Set your Goals.

A vital piece of success when starting a business is that you have a goal in mind and work your simple plan to get there.

Without a destination (a specific income amount, a personal item like a car or boat, or simply an amount set aside in savings), how will you know you arrived?

4. Track your progress.

Divide your goal into days, weeks, months and/or years to quickly know what is required to reach your destination.

Check your progress often. You will know quickly if you are sticking to your original goal or if you are ahead or behind schedule.

Just like a road trip, as you are starting a business, you will likely come across some detours, that's OK. On vacation, just as in starting a business, if you find a road blocked or a path impassible, you simply find another way.

And, just as on vacation, include in your simple plan a few hours here/there for such 'emergencies'. If you find you have no emergencies, simply choose something else that will get you closer to your destination, or just relax and enjoy where you are.

5. Work ON your business, not only IN your business.

In starting a business, you must set aside part of your time to plan, set goals, promote and advertise your business, not simply work along in your business, doing the things you do.

When starting a business, a simple form of advertising is a website. The more people that see what you have to offer, the quicker your business will grow.

You could go door-to-door, telling everyone about your website (not a simple plan!), or maximize your time by posting articles online where many people see them.

This is overlooked by many as they are starting a business, and one of the reasons they fail...

As your business grows, you will do less advertising and begin to work your simple plan toward the 'IN your business' phase.

6. Give excellent Customer Service.

Upset customers kill more business than you can imagine. Find a way to work with them, or simply give them their money back. Losing customers is something you cannot afford when you are just starting a business!

So many people simply do not make the time to provide quality service to their customers. Do not let that happen to you!

With a little planning and goal setting, follow through each week and simply repeating the process, you can change your business from flat to cash in a short amount of time.

When starting a business, if you follow the simple plan we have outlined here, you are already a success!

Steve Majors - The Lazy Investor

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Every entrepreneurial venture starts with a good idea, evolves to a bunch of amazing ideas, and with any luck, ends up as a successful business.

But how do you move from that first idea to your final success? Here are some steps to move your dreams into reality:

Define the difference. You need to be clear about how your product is unlike other competitors.

Do your homework. Are you the first with this idea, or will you have competition? Research online, visit conferences in your industry, talk to experts and search for mentors. You don't want to discover that someone else got there first after you invest valuable time and money.

Define your customer base. Who are your product or service's early adopters? Will people choose your idea over something they already spend time and money on, or will they decide this is a brand new way to spend time and money?

Determine your resource requirements. What exactly do you need to get started? Can you build it in your basement using standard tools and materials? Can you handle the startup alone or do you need a team? How much money do you need to get your idea off the ground? Expect to spend a fair amount of time on research, checking with suppliers, and talking with industry experts and specialists.

Build a prototype. Yes, this is critical with a product, but just as important if you're offering a service. If you're creating a service, your prototype can be a process map that details customer contact points and what has to happen internally to meet customer needs. A physical prototype should be working and include a clear understanding of function, reliability and production requirements.

Do the math. No plan is complete without a thorough financial analysis. This includes a realistic and convincing revenue projection and accompanying costs. You should be able to detail the estimated break-even point and future profits. If you need help on this part, get it.

Write your plan. I'm not talking about the pitch you give potential money people, I mean your internal plan for taking your dreams all the way to the finish line. You need to have this in place for yourself, so that when you wake up tomorrow you know what to do. It will keep changing, and that's okay. In fact, it's important to maintain flexibility in your plan.

When you take the leap with your big vision, you'll either bounce, crash or fly. But one thing's for sure, you'll never find out if you don't take action.