So you want to be an entrepreneur. Do you have a business idea that is tailored to your success? What I mean is, do you have the credentials to ensure your business will succeed? When starting a new business, it is imperative that you have the tools to succeed.
Perhaps you’ve obtained your masters in accounting and want to open a CPA firm. Years of experience in a specific field may qualify you to start your own business. What ever the case may be, you need a plan. What is your vision? What are your goals and objectives?
Prior to starting your business, it is wise for you to research the pros and cons that other professionals in your potential field experience. Understanding your market is essential in achieving success. If you have work experience in the industry you are considering, you have had the opportunity to evaluate what potential customers are looking for, what works and what doesn’t. Consider what will set your business apart from the others. The last thing you want is to blend into a mass blur of professionals that all offer the same thing. Emphasize on a particular product or service that will appeal to your potential customers. Make your business stand out from the crowded maze to ensure that your business gets noticed.
Choose a name for your business that will last through the years. I began a home based business, but my vision was that it would some day be a corporation. I could have chosen to name it Anaheim Recovery Consultants, as my business was based in Anaheim CA. Instead I named my business South Coast Revenue. I simply broadened the geographical area I expected my business to remain in. Tagging a location name to your business is acceptable if you expect your business to remain in the jurisdiction the name refers to. But what if you later expand and move your business to another city or state? In my case, I expected my business to remain in Southern California, not necessarily Anaheim California, therefore “South Coast” was a better fit than “Anaheim”.
Let’s take a look at your vision. Where do you see your business five or ten years from now. Write down what you envision your business to be so that you can focus on your goals, and how you will achieve them. Do you have a mission? Your mission can be created from your vision. Summarize what your vision is when you create your mission statement, you’ll want to keep this simple and to the point. Define your mission statement in a concisely written paragraph that sums up your vision.
Consider writing a business plan. Many entrepreneurs overlook the necessity of creating a business plan. After all, this is a project that requires much time and deliberation. However, if you’re considering seeking out investors for your business you will need to come up with a business plan. A business plan supports your theory that your business is destine to succeed. Your goal in writing a business plan is simply to prove that your business has as few risk factors as possible. The more detailed your plan is, the more comfortable potential investors will be in considering investing in your business.
When you write your business plan, you will need to evaluate the profitability of your business, and what you expect your operational expenses to be. You will need to include a profit and loss analysis, and show your potential investors what you expect your assets, liabilities and net worth will be. In essence, you are giving your potential investors a visual of your businesses potential to succeed in order to convince them to become a financial partner for your business.
If you need help in writing your business plan you can go to the U.S. Small Business Administration site at http://www.sba.gov/starting_business/planning/writingplan.html They provide many examples of actual business plans you can use as a model in creating your own.
Next, you will want to establish what your operational procedures will be. How will you operate your business? If you’re beginning your business as a sole proprietor, you will likely have an idea of how you will conduct business on a daily basis. However, if you’re going to start a business that employs anyone other than yourself, you’ll need to generate a systematic plan of operation, somewhat of a road map that will direct your staff on what procedures you will follow to achieve a common goal. It is important that your staff not only understand your vision, but share your enthusiasm in seeing the end results come to life. Once you’ve determined your plan of action, it would be wise to generate a manual so that you and anyone else you commission to help you train your staff stay on the same page.
Define who you are and what your business represents. Your reputation will be your greatest asset when developing your marketing strategies. We all know that word of mouth is the best form of advertising. You can’t put a dollar sign on a good referral from a satisfied customer. Your title is not what defines you, it is your reputation, your values, your ethics that make you stand out from the rest.
Get organized, if you need to start each day by making a list in priority order of what you need to accomplish that day, then make the list and follow it. Set goals, both short term and long term, then be sure you know what you need to do in order to accomplish those goals in the most timely manner possible. Setting time frames is a great incentive to achieving success. The sooner you deliver your product or service, the happier your customers will be.
Now you’re ready to put your plan into action. Make it happen! Perseverance is what it takes to build a clientele. Stay focused on the goals you have set and diligently work toward fulfilling those goals. Your hard work and determination will pay off in the long run.
