MAKE YOUR BUSINESS STARTUP A SUCCESS BY DOING YOUR HOMEWORK!

For a business startup, do your homework, www.robertviney.com

MAKE YOUR BUSINESS STARTUP A SUCCESS BY DOING YOUR HOMEWORK!

When YOU start your new business startup, YOU want it to be a phenomenal success, but sadly 50% of new businesses fail in the first 3 years.

You don’t want this to be YOU – so START YOUR BUSINESS RIGHT.

There Is a Big Reason For Failure

ONE big reason is the lack of HOMEWORK that is done before a business startup proceeds.

What do I mean by HOMEWORK?

In short, I mean FOUR things:-

  • RESEARCH
  • UNDERSTAND
  • THINK
  • PLAN

You Must Research Everything

When YOU start a new business, YOU must RESEARCH heavily literally EVERYTHING to do with your new business. The most important parts are:-

  • Your TRADING MARKET & your COMPETITORS
  • Your CUSTOMERS
  • The PRODUCTS you will sell
  • The CUSTOMER SERVICE you should provide
  • The PRICES you will buy your PRODUCTS for and the PRICES you will sell them for
  • Your MARKETING
  • Your BUSINESS NUMBERS

With the RIGHT RESEARCH, YOU should sit down to UNDERSTAND what you have learned and have a good THINK about EVERYTHING. From all this, a good practical BUSINESS PLAN should be created – one that will deliver SUCCESS for your new business.

Understand Your Trading Market

It is important to know everything about the TRADING MARKET that YOU are about to enter – information such as what is the monetary value of the market, is it growing or shrinking and who are the competitors?

Your new business is more likely to be successful, if your trading market is growing and there are not too many competitors; a shrinking market and too many competitors could make it difficult.

Know Your Customers, Your Products & Your Customer Service

Then, YOU need to know who your likely customers are and understand them as fully as possible – such knowledge would allow YOU to understand their needs and wants and what products your business could supply them with.

Your Customer Service is just as important as your products and you need to know what customer service to provide in order to get your products to your customers.

Understand Your Competitors

A good way to learn about your target customers and the products that you should sell is from your likely competitors. If you are to compete effectively against your competitors, you will need to grab many of their customers and sell the same or similar products.

You should look at the target customers and understand who they are. You need to buy some of their products and analyse these closely and understand why these customers buy these products. Finally, you need to look at the customer service offered and look at customer reviews to see what their customers think.

If you are to compete successfully, you need to be much better than your competitors – your products and customer service both need to be excellent. You should look for your competitors’ strengths and try to be much better, but you should also look for their weakness and try to exploit these.

Know Your Prices

Prices are important and you need to learn about the selling prices for the products in the trading market; understand what prices your target customers will pay and whether quality is more important than price, for instance. If quality is more important, this gives you scope to charge higher prices.

Again, you can gather much information on pricing from your competitors but think that it does not always pay to be the cheapest in your market.  Many new business startups have accrued a lot of customers and sales by being too cheap, but have failed because there was no profit.

Look At Your Marketing

By knowing your customers and how to reach them through your marketing, YOU can work out how you will market your business. Many new start-ups fall into the trap of spending a lot on advertising that does not work and this often drains their resources.

Try to do as much free marketing as you can – online social media marketing is a must along with a good website and try to get free PR marketing by telling the media about you and getting them to spread the news.

Know Your Numbers

Your numbers are really important & you must research and understand these – remember 50% of new start-ups fail because they don’t make enough money for a profit; their numbers go wrong – your numbers are important.

You must research what your likely sales, gross profit and costs will be. Then, YOU should create a realistic projected profit and loss projection for the first year or so and see what your profit is likely to be and when your startup will make money; ideally you want to make a profit within the first six months.

The quicker you can make a profit the better, so try to aim to become profitable almost immediately.

Create A Simple Business Plan

When your RESEARCH is complete and YOU feel you fully understand EVERYTHING, YOU should put a simple BUSINESS PLAN together and ideally get a business coach or mentor to review it for YOU; a critical review should highlight your strengths and weaknesses.

The better your plan, the better your chances of success.

Then Put Your Plan Into Action

When YOU are happy with your plan and when YOU are ready to start, YOU should LAUNCH your business – don’t just start it, however, but LAUNCH it under a blaze of publicity!

So many new start-ups start with a whimper & they never really get going and fail very quickly.

DO YOUR HOMEWORK

Summary

By RESEARCHING very heavily and very comprehensively EVERYTHING within your new business, YOU will be able to UNDERSTAND your business FULLY, before YOU actually START.

YOU should then use some quality THINKING on how your business will be moulded and how it will RUN and put this into a PLAN.

Once and, only once, YOU are READY TO START your business, YOU should ACT and get started BY LAUNCHING your new business.

Be A Success

Too often businesses START with only a fraction of the RESEARCH and UNDERSTANDING that is needed for success.  WRONG THINKING and PATCHY PLANNING then follows and the business has a POOR START.  These businesses then struggle for the early months or years before eventually FAILING.

If YOU are STARTING A NEW BUSINESS, YOU should take your time and only OPEN when YOU are READY.

HAVE SMART BUSINESS THINKING,  SMART BUSINESS ACTIONS

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YOU MUST KNOW HOW TO RUN YOUR BUSINESS

YOU MUST RUN YOUR BUSINESS RIGHT

YOU MUST KNOW HOW TO RUN YOUR BUSINESS

If your business is to be a success and YOU are to become one of the ‘10% CLUB’, YOU must KNOW how to run your business RIGHT.

It constantly amazes me that many small and medium sized businesses have such a poor knowledge of how to RUN their businesses RIGHT and such businesses ALWAYS perform POORLY.

Always!

Often a poor performance can be converted into a massive SUCCESS by simply UNDERSTANDING how to run a business MUCH BETTER.

It is often as simple as that!

Each Business Can Be Divided Into 7 Parts

Each small and medium sized business can be divided into the following SEVEN GENERAL PARTS:-

  1. CUSTOMERS
  2. PRODUCTS
  3. MONEY
  4. MARKETING, BRANDING & SELLING
  5. CUSTOMER SERVICE
  6. BUSINESS RUNNING & BACK OFFICE
  7. EMPLOYMENT

Every business has ALL of the above, unless YOU have NO EMPLOYEES.

Every Part Of Your Business Has Equal Importance

Every PART is as important as the other PARTS within the business. If YOU are to OPTIMIZE your BUSINESS SUCCESS and your BUSINESS PROFIT every PART must be RUN to its BEST.

If ONE PART is run LESS WELL, then this will affect the WHOLE BUSINESS.

You Must Know How To Run Each Part To Optimize Your Business

If YOU want your business to run to its OPTIMUM, YOU must UNDERSTAND how to RUN EACH PART OF YOUR BUSINESS.

Let me ask YOU these 22 questions:-

  1. Do you REALLY understand your target customers and what they REALLY want to buy from you and what they want to pay YOU?
  2. Do your REALLY understand the products that your target customers need and are your products RIGHT for your customers?
  3. Are the sales of your products increasing, year on year, and do you REALLY understand how to keep your sales growing?
  4. Do you REALLY have REAL control of the money in your business?
  5. Do you REALLY know how to control the margin in your business and understand how to keep it optimized?
  6. Do you REALLY have absolute control of your costs and know how to keep these minimized?
  7. Do you REALLY understand how to control your cash-flow and keep your business cash rich?
  8. Do REALLY understand how to effectively reach your target customers with your marketing?
  9. Is your marketing REALLY effective and are you REALLY reaching your target customers with it and is it working?
  10. Are you REALLY getting a real return on your marketing expenditure and REALLY seeing real growth in your sales as a direct result of your marketing?
  11. Are you REALLY successfully building a STRONG brand that is recognized by your target customers?
  12. Do you REALLY understand your COMPETITORS and what they are doing & do you REALLY know how to compete within them in your trading market REALLY EFFECTIVELY?
  13. Is your customer service REALLY superb?
  14. Is your customer experience REALLY superb?
  15. Are your customers REALLY happy and do they return to buy more from you, time and time again?
  16. Do you REALLY have an army of loyal customers and do these customers spread ‘word of mouth’ about your business?
  17. Is your back office running REALLY effective?
  18. Do you REALLY have fantastic systems in place to control all parts of your business?
  19. Are you REALLY using digital technology to the full & optimizing its effects?
  20. Do you REALLY know how to employ the best employees for your business?
  21. Do you REALLY know how to train your employees really well and do you REALLY know how to manage them right?
  22. Are your employees REALLY a real asset to your business & are they REALLY making a real contribution to your business as a whole?

I could have asked YOU many more questions, but these 22 are arguably the most important questions to ask anyone running a business.

You Must Answer These Questions Honestly

Try answering these questions REALLY honestly. If YOU can honestly answer a BIG ‘YES’ to each one, then YOU KNOW HOW TO RUN YOUR BUSINESS RIGHT.

But if one or more questions get a ‘NO’, then YOU must address the aspect raised in that question and turn it into a BIG ‘YES’

It is important that every PART of your business must RUN RIGHT.

You Need Smart Business Thinking

YOU need SMART BUSINESS THINKING about the RUNNING of your business, if YOU are to be one of the ‘10% CLUB’

SMART BUSINESS THINKING MUST COME INTO EVERYTHING THAT YOU DO IN YOUR BUSINESS

HAVE SMART BUSINESS THINKING & SMART BUSINESS ACTIONS

If you wish to discuss this with me more fully, please email me at Robert@prestigebusinesscoaching.co.uk or leave a comment below.

 

 

Use Your Strengths & Make A Difference

Use Your Strengths & Make A Difference.

If you wish to start your own business, but are struggling for an idea, you should stand back and look at yourself and ask yourself SIX questions:-

  1. What strengths do I have?
  2. What talents do I have?
  3. What experience do I have?
  4. What knowledge do I have?
  5. What interests do I have?
  6. Would my strengths, talents, experience, knowledge and interests be of benefits to others?

One business idea could be to wrap up your strengths, talents, experience, knowledge and interests into a product that could bring great benefit to others, especially if you could sell enough of that product to make a good profit.

We all have strengths, talents, experience and knowledge specific to ourselves and the chances are that these can be converted into a product that could be sold to customers to create a viable business. If these strengths, talents, experience and knowledge are supported by a great personal interest, too, this could be a great driver to create a business success.

You may have a hobby as an interest and think that you could convert that into a business –  for someone who is good at flower-arranging, for instance, a business supplying floral arrangements would be a good idea. If you are good at making cakes, a business supplying wedding cakes etc. may be viable.

You might be good at gardening, in which case a business helping others with their gardens could be viable or you might like writing, then you could consider writing and publishing a book.

You should think that the most successful businesses are the ones that give the most benefits to people in the form of their products. Think how your strengths, talents, experience, knowledge and interests could be converted into a product that would give great benefit to a large number of people.

THINK SMART, ACT SMART

If you would like to discuss any business ideas that you may have with me, please email at Robert@www.prestigebusinesscoaching.co.uk  –  I would be pleased to help you.

Otherwise, please leave a comment below and get involved in the conversation.