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

www.prestigebusinesscoaching.co.uk/newsletter

8 Ways For Overcoming The Fear Of Failure

8-ways-for-overcoming-the-fear-of-failure-3

8-ways-for-overcoming-the-fear-of-failure-in-your-business

The Fear Of Failure Is Very Common & It Can Be Very Disabling, Holding Entrepreneurs Back.      But It Can Be Beaten & In This Article, I Describe 8 Ways For Overcoming The Fear Of Failure.

If The Fear Of Failure Is Holding You Back, Please Read On

The fear of failure in business is very common and it can prevent people who run businesses from moving forward. It is usually a state of mind that can be very immobilizing, preventing us from stepping outside our comfort zones into the unknown, leaving us saying:

“I Can’t Do This”

This can manifest itself in someone fearing failure by feeling physically stressed and anxious and thinking: “I CAN’T DO THIS”

By Changing Things, People Think They Risk Failure

Those experiencing FEAR OF FAILURE think that by changing things, they risk failure  –  they think that any changes made may have a negative effect and not work, making their present situation worse, so they decide to maintain the status quo.

For many business owners, they find they cannot step outside their comfort zones to achieve actions within the business to move it forward, thus restricting business success; they feel comfortable within their COMFORT ZONES and don’t feel like venturing outside.

Overcoming The Fear Of Failure Is Very Possible By Changing How You Think & Act

Overcoming the fear of failure is very possible by changing how you think and how you act and many have done it and I am sure you can, too.

8 Ways To Beat the Fear Of failure, prestigebusinesscoaching.co.uk/blog

The Subconscious Mind Is Programmed To Protect Us

The subconscious part of our brains are programmed to protect us when there is danger; if you have a fear of spiders, for instance, your subconscious mind acts to protect you when you see a spider by spontaneously moving you away from the ‘danger’ of the spider.

Many of us have fear phobias – it could be the fear of heights, water, enclosed spaces – there are so many.  But our subconscious minds are there to protect us against these instinctively without us consciously thinking about them, when we are faced with such ‘dangers’

For us in business, a fear phobia can manifest itself as a ‘fear of failure’. Those that experience this fear phobia have a subconscious mind that is protecting them from failure in their business and this prevents them doing anything that means them taking action that they are not confident about and are not comfortable about.  In other words, their subconscious minds are preventing these people to ‘step outside their comfort zones’

Very often these people decide that they cannot take certain actions to move their businesses to higher levels in case the actions don’t work and their businesses are damaged or even fail and the result is to take their business backwards rather than forwards.  They decide to not take the action and keep their business in the space it already occupies.

The danger here is that any business that tries to stand still often ends up going backwards, because there is no innovation or creativity happening within the business.

Sometimes a previous failure or set-back can prevent someone from trying again as they fear the same outcome.

Different people have different reasons for the FEAR OF FAILURE becoming a handicap to business development.  Whatever the reason, the fear of failure is one of the biggest reasons for failure in business –  businesses that do not move forward ultimately end up going backwards and declining and it can often be the FEAR OF FAILURE of the business owner that can create this situation.

It Is Possible To Beat The Fear Of Failure

But it is possible to beat the fear of failure and here are EIGHT ways to do this:-

  1. Try to analyze your own fear inside your mind – try to see where it originated – Ask yourself if you are, for instance, worried about losing money or ‘face’ in your business? If you lost some money, would it be the end of the world and if it is ‘face’, does it matter what people think about you – the chances are they won’t think as badly about your situation, as you think they will.  Make a list of the things that create your FEAR and try to focus on the main reasons for your fear; try to understand them and try to accept that they are not important and that you should not be worried about them.
  2. Break down what you wish to achieve into ‘chunks’ – if, for instance, you wish to grow your business, there may be several ways that you wish to do this. You might want to launch a new product or several products or sell into new markets, say. Rather than trying to do everything at once, select ONE thing to do, set that as your ONE objective and concentrate on that. Very often business owners try to do too many things at once and get overwhelmed.
  3. Analyze your one objective  –  you should analyze how you will achieve your ONE objective. You should break your objective down into small goals that when put together will achieve your ONE objective. By doing this, you are focusing on the small goals rather than the overall objective, which should be less daunting.
  4. Set a strategy   –  having set your small goals, you should then create a separate strategy for each goal and use that to achieve each goal. As you achieve your separate goals, your confidence should grow along with the belief that your ONE objective is possible.
  5. You should quantify the benefits of attaining your ONE objective to your business  –   this could be a rise in profits, such as a 10% increase in your net profit.  Think how it will feel to have more profit in the business and what benefits there would be.  You should also look at the downside, if you don’t achieve your objective. One way to think about growth is to think that you have nothing to lose – if the ONE objective is not achieved, your business will be no worse off, but if you do achieve it, you could substantially improve your business finances.
  6. Think about learning – even if you fail in your ONE objective, you should learn much from the process and possibly about yourself. It is impossible to go through life without some failure and setbacks – the most successful of entrepreneurs have had many failures (Richard Branson is a good example) but every one of the most successful entrepreneurs has learned from the process and has used that new knowledge to try again. You should think that failure is part of succeeding and that you must first fail in order to ultimately succeed.
  7. Try to think positive about your ONE objective  –  keep saying to yourself “I CAN DO THIS” and say it over and over again. You should say or think this especially at times when you feel the fear or you feel negative about your business.
  8. Try to imagine how you will feel when you have achieved your ONE objective – almost certainly it will give you a huge confidence boost and enhance your well being and happiness.  Try to imagine or visualize how you will feel, having beaten your ‘fear’ and having achieved your goals and objective.  You should feel really good.   Think that you want that feeling and that you will only achieve it, if you beat the FEAR OF FAILURE.

I Had The Fear Of Failure When I Started

When I started my first business, I had the fear of failure and I overcame this by doing what I have suggested above, here, and if you have the same fear, the above could work for you, too. It will take a little time but be patient with yourself and let it happen gradually, but never give up.

If you would like to talk more about this with me, please contact me at Robert@prestigebusinesscoaching.co.uk.

Or leave a comment a below:

If you have enjoyed reading this article and feel it is of use to you, I would love to hear your views, so please leave a short message below. Also, why not sign up to my MONTHLY NEWSLETTER for regular updates and some awesome business tips & advice? I promise you will not be spammed.

I look forward to hearing from you.

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Is your mindset holding you back?

How To Create A Strong Positive Attitude & Catapult Your Business Success

How To Create A Strong Positive Attitude & Catapult Your Business Success

By creating a strong positive attitude and mindset, it is possible to catapult your business
When the TOP 10% of business achievers in the UK and the US are repeatedly asked the question:-
“What do they put their business success down to?”  
The vast majority consistently answer that a ‘STRONG POSITIVE ATTITUDE’ is the key.

business success, entrepreneur, positive attitude, positive thinking,

Harvard Business School has repeatedly reported that there is NO CORRELATION between GRADES and ACHIEVEMENT for their students who leave the Business School  –  it is shown that ACHIEVEMENT is 80% POSITIVE ATTITUDE and 20% ABILITY.

 

The Top 10% Have A Strong Positive Business Mind & A Strong Positive Attitude

The top 10% of the most successful entrepreneurs in business all have a Strong Positive Business Mind and Strong Positive Attitude and this allows them to THINK and ACT in a different way to how the rest in business THINK and ACT.
I call this SMART BUSINESS THINKING and SMART BUSINESS ACTIONS.
By having a STRONG POSITIVE BUSINESS MIND and STRONG POSITIVE ATTITUDE, the top 10% of successful entrepreneurs are able:-
  • To use the POWER OF THOUGHT, POSITIVE THINKING & SMART BUSINESS THINKING in everything
  • To work SMARTLY & to use SMART BUSINESS ACTIONS RIGHT
  • To work more EFFICIENTLY & in a more EFFECTIVE way
  • To work in a more ORGANIZED way
  • To work by setting OBJECTIVES & GOALS
  • To work in a highly FOCUSED way
  • To achieve MORE in LESS TIME and with LESS EFFORT
  • To be more RELAXED & to work with LESS STRESS
  • To move forward by ACHIEVING TARGETS
  • To ENJOY their work more & to be HAPPY in it
  • To be VERY SUCCESSFUL
The top 10% of all entrepreneurs are able to THINK in far more creative, far more analytical and far more innovative ways that lead to really SMART BUSINESS ACTIONS. They have highly organized minds that allow them to be highly efficient and effective, achieving more in less time with less stress.
Their MINDSETS allow them do whatever it takes to push their businesses on, even if it means taking them far outside their comfort zones.   Their minds are very positive and they know how to deal with setbacks and failures, never letting these hold them back. They are incredibly optimistic and they have an intense belief in their ability to be successful and they have enormous determination to achieve all their objectives and goals.
Acute FOCUS on every part of their businesses then results and this allows them to project themselves and their businesses to great heights of business success.

A Strong Positive Business Mind & A Strong Positive Attitude Must Come First

Before you can achieve GREATER BUSINESS SUCCESS, you must first create a STRONG POSITIVE BUSINESS MIND & MENTAL ATTITUDE.

Use The Power Of Thought To Create A Strong Positive Business Mind

You can build a STRONG POSITIVE BUSINESS MIND by harnessing the POWER OF THOUGHT –  this is the ENGINE that drives the THINKING PROCESS. 
Napoleon Hill in his best selling 1939 book ‘THINK & GROW RICH’ says that “YOU BECOME WHAT YOU THINK ABOUT”  In essence, it means that if YOU THINK something enough, your subconscious mind accepts the THOUGHT and it then becomes possible to become that THOUGHT.
Many of the most successful entrepreneurs have used this technique to become a BUSINESS SUCCESS and to BECOME RICH;  each one has decided they wanted to become a BUSINESS SUCCESS and to become RICH and, through THINKING repeatedly that they would become RICH, they have actually become RICH.
The MIND and the BRAIN are both very POWERFUL and when the BRAIN accepts the concept of being RICH, it then looks for ways that RICHES can be acquired. Ideas and opportunities to become RICH come flooding into the BRAIN. The top 10% successful entrepreneurs then take the best opportunities and use them to create wealth.
This might sound simplistic but it DOES ACTUALLY WORK and it works by ‘PROGRAMMING THE MIND’

It Changes Your Thinking

Programming the mind works in TWO WAYS:-
  • HOW YOU THINK
  • WHAT YOU THINK
HOW most successful entrepreneurs THINK is different to HOW others in business THINK but also WHAT they THINK is different, too.  This allows them to THINK in a highly CREATIVE way and allows them to think ‘OUTSIDE THE BOX’
This creates some very EFFECTIVE ACTIONS within their businesses.

In Business, There Are Many Challenges

In business, there are many challenges and often failure can be a reality.  The FEAR OF FAILURE and STEPPING OUTSIDE THE COMFORT ZONE can hold many entrepreneurs back.  Many don’t BELIEVE enough in their future BUSINESS SUCCESS  –  they have doubts about their ability to be SUCCESSFUL and they have doubts that they can really make significant progress in their businesses.
Many entrepreneurs are running average businesses but lack the courage to attempt to take their businesses to a higher level because they are uncertain of the outcome and more happy to stay with the ‘status quo’ rather than risk what they already have.
Many of these entrepreneurs are experiencing a mental ‘block’ that is stopping them moving forward in their businesses.  It is possible to unblock ‘the block’ through the POWER OF THOUGHT and WHAT IS THOUGHT.
But when the mind is ‘unblocked’ changes do happen, creating  MORE POSITIVE THOUGHTS and MORE POSITIVE ACTIONS.
This process is equivalent to PROGRAMMING THE MIND and YOU can do the same by saying to yourself two STRONG messages, time and time again; these thoughts will PROGRAM your mind to UNBLOCK YOUR MIND and to conquer many of your CHALLENGES.

You Can Program Your Mind

You can PROGRAM your mind to believe in your ability to be successful with TWO powerful messages:-
“I AM A SUCCESS”
“I CAN DO THIS”
The key to achieving SUCCESS is to BELIEVE in your SUCCESS. 
By saying “I AM A SUCCESS” repeatedly over and over, YOU will start to THINK that YOU are a SUCCESS, even though YOU have NOT actually achieved SUCCESS up to that point.  After about a month, YOU will feel MORE POSITIVE and YOU will THINK more about the ways that YOU can drive your business forward.
To help the process, I recommend YOU print a poster for your office wall to aid YOU AFFIRMING this.

business success, entrepreneur, positive attitude, positive thinking,

When YOU start to look at the WAYS that YOU can take your business forward, YOU will probably start to have further doubts and your MIND may tell YOU:
“I CAN’T DO THIS”
When this happens, YOU must dispel this thought and say:
“I CAN DO THIS”
And, YOU must continually keep THINKING this.
Again a poster for your office wall will help with your AFFIRMATION.

business success, entrepreneur, positive attitude, positive thinking,

Change Your Thinking & Use The Power Of Thought

Think now about BEING RICH and keep repeating to yourself:-
“I AM A SUCCESS”
“I CAN DO THIS”
Gradually, you will start to feel more positive and have a greater belief in your ability to take your business to the next level.

Think How Happy You Would Feel

To help YOU, THINK also what the BENEFIT to your business would be of doing a certain thing for your business.   YOU could ask yourself another question:
“HOW HAPPY WOULD I BE WITH MYSELF IF I ACHIEVE THIS?”
The chances are YOU would be VERY HAPPY with yourself for achieving something that meant YOU STEPPING OUTSIDE YOUR COMFORT ZONE  –  especially if YOU can see a real BENEFIT for your business and your business makes progress as a result.
This should then give YOU confidence to do more.

Keep Your Thoughts Positive

Another thing YOU can do is to keep all your THOUGHTS POSITIVE and this helps to create a STRONG POSITIVE MENTAL ATTITUDE.  For me, if a NEGATIVE THOUGHT comes into my mind, I KICK IT OUT and I replace it with a GOOD, POSITIVE THOUGHT; I think of my family and friends and other good things in my life.
YOU should do the same.

Goal Setting

The next part of the process is to create GOALS for what YOU want to achieve in your business; these should be short, medium and long term GOALS. 
GOAL SETTING is incredibly important for maintaining the right mindset and for achieving business success. The most successful entrepreneurs in business all use GOAL SETTING and they always work hard to achieve their goals.
Each goal achieved propels the business forward and by continually setting and achieving goals, the most successful entrepreneurs are continually making progress.

Goal Setting Creates Intense Focus

The process of GOAL SETTING creates intense FOCUS which, in turn, creates DETERMINATION, PERSISTENCE, DRIVE, OPTIMISM and PASSION making it possible to do whatever is necessary in the business including STEPPING OUTSIDE THE COMFORT ZONE and combating the FEAR OF FAILURE.
SUCCESSFUL ENTREPRENEURS don’t FEAR FAILURE;  importantly, many have experienced FAILURE and SETBACKS. They view SETBACKS as part of the learning process and part of the process of achieving business success.
Each successful entrepreneur learns from each experience and each never repeats the same mistakes.  Each successful entrepreneur is very resilient and they don’t linger on the setbacks.  They shrug off the setback and get moving forward again, quickly.
The result is that SUCCESSFUL ENTREPRENEURS make QUICK and SMART DECISIONS, eliminating PROCRASTINATION.  SMART BUSINESS ACTIONS are the result;  these actions drive their businesses forward and generate greater profits.
The TOP 10% most successful business entrepreneurs have all of the above and if YOU can replicate them, then YOU will be SUCCESSFUL, too.

 

You Should Aspire To Acquire The Qualities Of The Most Successful Entrepreneurs

The most successful business entrepreneurs all consistently have the same qualities and YOU should aspire to achieve the same qualities.  Here are the main ones:-
  • BURNING DESIRE FOR BUSINESS SUCCESS
  • HUGE BELIEF IN THEIR BUSINESS SUCCESS
  • GREAT EXPECTATION OF THEIR BUSINESS SUCCESS
  • BIG BELIEF IN THEIR BUSINESS ABILITY
  • STRONG POSITIVE ATTITUDE
  • GREAT DETERMINATION, DRIVE & PERSISTENCE
  • MASSIVE OPTIMISM
  • SETTING OF GOALS
  • MASSIVE FOCUS
  • GREAT PASSION
  • POSITIVE THINKING
  • SMART BUSINESS THINKING
  • GOOD DECISION MAKING
  • NEVER PROCRASTINATING
  • SMART BUSINESS ACTIONS
  • ABILITY TO STEP OUTSIDE THEIR COMFORT ZONE
  • NO FEAR OF FAILURE
  • ABILITY TO LEARN FROM THEIR MISTAKES
  • ABILITY TO REBOUND QUICKLY FROM SET-BACKS

    business success, entrepreneur, positive attitude, positive thinking,

This Is A Rough Snapshot

This is a rough snapshot of how important having a Strong Positive Business Mind and a Strong Positive Attitude is to achieving GREAT BUSINESS SUCCESS.
The most successful business entrepreneurs all have the same or similar MINDSET that allows all of the above and if YOU wish to replicate their business success, YOU need to develop the same MINDSET.
YOU should THINK ABOUT PROGRAMMING YOUR MIND  –  ‘THINK & GROW RICH’ and remember “YOU BECOME WHAT YOU THINK ABOUT”
There is more on this site about the BUSINESS MIND and I strongly suggest you read the next article: ‘CHANGE YOUR THINKING’
If you wish to talk more with me about this, please email me at Robert@prestigebusinescoaching.co.uk or leave a comment below.

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Your Customer Is King

target customer, customer loyalty, business success, business coach, business advice, business tips, business plan, business strategy, entrepreneur, business ideas, business customers, small business

YOUR CUSTOMER IS KING!

Your CUSTOMER is the MOST IMPORTANT PART of your business.   Without your CUSTOMER, YOU have NO product sales, NO money coming in and NO PROFIT.

target customer, customer loyalty, business success, business coach, business advice, business tips, business plan, business strategy, entrepreneur, business ideas, business customers, small business

But to make a GOOD PROFIT, YOU need a LARGE number of customers buying a LARGE number of products and giving you LOADS of money as sales.

Most businesses, that struggle or fail, DON’T have enough CUSTOMERS buying enough products, giving the business enough MONEY. Then, there is NOT enough MONEY to cover the COSTS and EXPENSES of the business and the business RUNS OUT OF MONEY and STOPS!!

It is as simple as that.

But, businesses that FOCUS HEAVILY on their CUSTOMERS and RUN their businesses around their CUSTOMERS, always do MUCH BETTER and nearly always SUCCEED. These businesses:-

  • Know their target customers well
  • Understand their target customers comprehensively
  • Understand the need and wants of their target customers
  • Understand what products will deliver benefits to their target customers
  • Give their customers what they want & need
  • Know how to contact their target customers through their marketing etc.
  • Keep talking to their customers

This is a snapshot of what SUCCESSFUL BUSINESSES achieve through a heavy FOCUS on their CUSTOMERS. The result should be an ARMY of LOYAL CUSTOMERS, who return time and time again, to buy their PRODUCTS and to put LOADS OF MONEY into their businesses.

  • How heavily do YOU FOCUS on your CUSTOMER?
  • Do YOU really UNDERSTAND your TARGET CUSTOMERS and what their NEEDS and WANTS are?
  • Do your products really deliver the RIGHT BENEFITS to your customers?
  • Do YOU have an ARMY of LOYAL CUSTOMERS buying time and time again from YOU?

If your PROFITS are LOW, it could be because YOU DON’T FOCUS enough on your CUSTOMERS and YOU DON’T RUN your business around your CUSTOMER.

THINK DIFFERENTLY ABOUT CUSTOMERS, YOU SHOULD THINK YOUR CUSTOMER IS KING!

THINK SMART, ACT SMART!