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A Simple Plan for Starting a BusinessTip! Myth: Friends and family are the best sources of feedback and advice on my business plan. 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. Tip! By the time you have finished writing your Business Plan you will have a total understanding of your business; its strengths and weaknesses, the environment it operates in, what could potentially go wrong, and what you can do to ensure your success. 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. Tip! No matter how good a communicator you are, you will never be able to convey your vision for the business as successfully as a perfectly put together Business Plan. It provides a clear understanding as to what you want to achieve. 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... Tip! Financial data should be referenced in the Business Plan or as handout; not as a slide. 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! Tip! Myth: I don't need a loan—so I don't need a business plan. 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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