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You’ve probably spent a good deal of time working for a company and
saved enough to start a small business. So how do you start with your planning?
It’s nerve-wracking for sure especially if you look at statistics that
show about 40% of all new businesses fail within the first year of operation
and more than 80% will have failed within 5 years. But if you equip yourself
with the right information and people who can provide the much-needed support
and help, and follow sound advice from those who have been successful in their
businesses, there’s not enough reason why you can hit the path of success. The
key to success is due diligence and trying these tips:
1. Identify Your Unique
Value To Customers
There are innumerable businesses already out there. Why would people
choose you over the other businesses? A good enough reason is your business
having a unique value offered to customers. Maybe it’s excellent customer
service, or high-quality products, or unlimited after-sales service. Whatever
it is, your customers should realize that they can’t find what you are offering
from other businesses. This uniqueness will become your marketing statement.
2. Know Your Vision
If you know your vision for your company, this will motivate you not to
give up when you feel you’re not cut for it. With a strong vision and belief
that if others were able to pull through and succeed, so can you. This will be
your battle cry every time you feel you want to give up and close shop.
3. Develop a System
within the Business
You have a pretty good idea of how you will operate your business. But
it would help if you can think of a system that will help the business process
the activities. For example, if you plan to be in retail, develop a process
flow that will identify the steps a product has to go through before it gets to
the customer, i.e., from getting the stock, to encoding in the computer, to
updating inventory, issuance of invoice and final clearance for release to
customer. When you are in actual operations, you can modify the system to suit
your actual processes and needs.
4. Have the Numbers
Ready
In your business plan, you should have sales and cashflow projections.
Have these numbers ready when you start your operations as this should be your
driving force in making sure that you are not going off-track.
5. Don’t Be Complacent,
Innovate
You may be confident about the product or service you will offer to your
customers. But it won’t harm and it will stir the interest of your customers if
you continuously find ways to make your products or services more appealing to
your customers.
6. Recognize the Need
For Training
For sure, not all the people you will hire will have the knowledge and
skills for the job you intend for them to do. In such case, you will have to
invest in training them in order for them to cope with the responsibilities you
expect of them to take and deliver. Even you yourself may need training that
will enhance your understanding of the business. After all, knowledge do go
obsolete and new methods are being developed simultaneously.
7. Keep Your Customers
Close
So you think you are doing well in your business. You deliver what your
customers are looking for or what they want. But how do you know if they are not
looking for other products? Or how do you know if they are satisfied with your
service or products? The best way is to engage your customers. You may use
email, or your website’s comment or feedback page, or a survey form to reach
out to your customers and find out what they think or what they have to say
related to your product or service.
8. Hire People Smarter
Than You
You may know how the business operates from the smallest to the biggest
business process of the company. But, are you sure that you have an in-depth
knowledge about every business process, or what you know is only skin deep? The
best means to have positive outcome on your business goals is to have someone
enthusiastic about innovations and has a deep well of creative juices. Because
as a business owner, your responsibility will mostly like fall into directing
and quality assurance.
There are, of course other things you can do in order to stay on track
with your business plan. But it would still make good sense to review these
tips and use them as your guide as you start your own business.
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