5 Steps That Should be Taken Before Starting A Successful Business

Comments Off on 5 Steps That Should be Taken Before Starting A Successful Business 27 April 2011

Finding a job in this economy is a daunting task, but starting a business in this economy is next to impossible. Business owners and entrepreneurs around the world will agree that starting and maintaining a successful business is next to impossible and full of obstacles. The failure rates for small businesses are incredible and depressing to think about to say the least, but the American entrepreneurial spirit continues to drum up ideas and start businesses in the face of discouraging odds. The following 5 steps give you the best chance of survival when starting a small business in this economy.

Step 1 – Verify the value of your product or service

Most people really like their own ideas. Unfortunately, that doesn’t mean that everyone else will. It is important for you to be dedicated to your own idea so that you can place the requisite amount of time and energy into the idea. One you are dedicated to your idea, you need to validate it with others. Start with your family. They will most likely give it to you straight up. If your good there, move on to your friends. Ask them to give you an honest opinion of your idea and disregard your feelings. Then move on to co-workers or academic peers. If you receive positive honest feedback from all of the aforementioned groups, then you are probably on to something.

Step 2 – Number crunching

People that generate ideas don’t normally enjoy crunching numbers. In fact, they hate it. This step is not glamorous or exciting. It is tedious, complicated, and can sometimes be a deal crusher. Unfortunately, this is one of the most important steps for a business to complete before the business hits the mainstream. Failure to do so could result in a lot of time and energy being wasted on an idea that was never meant to be profitable. The step is called reality, and you had better know reality before dumping time and money into your idea. If your idea can turn a profit in a reasonable amount of time, then you’ve placed your business in a position to succeed.

Step 3 – Develop a Website

You may be thinking that it is strange that building a website would make this list. However, building a website has now become a modern launch pad for organizing and marketing your idea. Many believe that a website is only used for marketing, and in the past, that may have been the case. Today, you can think of your website as a preliminary business plan. By charting out your website, you will be able to successfully and logically present your products, services, company history to the public in an organized manner. A website is an exciting way (more exciting than a business plan) to put your idea on to paper and into practice.

Step 4 – Build Company Systems and Procedures

After the website is developed, and your ideas have been organized and presented properly, you must develop effective and efficient systems to facilitate future growth and development. Having systems and procedures in place from the beginning will give the business owner a solid foundation to build upon when the rain begins to pour. Systems and procedures will act as a shelter against imminent failure coming from an influx of business. If you do have a really great idea, and you cannot handle the requests, your reputation may suffer and cause your company to implode. Many people think that business only suffer from a lack of customers, but in reality, many fail because they neglected to first build an infrastructure capable of handling many customers.

Step 5 – Never Give Up

If you know you have a good idea, and you have performed the first four steps successfully, then you must see it through. You must dedicate yourself and not lose hope when you do not see the sort of public interest that you expected. Remember, there is a lot of competition and a lot of people in the world. It takes time for your idea to spread and catch fire. If you quit or let up in the least bit, then you may not give your business a quality chance of survival. Persistence is a forgotten art in a day of immediate gratification, and yet it is the key to any successful business.

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