Write a business plan:

Don’t let this scare you. Writing a business plan isn’t as hard as you think.

A business plan is just a written statement about your business, the goals you have and how you intend to achieve them. Simple! Let me show you a short business plan (Very.)

1) what is it you’re going to do (idea): Gourmet fish and chips in a wealthy village

2) How are you going to do it:  Create a unique fish and chip experience – moving away from the normal greasy café feel into a luxury restaurant.

Done…. – now all you need to do is fill it out a little.

6-8 pages can be enough and remember all you’re doing is presenting an overview of your business idea, the market and the strategies you plan to adopt.

Here are a few components you will need to include in your plan:

i)Your purpose

ii) Description of the business

iii) Define the market and qualify the opportunity

iv) List staff requirements, potential suppliers and advisors

v) Explain the production and delivery process

vi) List your timetables

vii) A brief calculation of your finances

I really would advise you not to skip this part as a well researched plan is essential to getting your business off to a good start. Also you won’t be able to raise any funding without one. Also most businesses are started with outside investment (friends, family, banks) and they will need to see your strategy for returning their money to them.

An important part of the plan will be your marketing strategy and how will you differentiate yourself from the competition.

“The Body Shop doesn’t sell shampoo and soap, it sells Caring and Ethical Business. Harley-Davidson doesn’t sell motorbikes, it sells Freedom. So, what will your brand say to the world?”

Okay, the purpose of this article is not to waffle on about business plans. For more information I suggest you look at the following excellent resources…..

Perseverance:

Are you committed to your idea. Will you do what’s necessary to make a success of it?

Most people refuse to stretch themselves beyond their comfort zones and this limits their success. You may not want to make that cold call, present to the crowd, write that report. But to be successful you have to experience this discomfort, and once you’ve done it a few times you realize it wasn’t that bad in the first place.

Also at the start your credibility is zero. No one’s going to be opening those doors for you. But you’ve just got to get your head down and plug away.

You must also have complete faith in what you’re doing, as if you don’t believe in it no one will believe in you – employees, lenders, staff.

Don’t give up the day job:

I read a very good book called the beermat entrepreneur and in it he suggests a very simple step to seeing if there is a market for your product or service. As I’ve said before no one knows if your business or idea will succeed, so instead of betting the farm why not try it in stealth mode by trying to find your first customer whilst spending little money. You have to find out whether people want your product. They may love it and be impressed, but this may not translate into actual sales.

Then once you have your first order you can try for more. When you have these you know you have possible business on your hands.

Another thing you should try and do is find a mentor you can bounce ideas off and who can also open doors for you. They will add credibility to your business and help speed up the process.

Some questions you should ask yourself:

What will the business do? Am I prepared for the physical and emotional demands? Will I need premises? Do I need employees, or will I be working on my own? Do I have the finances to get the business off the ground and keep it going in the early stages? (You will hear the phrase “Cash is king” very often, make it your mantra as it’s key to your business survival.) What kind of equipment will I need? How long before the business turns a profit? Etc, etc…

The list goes on and on, but the purpose of this article isn’t to be a complete startup guide as there are some excellent books out there which cover the subject in much more detail. One I would recommend without hesitation is How I made it. By one of the founders of coffee republic. This is without a doubt the most readable and informative guide I’ve ever read to starting up a business (and I’ve read quite a few.) There are some other recommended reads at the end of this article.

Conclusion:

To be honest there are no hard and fast rules about business success. Some great ideas and management teams with millions in Venture capital fail dismally, whereas a one man band started in a garage with no industry experience can achieve unimaginable success. The most important thing is to take action, this day, this hour, now!

I don’t mean give up your job, but put the ball in motion by researching and looking for angles that you are in a good position to exploit. And you never know, with a bit of luck, a bit of skill and an awful lot of hard work you could be one of the future business Titans.

“Whatever you can do, or dream you can, begin it!

   Boldness has genius, power and magic in it.”