Mar

5

Building the Foundation

Filed Under Building a Successful Business | 

Building the Foundation: Planning for Success

“In dreams begin our possibilities” wrote William Shakespeare. Starting a business begins with a dream, a flush of inspiration. It is an act of creativity and deep desire for something different than what life and work have been so far. As you begin to get more and more excited about your idea, you become filled with creative energy and determination. You begin to talk about it to everyone you know. Some people become swept by your vision, others begin to ask practical questions, and some may even quote the latest statistics on the failure rate of new businesses and the grim prospects of the economy.

Right at this point and depending on who you are, you may begin to doubt yourself, give up altogether, or ignore the naysayers and move full speed ahead. Depending on your temperament, your personality, and the nature of your business, you may or may not seek for technical advice on how to go about starting a business. Writing a business plan, setting long and short term financial goals, and planning a marketing strategy, are not exactly concepts that dreams are made of. Just thinking of all this, can make someone want to stay under the covers all day.

Yet, creating, growing, and maintaining a successful business depends a lot on all that stuff. The key is in getting past the first wave of resistance and accepting the idea that having a business is a lot like raising a child. It requires love, flexibility, vision, planning, discipline, trust, commitment, perseverance, and consistent behaviors. And yes, it does require being open and getting past our fears and our self-doubts.

If you feel strong about your dream, take the time to:

  • Gain clarity about what you want to do and how to do it.
  • Ask for help. Talk to a business coach, a financial planner, an accountant, and an attorney. Talk to other business owners who can give you a clear perspective of the journey.
  • Read about business planning and marketing. God knows, there is plenty of books written on these topics.
  • Research your community for available resources. Use the Internet, the Small Business Association, and your local Chamber of Commerce.
  • Narrow your niche. Doing so will make your marketing efforts a lot easier and target specific.
  • Plan for success from the beginning. There is no reason why your business couldn’t be profitable from the get go.
  • Keep your financial facts straight. That includes income, expenses, overhead, taxes, and cash flow. Start small and let the profits finance expansion. Keep your eyes wide open when it comes to finances.
  • Create your marketing strategy based on clear and measurable objectives.
  • Put together your Board of Directors, a team of people you trust and who are not afraid to tell you the truth. Run your ideas and strategies by them.
  • Plan for continuous growth and success. Continuous evaluation and rethinking of strategy are a must, if you want to see your brain child becoming a thriving adult.

By the way, for those of you who are already in business, know this. It’s never too late to apply the principles above. The ability to understand when it’s time to do something differently, is what sets successful entrepreneurs apart. Go ahead and invest some time and energy into evaluating and rethinking your direction and your future. Your business will thank you for it!

© 2007 Yota Schneider, Open for Success. www.openforsuccess.com
May be distributed if full attribution is given and copyright notice is included.

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