Planning your New Business in Four Steps
Have you had a pressing vision to quit the rat race of working for someone else and start your own business? Are you ready to take the next step and execute it? So how, exactly, do you get started? Most people get hung up on the transition from vision to reality. However, you can start taking smart, strategic actions to make amazing progress quickly.
Here are 4 strategies you can use immediately to execute your great business idea!
1. Know what you can do on your own (or within your network.)
Billionaire serial entrepreneur Mark Cuban swears that sweat equity is the best equity. In other words, when you start your new business, it is often smarter and cheaper to do some late nights and early mornings yourself rather than pay someone else. Alternatively, who in your network can help you out? Social media, personal connections and other resources are priceless.
2. Figure out your “runway.”
How many resources do you have to begin? Your runway can be defined as how many days, weeks, or months your new business will be able to continue based on actual resources at hand. Your runway is partially determined by your own skills and your network, as the more you spend on help, the shorter your runway. Do you really need that full-time assistant, regular bookkeeper, or over-priced attorney? There’s tremendous leverage in learning to use Microsoft Office, QuickBooks, and how to Google for sample legal contracts and counsel. Do it yourself and/or creatively barter for services!
3. Describe your ideal client.
Who will use your product or service? Saying “everyone” sounds ambitious, but it’s a trap! Target your market and be as specific as possible. Make a list – include all prospects. Your messaging from the business website to the business cards, should be specifically designed to attract this ideal client. If you know who your clients are, you can figure out where and how to reach them.
4. Create milestones (goals) from little to big.
Where do you want your business to be a year from now? Start with your final big vision, then work backward. WRITE DOWN YOUR GOALS so you can revisit them regularly! It could be a simple goal, like “schedule 10 appointments per week,” to a bigger goal like, “Reach $250,000 in sales my first year.” BE SPECIFIC so you can measure the success of your goals! By having the broad idea mindset, you can determine the steps between here and there. By having regular, achievable milestones, you’ll be able to make steady progress while minimizing frustration.
Contact us today to see how Made in the Shade can help you with your business goals.