You have a great idea for a business, but now what? Going into business can be done with hard work, focus and support. To make the process of becoming an entrepreneur a little less daunting, here are 5 steps to walk you from idea to a “real money-making” business – not a side hustle.
CREATE THE PLAN OR YOUR BUSINESS BLUEPRINT. As the saying goes, when you fail to plan, you plan to fail. It is very time-consuming, but everything flows so smoothly when you start with a good plan. Your blueprint guides your business design. It ensures that all bases are covered and all goals are met in a timely fashion, by listing out the what, why and how.
CREATE THE BRAND. Your brand will set you apart from the competition. Your brand is more than just your company’s name and product or service; ultimately it’s your reputation. As you’re developing your brand, be clear on what you’re trying to accomplish and consider what you want people to think and feel when they hear about you and your business.
CREATE THE FOUNDATION We’ve all heard the terminology, “Build a business,” and all buildings require a solid base. It’s the fundamentals required to get into business and move forward. Things like licenses, web sites and financials are all part of the foundation. Your company must have solid supports so that even if it goes through trials and tribulations from time to time, it will make it through and continue to grow. You don’t want to take any shortcuts with your business.
CREATE THE HYPE. Build it and they will come… only works in baseball movies. In the earlier steps, you will have determined who your ideal customers are. Now is the time to let them know that your business exists! And don’t be shy about it. You want them to be interested in and excited about purchasing what you have to offer… then they will tell others about it.
The great part about becoming an entrepreneur in this day and age is that so much information is available to help guide you through your research. Depending on your professional background, skills and expertise you may be able to do a lot yourself. No one knows EVERYTHING, so be aware of your limitations and be brave enough to SEEK EXPERT HELP in the areas where you need it. Not only does it save time and frustration, but saves a lot of money in the long run.
Ayesha R. Patterson is a business consultant and coach, and author of The Subtle Shark: Redefining Career Achievement. She has more than 20 years of experience in various leadership positions in the retail, production and service sectors. She has managed multiple facilities, regions, and territories with responsibilities for 400+ employees and annual revenues in excess of $50 million.