Every entrepreneur imagines their business concept growing into a successful international company. Global corporations like Apple and Microsoft may have started with big ideas, but they became successful because their founders followed up with solid action. Budding business leaders such as yourself can take some of these steps to transform ambitious ideas and dreams into reality.
You Have the Idea
Brainstorming a new business idea is clearly the first step. Now that you’ve passed this point, it’s time to lay the real groundwork. Make a business plan to outline what you’re going to do, how you intend to do it, and of course, how you’ll make money by doing it. The Small Business Administration (SBA) has a great page with plenty of details about all of the things a business plan should contain. Among them are the company overview, market analysis, production and sourcing, financial projections, marketing plans and other essential aspects of business.
Business plans are often required by lenders and investors, but another big reason to write one is for your own benefit. You may be surprised at how many aspects need to be considered. It’s easy to allow some integral business components to fall through the cracks if you begin your startup without developing an organized and detailed plan.
You’ve Got a Business Plan
Now that you have a business plan, it’s time to figure out how to fund your new endeavor. Venture capital, bank loans, SBA loans and even grants can be considered. A small business credit card can offer short-term capital as well as business-friendly rewards.
One of the best ways to get funding is to seem like you don’t need it, according to Forbes. Instead, try asking for advice from potential investors, and make your pitch as you do so. This will make the investor more likely to tell you to go ahead—and provide some funds to allow you to do so.
You Have Funding and Are Ready to Hire Employees
Working for a startup often requires long hours. It is also risky for employees because many startups don’t get to the next stage. Therefore, you need to look for a special breed of person to work with you during this energetic and uncertain time. To find the perfect person, you will need to ditch some of the conventional wisdom.
Instead of seeking people who can answer your questions in the perfect way, have them perform a task for you without direction, suggests The Daily Muse. Look for the person who can actually do the task or who shows the most potential. After all, anyone can learn how to respond to common interviewer questions by reading advice on job sites. You need to find the person who can back it up.
Lose the notion that an advanced college degree always signifies a better candidate. In many cases, eager and energetic young people who have not yet completed their degree are better matches for startups.
This advice is merely the tip of the iceberg as you develop your business from an idea to a profitable company. You’ll find that many steps come naturally as you progress. Be persistent and use your common sense, and you will have a fighting chance of ending up with a successful business.
About Yoon Cannon: Top business coach Yoon Cannon has helped thousands of small business owners, entrepreneurs, coaches, consultants and sales teams achieve dramatic results in growing your business. Over the past 20 years Yoon has started 4 successful companies and sold 3 of them. She offers fresh insights as a seasoned business growth expert. Yoon delivers proven process for your sales, marketing and management development. Grab free valuable gifts and resources at https://www.ParamountBusinessCoach.com To book Yoon to speak at your next event email: YoonCannon@ParamountBusinessCoach.com To schedule a complimentary business coaching consultation call (215) 292-4947.
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