At Solve Advisory we thrive on helping people with great ideas build great businesses. Whether it be through strategy, financial modelling, tax or simply just honest, straight-forward advice.
Here is some information from an article by Karen Lerner in Entreprenuer, for the full article go to: https://www.entrepreneur.com/article/324337
Over many years, people have spoken about business plans and marketing needs but are too early in their thinking to really get started. They might have an idea what to sell, and to who, but they have not clearly identified what will differentiate their business enough to make it a success. They believe they can join the bandwagon.
Confidence is great, but you need to be realistic as well. There are many good services and products out there, how is your business going to be truly different. Miss this important step, and you will get lost in noise, never gain the traction and then ultimately fail!
How to get started. Five steps to begin your business with the right mindset:
1. Create key messages.
Many people say their business is different, but is it really? To succeed you need to identify what makes your product or service different and that will give it the edge. Write down and refine at least three statements which clearly describe how your business is different from your competitors. These small efforts will give you the direction on business positioning for optimum success.
2. Work out the pricing.
People will lose confidence if they ask the price and the answer you provide is flaky. Be specific and choose the numbers that feel right. A normal fear is quoting too high and putting them off. To work out prices you will need three numbers.
Firstly, calculate the minimum amount that you would charge, then work out what you think is a fair price for the work and experience, etc. And then figure out the highest end, identifying the price that your competitors may charge for something similar. You now have three benchmarks to begin with so to better assess what price is right for your business. Start at the low-mid range and then gradually increase the price as the business and reputation grows.
3. Plan but be mindful of your time.
It’s great when people think big! All too often though, people underestimate the time and head space needed to achieve that plan. Be realistic on what can be achieved as the bare minimum. Eg, stating “I will write two blog posts each week,” may be too much pressure as a business owner. If you acknowledge that the minimum required is three blog articles per month but you would like to aim to write two per week, that is more realistic as there leeway for yourself.
4. Write two lists – What you will do and What you won’t do.
If you want to make room in your life for certain things, then you have to learn to say “no” sometimes to things that take up precious time but do not help you reach those goals. It is commonly the hardest thing to do – let go of those other things that are going on in your life, but to be realistic you have to face those facts. Write a list which contains all of the things that you “have to do.” Circle anything on the list that does not inspire or fulfil you. Unless the list includes family commitments, then your answer will be staring you in the face.
See how logical and easy it can be? Starting up a business using this mindset and setting realistic goals will set your business up for success – many others will skip these steps and they will end up disappointed. It is time, roll up your sleeves and enjoy the journey and all that you will learn along the way.