New into business ownership or thinking or starting out on your own? Congratulations! The world needs more entrepreneurs like you; that’s what drives innovation and growth. But just deciding on starting your own business is not a guarantee of success. Far from it. Most new businesses do not survive the first few years of life and often create a lot of pain and anguish for their owners and suppliers.
So how do you improve the chances of success when starting out? I could write a book on the subject (hey, maybe I should?), but I don’t have the space to do it here. I provided a summary of success factors to a group of your entrepreneurs last year and thought you might like to see it. If you are in the trades space you may also like to check out my online startup program for tradie business owners by clicking on: www.tradescoachacademy.co.nz A construction trade specific course for the smaller or newer business owner and includes a free video series on 3 key success factors. On with the summary….
The FIVE CRUCIAL AREAS to concentrate on –
- Know your customers
- Know your numbers (breakeven, gross profit, overheads)
- Know why your customers buy what you want to sell – the benefits they are seeking
- Know your competitors
- Know your business – and become an expert. There will be some CRITICAL SUCCESS factors that must be identified and communicated to ensure a project’s success. What are they?
The THREE DEADLY BUSINESS SINS –
- Failure to research and plan
- Poor management
The ONE STRATEGY that will minimize your risk –
Plan your business. Set your path after you’ve done the research
The “P3” formula that focuses you on the things that will make a difference –
People – that is, customers and staff
Place – that is, your business’s location, or segment in the market
Positioning – that is, differentiating yourself from your competitors so that
you gain a competitive edge. Your “USP”.
How to SET THINGS UP so that you stay on top –
Establish bookkeeping, record-keeping and reporting systems that give you the timely information it takes to run your business
Do these things consistently and you are much more likely to enjoy a successful, high profit, low stress business life. You will still encounter problems along the way, but will be able to handle them way easier that the average business owner.
Want some more help with your young business? Visit The Trades Coach Academy and sign up for the free video series.
Andy Burrows – The Trades Coach