Every day countless people have great ideas for new businesses. Many of them will never pursue their dream but for those who do it can be a challenging road. Being successful in business is not just about having a great idea. That is the easy part. Success comes from hard work and knowing the keys to making your idea work in the real world. Here are the 5 things you absolutely need to know in order to start a successful business. We cannot guarantee that you will be successful if you follow these tips, but you certainly will increase your chances.
Clarify the Vision
A great idea is just that, an idea. But it is not a vision. You must take your idea to the next level by answering some questions like: What will my product or service actually do to generate revenue? What value does it provide to the customer? How will I get people to understand the value? Taking an idea from your head to the customers hands is a long process that involves many steps along the way.
Create the Road Map
Once you have clarified the vision you need to understand how you are going to get from where you are now to where you want to be. The road map should include a section for each area that your business will need to consider. These include:
1) Financing – How much money do you need to succeed and where is it coming from?
2) Personnel – Do you need staff? Will they be regular hires, temps, contractors, free-lancers, etc.? Do you need staff with particular skills and experience?
3) Marketing – How will your product or service be marketing? Do you understand the various marketing channels available and which ones are the best for you?
4) Technology – What are the technology requirements of business? Who will provide the expertise needed for everything from keeping computers running to cloud storage? Who will design the requirements for any advanced technology needs?
5) Administration – Every business needs basic administration services such as office management, payroll, and compliance. These tasks can eat up most of your time while not contributing to the actual development of your business. You must learn efficient ways to tackle these tasks or have people around to help.
Your road map should include not just the activity but also who will do it. Always remember that you cannot do everything yourself. Knowing when and where to get help is vital to succeeding in business. As you think about things that need to be done and when they must happen, also think about who will do it and where you will get the appropriate human resources. There are many ways to find the people you need such as contacts you already have, freelancer websites, temporary and contact help, professional service firms (accountants and lawyers, for example) and even friends and family. Be sure to get reliable people and treat them well.
These keys to success have been shown to provide the most efficient and effective path to succeeding in business. While they may seem very high level, if you spend time on each and outline your plan in detail then you will see how easy it is each day to accomplish the most pressing tasks and challenges that you face.