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How to Stay Motivated While Starting Your Business


Starting a new business can be an overwhelmingly exciting, stress on overwhelming,  experience. The most common advice you’ll receive about getting started will be to sit down and craft some long convoluted business plan. Yes, that will certainly ensure that you have laser focus on what is needed to get your business up and running, but many small businesses can be started with a rough idea.

Starting any business demands that you know 7 key inputs:

  • What product or service you will provide? – This is easy enough, start with what you like. What’s your passion? What would you do, even if you didn’t get paid to do it? Start there, or read a few books for some ideas.

  • Why would someone use this product or service ? – This is EXTREMELY important. Many people are under the impression that “if you build it, they will come”. Unless you’re in the business of giving out free stuff, there’s a big chance that no one but you will think that your product or service is necessary. Don’t rely on your personal likes for this one. Ask friends and co-workers. Use internet search engines to research your idea. Services like KeywordTracker or Google will help you to identify the popularity of your industry.

  • Who will use your product/service ? – Know what benefit your service or product will provide is as important as who will purchase it. Selling apples in a community where everyone has an apple tree in their backyards, won’t get you rich. However, you may get a tummy ache from having to eat all of those apples.

  • How much will it cost to deliver the product/service ? This is another biggie. Understanding the cost structure will help you to identify if your business will be profitable. If the cost of manufacturing the product is higher than the retail value, then “Houston we have a problem”. Learn your product and your market.

  • How much do you need to charge to receive a positive return on your investment? This point directly impacts your pocket. What’s your income per unit? How many do you have to sell to make $4,000 per month? Getting this down to it’s simplest terms will help you remain focused.

  • How will I let people know about your new business? – There are several effective marketing strategies. Some are free and others can be quite expensive. Start with sending out business cards or sales letters to everyone you know, including amily, friends, co-workers, etc. Social Networking services, such as LinkedIn and MySpace can also be a great value add here. Post free classified ads. Go where the people are. Hand out fliers at local events. Donate a few of your products or provide some services for free to gain momentum on your “WOM” ,word of mouth campaign. Starting a blog is also an inexpensive what to show off your product or service.  Finally, your local chamber of commerce and small business association can be a great resource in getting customers.

  • How will I handle order and fulfillment or service scheduling/delivery? Once you build it and they start to come, you need to be able to deliver on what you promised. How will you accept orders? How will you be paid? Will you need to ship out the product or can it be provided electronically? Do you have a method of scheduling appointments and answering calls? Will you need to hire an assistant, or can you handle it alone? Knowing your personal limits can be a great help in preparing for your business to boom.

The most important part is to get out and starting doing, instead of wasting so much time and energy on thinking about what to do. Create an outline of tasks and a journal. Then commit some time everyday to working through your list and updating. Before you know it, you’ll be in business, GUARANTEED!  


Good Luck!

ReliableVA


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