Starting a business without a solid goal in place is a sure path to failure. For true success, your goal must be set in stone – you must know exactly where your business is going. With every step you take, your business must be striving towards that goal.
The blueprint for your life can be like the architect’s house design, the author’s table of contents, or a virtual cfo Auckland. You set out certain goals and you map out a plan of actions on how you will get to each one of them. Maybe you start with your ideal career and strategize how you will get from where you are to where you want to be. Then you can design your personal life, intimate relationships, friendships, children, pets, home, hobbies, and whatever else fits in your plan.
You will then take this valuable information and build your financial forecast from it. Once you’ve got your concept determined, go and try it on for size with some individuals who will provide you with objective feedback. Don’t go to your neighbour or brother-in-law since they may say such things as: “I knew a guy who tried that and it failed.” It could possibly be that they’re jealous and are scared that you reach your goals in your venture and they are terrified. Instead go and search out individuals who are entrepreneurs with plenty of experience. Look for the white hair and wrinkles. They’ve made the mistakes you’ll make if you don’t pay attention to them. Got it?
Do you have the skills and resources you need? Should you take any courses or read particular books? Would it help you to work with a business, career, or life coach?
Most people finance their company with savings and small loans. The economic crash dried up many sources of credit for smaller companies. A brand new enterprise will have a difficult time getting a loan in the current economic environment. Some people actually will use cash advances from their credit cards. Others borrow money from friends or family members. It is unfortunate that many of the small enterprises will not survive simply because they do not have sufficient funds to get over the hump.
Step Six: Set up your day care center. Here comes the hard part. This is the part where you buy your furniture, supplies and renovate (if you need to). This is the time clear out that basement that nobody uses or that apartment over the garage that you’ve been planning to convert into something. Paint, sand, child-proof your electric sockets.
A small business start up can be a challenging project. There are many obstacles to success. If you are successful then nothing is more satisfying than owning and managing your own company.