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2. This is a step by step guide on how to start, improve,
and expand a business while minimizing loss on your
part. If you are starting new, please read this article
carefully from the very beginning. For those, who
already have an existing business and would like to
improve or expand, the latter part of the article will
be more useful.
3. Find Your Passion
To start a business, you need to find out what it is that
you are truly passionate about. "Why is that
important", you say? The answer is simple. You really
do not want to get yourself stuck into a kind of work
that you hate. There are plenty of planning and
executing involved in a brand new business and if you
are passionate about it, they would not feel like work
at all compared to a kind of business you do not care
for.
4. How to Sell It
Now that you have found your passion, let us figure
out how to use it to bill people who are in need of the
kind of service you can provide. Even though yours is
the most ridiculous passion ever, believe me, there are
millions of people who would be glad to have your
services. As a matter of fact the stranger and more
unique your passion is, the more likely you are to
succeed simply because that type of business doesn't
exist yet. That also doesn't mean that if your passion is
something common or usual, you shouldn't do it.
5. The Planning
Write down your unique ideas and prepare a
presentation. Take some time to do it. You should not
rush this part. If a new idea comes while you are in the
middle of the planning stage, do not hesitate to change.
Edit and modify until you are fully satisfied and you can
see a clear mental picture of your business. I cannot
emphasize how important this is. You have to be
absolutely clear and certain. If there are parts that are
hazy, leave for a while, do something else, and come back
to the planning table again when your mind is clear. You
will see later how we will reuse this step over and over
again.
6. Visualize Your Success
Now that you have had the clear picture of your business,
visualize how it would look and feel when it is fully
operational and successful. You must be able to taste the
success. This again is another important stage. Why-you
ask? There will be obstacles on your way to success. This
is the picture that will keep you going. It will also help
keep your team motivated in the future should you need
to inspire them in times of hardship.
7. The Needs
You are clear about what your business will be and you
have a clear picture of success. By now, you are
mentally ready, so let's get physical. The physical needs
of the business include 3 things: infrastructure,
personnel, and finance.
8. Infrastructure
If your business is local such as an auto repair shop,
you will need a space, an office, a storage area, and
some furniture. If your business is virtual, you will
need a website or other computer based applications.
In any case, you have the clear picture (Step 03), so you
can create a list of infrastructural needs.
9. Personnel
If it is a kind of business that you can do totally on
your own, then you are it. If not, you are going to need
assistance. Use Step 03, and find out how many people
you will need and what their jobs and qualifications
should be. You may also look among your friends,
relatives and acquaintances that may have those
qualifications and would be happy to help you in the
beginning. Having a good friend or partner at this
stage is very helpful.
10. Finance
This part is slightly uncomfortable for a lot of people. For
this reason, a lot of great ideas never see the light of the
day. Many would give up at this sector because they
believe there is no money. If you feel that, please
remember that the financial industry was built on great
ideas. It is their purpose to invest. How else do you think
the Empire State Building was built? One person didn't
put all his money into it. The idea was great and was
simply backed by several financial institutions.
11. Start
Find your place, find your personnel, and go for it. Use
your partner as a right hand man and divide jobs. One
can find a place and buy the furniture and the other
can do the hiring. Hire the best quality people you can.
Keep in mind that the first set of employees will be
your core team, and you must be comfortable working
with them. Remember Step 03, so you will know how
many people you need and what qualifications they
must have.
12. Employees
Make sure everyone knows clearly what they are doing.
Create a fair employment policy where good jobs are
rewarded. Also, make sure that employees that are not
really up to the job are given chances and training before
you let them go. It sometimes helps to pair up one good
employee with another bad one so that the bad one can
learn from the good. You may also create a profit sharing
plan. This makes employees take care of your business as
if it is their own.
13. Market
Market your business and do it professionally. Once you
have established your business, you must reach as many
customers as possible. You may ask a professional
photographer to take pictures of your facility, and ask a
graphic designer to create brochures.
14. Expand
Expand your business. You already have one business
model now, so all you have to do is copy and paste, so
do not refuse a chance to expand. If it is a local
business that serves only the local customers, open
another branch or start franchising it to other cities. At
this point, financing should not be a problem. Plenty
of investors and financers will gladly give you the
money.
15. Balance
Last but not least, create balance in everything you do.
From the very first step to the last, balance is the key. The
lesson on balance is huge, but I will discuss it briefly.
Too much of anything is bad. Do not work so hard that
you lose your family, friends or health. After all, money is
no good if you cannot share it with people you love, or if
you have to spend most of your money in the hospitals.
You have to keep the balance between your business and
personal life.
